
December ICE NY cocoa (CCZ24) Thursday closed down -245 (-3.50%), and December ICE London cocoa #7 (CAZ24) closed down -205 (-3.81%).
Cocoa prices on Thursday extended their week-long selloff, with NY cocoa dropping to a 7-3/4 month nearest-futures low and London cocoa falling to a 2-week low. Harvest pressures in the Ivory Coast are undercutting cocoa prices. Monday's government data showed that Ivory Coast farmers shipped 192,804 MT of cocoa to ports from October 1 to October 20, up +12.9% from 170,794 MT shipped the same time last year. The Ivory Coast is the world's largest cocoa producer.