March ICE NY cocoa (CCH26) today is down -298 (-7.26%), and March ICE London cocoa #7 (CAH26) is down -204 (-6.90%).
Cocoa prices are plummeting today, with NY cocoa posting a 2.25-year nearest-futures low. Cocoa prices have been in freefall over the past six weeks, with London cocoa sinking to a 2.5-year low on January 30, as abundant global supplies and slack demand weigh on cocoa prices. Losses in cocoa prices accelerated today after Nigerian Dec cocoa exports were reported at 54,799 MT, up +17% y/y. Nigeria is the world's fifth-largest cocoa producer.
