
May ICE NY cocoa (CCK26) on Monday closed down -75 (-2.36%), and March ICE London cocoa #7 (CAH26) closed down -78 (-3.45%).
Cocoa prices retreated on Monday but remained above last week's 2.75-year nearest-futures lows. International cocoa buyers are reluctant to pay official farm-gate prices for cocoa beans in the Ivory Coast and Ghana, as those prices are well above current world prices. The lack of buyers is boosting supplies as ICE cocoa inventories rose to a 5.25-month high of 2,111,554 bags last Friday.