The price of cocoa futures fell on Wednesday amid news that exporters in the globe's top grower of the soft commodity are approaching an agreement with officials regarding a forward selling program, according to Reuters.
Ivory Coast's top exporters are driving toward resolving a disagreement that threatened to obstruct the nation's intentions to change the sector, according to officials from both sides after talks adjourned on Tuesday.
"We backed off a bit. Contributory was the idea that maybe things aren't as divided (as previously believed) with regard to the auction system," a London cocoa dealer told the news service.
At 2 p.m. on Wednesday, cocoa futures dropped 0.41 percent, a 90 cent slip to $220.05 per metric ton.
Late last month, the nation opened auctions for future sales but the market.
UPI reports Laurent Gbagbo, former president of the Ivory Coast, is on track to be tried before the International Criminal Court for charges of committing crimes against humanity. Though he lost November 2010 presidential elections, he refused to cede power and was forced from office roughly four months later by U.N and French peacekeepers.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.