Global production of cocoa is projected to trump demand for it by 110,000 metric tons, according to an April 2 report penned by Asset & Resource Management of Nigeria. Dry weather in the globe's top producer of cocoa, the Ivory Coast, tempered growth and pushed the soft commodity to gain more than 5 percent of its value during the first quarter of the year.
"The upside momentum faded," states a report authored by INTL FCStone, according to Bloomberg. "Investors seem to be reassured that the Ivorian crop will pull through and that the sizable inventories on hand will cushion any price shocks."
At 11:19 a.m. on Wednesday, cocoa futures fell 2.33 percent, a $50 drop to $2,093 per metric ton.
Former Ivory Coast President Laurent Gbagbo, who refused to cede defeat in November 2010 after 10 years as leader, has been extradited to The Hague to stand trial for corruption and crimes of violence charges, according to The Associated Press.