March ICE NY cocoa (CCH25) today is down -434 (-4.13%), and March ICE London cocoa #7 (CAH25) is down -255 (-3.08%).
Cocoa prices today extended this week's sharp decline, with NY cocoa posting a 6-week low and London cocoa posting a 5-week low. Cocoa prices are under pressure this week on signs of slowing cocoa demand. Chocolate maker Hershey said today in a conference call that high cocoa prices are forcing the company to reformulate recipes by replacing cocoa with other ingredients. On Wednesday, major chocolate maker Mondelez International pointed to a potential slowdown in chocolate demand when CFO Zarmella said in an earnings call that "we are seeing signs, particularly in parts of the world like North America, where cocoa consumption is coming down."
