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Data: Investing.com; Chart: Axios Visuals

Investors aren't buying the idea of a potential Organization of Cocoa Exporting Countries, and cocoa prices sank late last week after rallying to an 11-month high.

Driving the news: Ghana and Ivory Coast reached an agreement not to sell cocoa for less than $2,600 a ton for the harvest that will begin in October 2020. The two African nations account for 60% of the world's cocoa production. That sent cocoa prices to $2,552 Wednesday.

  • But investors aren't convinced the agreement will hold and Ivory Coast's strong planting season this year has markets convinced the world will be flush with enough cocoa to drag prices lower.
  • Cocoa prices were well above $3,000 a ton for most of the period from 2014 to 2016, but have fallen since.

What's next? Ivory Coast and Ghana say they are setting the price floors to improve pay in the industry, but to make a real impact, Ivorian President Alassane Ouattara and Ghana's Nana Akufo-Addo should focus on processing cocoa, rather than just growing it, Reuters' Ed Cropley writes for Breaking Views.

  • "Of the $100 billion spent annually on chocolate, the African Development Bank reckons the continent keeps just $5 billion. As with other commodities like diamonds or crude oil, the labour-intensive work happens elsewhere. According to International Cocoa Organization figures, Ivory Coast ground just 559,000 tonnes of beans last year less than the Netherlands.
  • "Building a processing sector requires lots of investment and expertise, but Indonesia shows what is possible. In 2010, 80% of its 500,000 tonnes of cocoa exports were beans, according to an analysis by Fitch Solutions. In 2017, that proportion had fallen to 5% as production of cocoa butter, paste and powder soared. Making a similar switch in West Africa really would be sweet."

Go deeper: The staggering impact of falling coffee prices

Go deeper

SurveyMonkey poll: Trump's Ohio bet

Data: SurveyMonkey survey of 3,092 Ohio voters, Sept. 1-25, 2020; Note: COVID-19 was a write-in option; Chart: Axios Visuals

President Trump leads Joe Biden 51%-47% among likely Ohio voters overall — but he holds a whopping 74%-24% lead with those who say a flagging economy and job concerns are their top issue, according to new SurveyMonkey-Tableau data for Axios.

Why it matters: Ohioans are more worried about their jobs than the coronavirus — and that's President Trump's best chance to cling to a narrow lead in this state he won handily in 2016.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 33,224,222 — Total deaths: 999,298 — Total recoveries: 22,975,298Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 7,134,874 — Total deaths: 204,905 — Total recoveries: 2,766,280 — Total tests: 101,308,599Map.
  3. States: Cuomo extends New York moratorium on evictions until 2021.
  4. Business: Companies are still holding back earnings guidance.
  5. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  6. World: India the second country after U.S. to hit 6 million cases.

Trump announces plan to distribute 150 million rapid coronavirus tests

President Trump announced on Monday that the federal government will distribute 150 million rapid, point-of-care coronavirus tests to states over the next few weeks, including to K-12 schools and vulnerable communities like nursing homes and assisted living facilities.

Why it matters: The Trump administration has stressed the importance of reopening schools in allowing parents to return to work and jumpstarting the economy.