Cocoa Sinks to a 10-Month Low as New Season Heralds Supply Boost
A farmer attends to cocoa beans drying on a rack at a farm in Kwabeng, Ghana.
Photographer: Paul Ninson/BloombergCocoa futures fell to a 10-month low in New York as the start of the crop year in Ivory Coast, the world’s top grower, brought the prospect of fresh supply.
The most-active contract fell as much as 4.5% to $6,682 a ton, the lowest intraday price since Nov. 7 last year. The main-crop harvest officially starts Oct. 1 and should help boost exports that have recently slumped.