Cocoa hits 32 month low

Cocoa fell to a 32-month low on signs of rising supplies in Ivory Coast and Ghana, the world’s biggest producers, reports Bloomberg from New York. Sugar and coffee also dropped on the last trading day.

For the season that started October 1, cocoa deliveries to ports in Ivory Coast, the top grower, rose 6% through November 27, a document from the industry’s regulator showed. Purchases from farmers in Ghana climbed 21% in the first five weeks of the harvest, according to Kwabena Asante Poku, the deputy chief executive officer of the Ghana Cocoa Board.

“The market is well supplied,” Sterling Smith, an analyst with Country Hedging in St. Paul, Minnesota, said in a telephone interview. Cocoa is trading at a “discount in the cash market,” signalling ample production, he said.