
March ICE NY cocoa (CCH26) on Wednesday closed down -134 (-2.57%). March ICE London cocoa #7 (CAH26) closed down -93 (-2.43%).
Cocoa prices extended this week's slide on Wednesday, falling to 7-week lows. Expectations of weak global cocoa demand are weighing on prices. Q4 cocoa grinding figures will be released this week and are expected to show continued stagnant cocoa demand. The consensus is that Q4 European cocoa grindings fell -2.9% y/y to the lowest for a fourth quarter in 11 years. Also, Asian Q4 cocoa grindings are expected to fall -12% y/y to a 10-year low.