NEW YORK, March 23, 2011 - U.S. cocoa futures finished down a shade in choppy dealings, with commercials taking the opportunity to buy at lower prices.
* Key May cocoa futures fell $12 to settle at $3,251 per tonne.
* Market little changed and dealing in thin volume as the cocoa export situation in top grower Ivory Coast, where there was an export ban, remained at a standstill -- traders.
* Investor and trade long liquidation has been met by commercial buying as prices were down about $500 from the 32-year high at $3,775 hit on March 4, basis May -- traders.
* "The market's essentially long puts and long calls, but the trade are not fully hedged" - one veteran cocoa dealer. ------
* Cocoa exporters dismissed on Tuesday a media report that some were preparing to resume payment of export taxes to Ivory Coast's Laurent Gbagbo, saying a de facto embargo on shipments was holding.
