March ICE NY cocoa (CCH26) on Wednesday closed down -6 (-0.12%), and December ICE London cocoa #7 (CAZ25) closed down -10 (-0.27%).
Cocoa prices settled lower on Wednesday but remained above last Wednesday's 1.75-year nearest-future lows after the European Parliament approved a 1-year delay to the deforestation law, keeping cocoa supplies ample. The EU regulation, known as EUDR, aims to tackle deforestation in countries whose imports into the EU include key commodities such as soybeans and cocoa. The delay of the EUDR will allow EU countries to continue importing agricultural products from regions in Africa, Indonesia, and South America where deforestation is occurring.
