
March ICE NY cocoa (CCH26) on Thursday closed down -258 (-8.00%), and March ICE London cocoa #7 (CAH26) closed down -140 (-6.17%).
Cocoa prices extended their six-week-long selloff on Thursday, sinking to 2.75-year nearest-futures lows. International cocoa buyers are reluctant to pay official prices for beans in the Ivory Coast and Ghana amid concerns that prices will fall even further. The lack of buyers is boosting supplies as ICE cocoa inventories rose to a 5-month high of 2,065,040 bags on Wednesday.