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Barchart
Barchart
Rich Asplund

Cocoa Prices Climb as ICCO Survey Signals a Larger Global Cocoa Deficit

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

March ICE NY cocoa (CCH25) today is up +80 (+0.69%), and March ICE London cocoa #7 (CAH25) is up +29 (+0.32%).

Cocoa prices are climbing today after 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 1.3 MMT.  The survey signals that the ICO's 2023/24 global cocoa deficit estimate of -478,000 MT may be even more significant than originally projected.

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