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Barchart
Barchart
Rich Asplund

Cocoa Prices Close Sharply Lower on a Better Supply Outlook

Ice Ivory Coast ICCO Ghana NY London

September ICE NY cocoa (CCU24) on Monday closed down -438 (-5.67%), and September ICE London cocoa #7 (CAU24) closed down -194 (-3.05%).

Cocoa prices on Monday finished sharply lower, with NY cocoa posting a 5-week low.  The outlook for Ivory Coast cocoa production to improve is weighing on prices.  Bloomberg reported last Friday that the Ivory Coast is projected to harvest 2 MMT of cocoa in the 2024/25 season that begins Oct 1, citing early pod counting from Ivory Coast cocoa farms, above the 2023/24 Ivory Coast cocoa production estimate of 1.8 MMT.  

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