Cocoa Falls Most in Six Weeks on Global Surplus; Coffee Declines
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Cocoa futures dropped the most in six weeks on speculation that global production will exceed demand this season. Coffee also declined.
There may be a global cocoa surplus of 156,000 metric tons in the season that ends in September, according to INTL Hencorp Futures LLC. Prices of the beans will drop because of record production in Africa, the world’s largest supplier, Oscar Schaps, the managing director of Hencorp, said yesterday.