March ICE NY cocoa (CCH25) Monday closed down -304 (-3.03%), and March ICE London cocoa #7 (CAH25) closed down -117 (-1.48%).
Cocoa prices fell sharply on Monday and held just above last Friday's 2-month lows. Cocoa prices have been under pressure over the past week on signs of slowing cocoa demand. Chocolate maker Hershey said last Thursday that high cocoa prices are forcing it to reformulate recipes by replacing cocoa with other ingredients. Last Tuesday, chocolate maker Mondelez International pointed to a potential slowdown in chocolate demand when CFO Zarmella said, "We are seeing signs, particularly in parts of the world like North America, where cocoa consumption is coming down."
