Just noticed cocoa futures are getting hammered again. March NY cocoa dropped another 1.16% today and London's following suit, both sliding to multi-year lows now. This six-week selloff is brutal, but honestly the pressure makes sense when you look at what's happening underneath. Abundant global supplies are basically crushing any hope for a price recovery right now. ICE inventories just hit a four-month high, and we're looking at surpluses projected for the next two seasons. StoneX is calling for a 287,000 MT surplus in 2025/26 alone. Meanwhile, demand is just... weak. Chocolate makers are struggling because consumers won't pay the premium prices anymore. Barry Callebaut reported a -22% drop in cocoa sales volume last quarter, citing weak demand. Even the grinding numbers tell the story - European grindings fell 8.3% year-over-year in Q4, the worst Q4 in 12 years. Asia and North America aren't much better. What's interesting is Nigeria's exporting more cocoa despite being the fifth-largest producer, which is adding to the supply glut. Meanwhile, West Africa's looking at a solid harvest with favorable conditions and bigger pod counts than usual. The one thing that could help prices is if Nigerian production actually falls like their Cocoa Association is projecting - they're forecasting an 11% decline for 2025/26. But with abundant supplies already in the pipeline and demand staying soft, I'm not sure that's enough to turn this around anytime soon. The market's basically pricing in oversupply for the foreseeable future.