May ICE NY cocoa (CCK26) today is down -152 (-4.51%), and May ICE London cocoa #7 (CAK26) is down -96 (-3.85%).
Cocoa prices are sharply lower today for a second day on signs of weak global demand. The National Confectioners Association reported that North American Q1 cocoa grindings fell -3.8% y/y to 106,087 MT. The European Cocoa Association reported Thursday that Q1 European cocoa grindings fell -7.8% y/y to 325,895 MT, a bigger decline than expectations of -6% y/y and the lowest for a Q1 in 17 years. Conversely, the Cocoa Association of Asia reported that Q1 Asian cocoa grindings unexpectedly rose +5.2% y/y to 223,503 MT, stronger than expectations of a decline of -6.7% y/y.
