New York cocoa futures fell to a one-month low as rising warehouse stocks in
Europe and the U.S. offset weather risk in major producing countries. The
most-active New York contract dropped as much as 4.8% to its lowest level since
Oct. 1. Exchange-monitored warehouse inventories have climbed further after a
large surplus last season, signaling ample near-term supply. Market attention
remains on West Africa: Xweather senior ag meteorologist Donald Keeney said soil
moisture in northern Ivory Coast is still adequate despite slightly above-normal
temperatures, while Ghana and Nigeria are experiencing hotter, drier conditions
that threaten crop prospects.
