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Cocoa prices are experiencing a decline due to an improving supply outlook, especially from West African farmers. The May ICE NY cocoa is down 2.09%, reflecting the negative impact of ample supplies on market demand. This trend follows a prior period of uncertainty regarding cocoa supply, indicating market adjustments. Traders are reacting to the increased availability, leading to lower cocoa prices in the short term. Overall, the sentiment around the cocoa market has shifted to bearish as supply outpaces demand.