
May ICE NY cocoa (CCK24) on Thursday closed up +55 (+0.92%), and Mar ICE London cocoa #7 (CAH24) closed up +120 (+2.20%).
On Thursday, Cocoa prices recovered from early losses and moved higher after the International Cocoa Organization (ICCO) projected that the global 2023/24 cocoa deficit would widen to -374,000 MT from -74,000 MT in 2022/23. The ICCO also projects global cocoa production in 2023/24 will fall by -11% y/y to 4.45 MMT, and global cocoa grindings will fall by nearly -5%.