FX.co ★ Cocoa down, coffee up

During the New York trades on Friday, cocoa futures for December delivery dropped 1.1% to $3,056 per ton. Since the beginning of the week, the decline has been 7.7%, the sharpest fall since May 2011, on expectations of cocoa crop growth in Africa. In 2014, cocoa prices rose by 14%.
According to experts, the harvest of cocoa beans in the 2014 crop year is expected to exceed 1 million tons. In the previous season, farmers collected 920 thousand tons of cocoa.
Arabica coffee futures for December delivery climbed 0.5% to $2,097 per pound on the ICE Futures in New York, closing higher a sixth consecutive session.