US Coffee and Cocoa market close for week end, April 1, 2011

COFFEE
* May arabica coffee futures dropped 4.25 cents to  close at $2.599 per lb.
* Market extends correction from recent rally to over-30  year highs.
* On the week, arabica coffee is down 1.6 percent.
* Market fundamentals still seen as bullish due to shortage of high quality washed arabica beans.

COCOA
* Key May cocoa futures rose $59 to finish at  $3,011 per tonne.
* On the week, the market is down 7.12 percent.
* Market open interest at 3-year high traders says rise caused by increase in short positions.
* Cocoa prices seen sliding to levels in November once political crisis in Ivory Coast is resolved.
* Victory by presidential claimant Alassane Ouattara could  free up cocoa exports bottled up by the fighting in the West  African nation. ----