
May ICE NY cocoa (CCK24) this morning is down -48 (-0.74%), and May ICE London cocoa #7 (CAK24) is down -120 (-2.24%).
Cocoa prices this morning extended Thursday's losses and posted 1-week lows as forecasts for rain in West Africa sparked long liquidation in cocoa futures. Losses in London cocoa accelerated after the British pound (^GBPUSD) rallied to a 7-1/2 month high, which undercut London cocoa that is priced in terms of sterling.