Cocoa Futures Little Lower

May New York Cocoa is trading at 2020, down 6 $/MT. July New York Cocoa is trading at 2028, down 6 $/MT. New York Cocoa futures are trading steady to lower. The Ivory Coast government said it sold 350,000 tonnes of cocoa beans while some local shippers defaulted on their export contracts. The nation's Agricultural Minister said the defaulted contracts have been resold. Payments to exporters that bought the beans are being covered by the nation's reserve and by a stabilization fund held in banks.