Cocoa prices slumped for the second straight session, with production losses in the world’s largest growing regions already baked into prices and little news to help cocoa climb higher.
Cocoa for July delivery fell 1.6% to end at $3,020 a ton on the ICE Futures U.S. exchange, its lowest close since April 15.
Ivory Coast producers and exporters have reported that some beans sent for export have been rejected because of small bean sizes, said Jack Scoville, vice president at Price Futures Group in Chicago.
However, he said, cocoa is still coming to ports. It is unclear how dryness that has affected this smaller mid crop will affect the larger main crop that begins in October. Analysts said the trade will be focused on clues to further production woes over the two months.
In other markets, raw sugar for July rose 1.3% to close at 16.98 cents a pound, arabica coffee for July rose 0.2% to end at $1.3005 a pound, frozen concentrated orange juice futures for July delivery rose 1% to settle at $1.4695 a pound and July cotton edged up 0.2% to end at 60.73 cents a pound.
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