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.
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