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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Cocoa futures drop amid report noting supply dwarfs demand

Apr 04, 2012 11:49 AM

The value of cocoa futures dropped to its lowest in roughly three months on Wednesday due to reduced demand for the soft commodity that is in sufficient supply, according to Bloomberg.

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.

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