May ICE NY cocoa (CCK24) this morning is down -48 (-0.74%), and May ICE London cocoa #7 (CAK24) is down -120 (-2.24%). Cocoa prices this morning extended Thursday’s losses and posted 1-week lows as forecasts for rain in West Africa sparked long liquidation in cocoa futures. Losses in London cocoa accelerated after the British pound ([^GBPUSD](https://www.barchart.com/forex/quotes/%5GBPUSD/overview)) rallied to a 7-1/2 month high, which undercut London cocoa that is priced in terms of sterling. On Monday, nearest-futures (H24) NY cocoa posted a new record high. Lower cocoa production in the Ivo…