New York cocoa futures sagged Wednesday for the second consecutive session, pressured by ample supply and prospects for more producer selling in coming weeks, analysts and traders said. The New York Board of Trade's most-active July cocoa contract retreated $7 to settle at $1,429 a tonne, just $2 above the bottom of a $1,427-$1,450 trading range. September cocoa erased $6 to finish at $1,451, while more distant contracts eased $5 to $7.