Cocoa futures may extend a slide to the lowest price since July 2009 as Cargill Inc. and Barry Callebaut AG (BARN) resume exports from Ivory Coast, the world’s biggest producer.
Prices will drop to as low as $2,525 a metric ton by the end of December, down 13 percent from the May 20 close of $2,902, according to the average estimate of seven analysts in a Bloomberg survey. Cocoa has slumped 23 percent since reaching a 32-year high on March 4, when a civil war in Ivory Coast disrupted exports. Investors also are exiting, with bullish bets by speculators dropping last week by the most in eight months.
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