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Rich Asplund

Cocoa Deficit Concerns Push Prices Higher

Ice Deficit United States ICCO London Cocoa NY Cocoa the International Cocoa Organization Ivory Coast London CFTC

March ICE NY cocoa (CCH25) Wednesday closed up +371 (+3.26%), and March ICE London cocoa #7 (CAH25) closed up +152 (+1.68%).

Cocoa prices jumped Wednesday on the outlook for the global cocoa deficit to widen.  Last Friday, the International Cocoa Organization (ICCO) said a survey of global cocoa stockpiles at the end of the 2023/24 season was at 1.041 MMT, down -36% y/y and lower than a previous estimate of 1.300 MMT.  The survey signals that the ICO's 2023/24 global cocoa deficit estimate of -478,000 MT may be even more significant than initially projected.

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