July ICE NY cocoa (CCN24) this morning is down -1,723 (-16.26%), and May ICE London cocoa #7 (CAK24) is down -1,249 (-13.23%). Cocoa prices this morning are sinking, with NY cocoa plunging to a 3-week low and London cocoa plummeting to a 2-1/2 week low. Cocoa prices are sharply lower today as higher margin calls have fueled long liquidation in cocoa futures. Also, cocoa has a negative carryover from last Thursday when Nigeria, the world’s fifth largest cocoa producer, reported that its March cocoa exports rose +19% y/y to 22,199 MT. Cocoa prices have underlying support from the outlook for tig…