May ICE NY cocoa (CCK26) today is down -69 (-2.17%), and March ICE London cocoa #7 (CAH26) is down -80 (-3.54%).
Cocoa prices are under pressure today but remain above last week's significant lows. Cocoa prices extended their seven-week selloff last week, sinking to 2.75-year lows on the nearest futures chart. International cocoa buyers are reluctant to pay official farm-gate prices for beans in the Ivory Coast and Ghana, as those prices are much higher than current world prices. The lack of buyers is boosting supplies as ICE cocoa inventories rose to a 5.25-month high of 2,111,554 bags last Friday.
