
July ICE NY cocoa (CCN25) Thursday closed down -524 (-5.44%), and July ICE London cocoa #7 (CAN25) closed down -305 (-4.69%).
Cocoa prices on Thursday extended their week-long selloff, with NY cocoa falling sharply to a 2-1/2 week low and London cocoa sinking to a 3-week low. Cocoa prices are under pressure due to favorable weather in West Africa, which is expected to aid cocoa crop development in the world's largest cocoa-growing region.