Cocoa futures dropped on Wednesday after farmers in Côte d'Ivoire delivered more cocoa beans to the country's ports than forecasters had projected.
"The sizeable crop that they’re still expecting" will keep cocoa futures low over the next few months, John Caruso, a senior market strategist at a Chicago broker, told Bloomberg News.
Cocoa for December delivery dropped 0.6 percent to $2,762 per ton on the IntercontinentalExchange in New York. Liffe cocoa futures lost 1 percent to 1,886 GBP (2,950 per ton) on the NYSE Liffe.
Côte d'Ivoire is the world's largest producer of the bean which forms the basis of chocolate, so it has an outsize impact on the global markets. In the week of September 12, 11,919 metric tons of cocoa were delivered to the ports of Abidjan and San Pedro, a cocoa industry official told Bloomberg News. That's up from just 9,940 tons last year.
Coffee futures headed in different directions on Wednesday, with robusta coffee rising 1.6 percent in London and arabica coffee futures for December delivery falling in New York.
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