May ICE NY cocoa (CCK26) is down -11 (-0.32%), and May ICE London cocoa #7 (CAK26) is up +3 (+0.12%).
Cocoa prices are consolidating after Tuesday's rally of +4.80% in NY cocoa and +5.12% in London cocoa. Tuesday's rally was sparked by a Reuters report that local grinders bought more than 400,000 metric tons of Ivory Coast cocoa export contracts in the 10 days since purchases resumed for the mid-year crop. That suggested that new demand is emerging in the wake of recent cocoa price cuts. Last month, Ghana cut the official price it pays its cocoa farmers by nearly 30% for supplies for the 2025/26 growing season, and the Ivory Coast last Wednesday said it would cut cocoa farmer pay by 57% that would kick in for the mid-crop harvest that starts in March. The Ivory Coast and Ghana produce more than half of the world's cocoa.
