The world has at least two things in common now with July 2009.
The first is Michael Jackson making news, last time with his huge memorial service, and this time with the trial of his doctor.
A second is that it was in July two years ago that New York's spot
London's December lot also wet a two-year low, of £1,687 a tonne for December, closing £10 better, down 0.7% on the day.
The moves were a disappointment to some, such as trader Jurgens Bauer.
"Cocoa, looks like it is way oversold and a strong candidate for a bottom to be established," he said earlier in the day.
"The market does seem as if it is trying to bottom. So, accumulating long positions for any contrarian seems worth a shot."
As for the fundamentals which are fuelling cocoa's decline, the idea of another strong West African crop prompting production far in excess of demand in 2011-12, "if I read one more news report of the surplus of cocoa I might just pull my few remaining hairs out", Mr Bauer said.
(In which case he might be wise to keep away from the wires, which bore further reports of strong Ghana and Ivory Coast crops in 2010-11, with the idea that in the latter country 2011-12 exports might start as strong as last time.)
As a further downer, the first report from NYSE Liffe on investors' positions, the equivalent of the US Commodity Futures Trading Commission's commitment of traders report, showed speculators raising their net short position in cocoa to 5,688 lots, from 1,460 contracts the previous week.
(The commitment of traders report itself showed a rise in speculators' net short positions in New York too.)
And beyond all that, it was a risk-off day, as Greece cast a pall over markets by admitting it was likely to miss targets for cutting its budget deficit.
A number of agricultural commodities shared with cocoa did even worse, such as
"For the coming week, am looking for New York [coffee] to prove that a seasonal low is occurring," Mr Bauer said.
"But remember, it is hard to turn around when the gravity of the macro markets is dragging you down."
Besides the market continued to feel the pressure of rains in Brazil, promoting flowering, and the prospect of a bumper crop of Vietnamese robusta coffee.
Upbeat opinion on cotton futures, "based on the percentage of bullish market letters, has been a steady decline for weeks and now shows less than one-third of the pundits are bullish", Louisiana-based analyst Mike Stevens said.
"Speculative selling into resting trade buying been the case the last two weeks and today appears no different."
There were winners in the agricultural commodities complex, but they were weighted towards the grains, with
Indeed, there appears to be a somewhat contrary thing going on between
Even a no-change close for December corn in Chicago, at $5.92 ½ a bushel, was enough to help take the steam out of Chicago hogs, which for December fall 1.3% to 86.70 cents a pound, with profit-taking and a slight turndown in pork prices cited as negatives.
Corn's performance was, however, viewed more positively by analysts, being viewed as a sign - after a fall of 6% in the last session, and of more than $1.50 a bushel over the last month - that it may have factored in enough discount to lure buyers.
"Corn has reached levels that provide value," Darrell Holaday at Country Futures said.
"It has reached price levels where large numbers of different users can make money owning at these levels. For example, this will likely prompt a move back to year ago levels in the poultry industry."
It came too in the face of continued puzzlement at Friday's USDA stocks data, showing higher-than-expected stocks of both corn and
"The only possible explanation seems to be USDA understated 2010-11 corn production and possibly 2011-12 hard red winter wheat production," Benson Quinn Commodities said.
Furthermore, weather looks to remain good for farmers – dry for the US corn and soybean harvest, but potentially wetter in more southerly areas which have a lot of row crop already in the silos, and need rain for autumn sowings.
"The forecast for the Plains is pointing to better chances for rain at the end of the week," Mr Holaday said.
It was enough to keep Kansas hard red winter wheat for December in check, down 0.3% at $7.02 a bushel, but failed to prevent bargain hunting helping Chicago soft red winter wheat for December gain 1.7% to $6.19 ½ a bushel.
In Europe, Chicago's recovery helped Paris wheat for November close up 1.0% at E183.50 a tonne, shrugging off a one-year low for a spot contract reached earlier.
London wheat was not to lucky, closing down 1.6% at £148.25 a tonne, with speculators raising their short positions here too, according to the Liffe report, if to a modest 503 lots, from 278 lots the previous week.
"With November London wheat futures now over £50 a tonne off the top, and farmer selling slow, the market can and will continue to move with little first-hand selling," was how the UK grain arm of a major European commodities house saw things.
Back in Chicago,