March ICE NY cocoa (CCH24) on Friday closed -255 (-4.28%), and Mar ICE London cocoa #7 (CAH24) closed -189 (-3.92%). Cocoa prices on Friday closed sharply lower. Cocoa prices are correcting lower after a sharp five-week rally pushed prices to record highs and into overbought territory. Concerns that record-high cocoa prices will hurt demand have prompted some long liquidation in cocoa. Cocoa prices have underlying support as the intense seasonal Harmattan winds and insufficient rain in West Africa are drying out cocoa fields and causing damage to the Ivory Coast mid-crop. Lower cocoa productio…