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Cocoa futures rose again after suffering their biggest weekly loss since October, reflecting uncertainty over global supply. Prices in London and New York rose about 4% on Monday, but then retreated slightly. That followed a more than 15% drop in New York futures last week, an unprecedented decline since late October. The market remains volatile, driven by concerns about the crop in West Africa, the world’s largest cocoa-producing region. Those fears have made the commodity one of the most valued in 2024, as the market grapples with exchange-certified inventories at their lowest level in nearly two decades. While speculators are taking advantage of record prices to profit, producers and processors are worried about the impact of another poor harvest, which could further tighten global cocoa supplies. In the grains market, corn futures are also showing signs of weakness.

Cocoa prices fell on Friday, weighed down by massive fund liquidations in weak year-end markets. The ICE NY March contract fell 905 points (-8.21%), while the ICE London contract fell 994 points (-10.88%). This decline was exacerbated by profit-taking amid high export volumes by major producers such as Ivory Coast. Recent data shows that Ivorian farmers shipped 970,945 tonnes of cocoa between October 1 and December 15, marking a 30% increase compared to 744,967 tonnes in the same period last year. Meanwhile, Nigeria, the world’s sixth-largest producer, also increased its exports in November, registering a 35% increase to 38,015 tonnes. Despite the downward pressure, weather conditions in West Africa remain a concern for the market. Recent warnings from Maxar Technologies indicate that prolonged drought in the region is hampering development

NEW YORK (Reuters) - New York cocoa futures fell on Friday, pulling further away from last week’s record high.