World: Cocoa starts the day with a sharp drop on the New York Stock Exchange

Cocoa trading is on the decline this morning in New York. After closing yesterday with a drop of over 5%, this Wednesday contracts due in December are down 3.31%, quoted at US$ 7,027 per ton. According to Trading Economics, there is an improvement in the outlook for the harvests in the main producer, Ivory Coast, which influences the supply and demand equation and drives down prices. “Farmers said that recent heavy rains in most of the country’s main cocoa-producing regions have accelerated the development of the main October-to-March harvest, which is expected to start earlier and be longer and larger than last season,” the trading company analyzed. Global cocoa prices have risen more than 115% this year due to diseases and unfavorable weather conditions in Ghana and Ivory Coast, which together account for more than 60% of the world’s cocoa, pushing the market into a third consecutive market deficit. The International Cocoa Organization, in its most recent bulletin on August 29, ...