
March ICE NY cocoa (CCH26) on Wednesday closed up +339 (+5.76%), and March ICE London cocoa #7 (CAH26) closed up +239 (+5.62%).
Cocoa prices soared on Wednesday, hitting 1-month highs. Cocoa prices have rallied sharply over the past two weeks amid a tightening global supply outlook. On November 28, the International Cocoa Organization (ICCO) cut its global 2024/25 cocoa surplus estimate to 49,000 MT from a previous estimate of 142,000 MT, and lowered its global 2024/25 cocoa production estimate to 4.69 MMT from a prior estimate of 4.84 MMT. Also, Rabobank on Tuesday cut its 2025/26 global cocoa surplus estimate to 250,000 MT from a November forecast of 328,000 MT.