Cocoa prices dropped as exports from the Ivory Coast increased 21% in December and Ghana's production was up 22%. Cocoa for March delivery closed at $2,700 a metric ton on Jan. 17, down 1.9%, the biggest drop since Jan. 2. According to the NCA, North American bean processing was up 4.4% in the fourth quarter. "We've seen very good deliveries. The beans are moving now, and supply is good," said Sterling Smith, a futures specialist for Citigroup.

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