December ICE NY cocoa (CCZ25) today is down -158 (-2.56%), and December ICE London cocoa #7 (CAZ25) is down -70 (-1.64%).
Cocoa prices are sharply lower today and extended their 2-month-long selloff, with NY cocoa posting a 19.5-month nearest-futures low and London cocoa posting a 20-month nearest-futures low. Cocoa prices remain under pressure after the governments of the Ivory Coast and Ghana increased the amount they pay farmers for their cocoa beans last week, which is expected to boost sales and cocoa supplies.
