Cocoa Futures New Contract Lows

March New York Cocoa is trading at 2327, down 40 $/MT. May New York Cocoa is trading at 2320, down 39 $/MT. March cocoa futures are trading choppy and at new contract lows. Ivory Coast port arrivals during November 28th to December 4th are around 64,000 tonnes versus 43,000 tonnes a year ago. Total port arrivals since the cocoa harvest season began in October are near 487,000 tonnes versus 555,000 a year ago. Street estimates are showing up that global cocoa output will exceed demand by around 220,000 tonnes for the 2016 to 2017 season.