
May ICE NY cocoa (CCK25) Friday closed down -306 (-3.79%), and May ICE London cocoa #7 (CAK25) closed down -162 (-2.60%).
Cocoa prices Friday tumbled to 4-1/4 month lows and settled sharply lower. Cocoa prices have been on the defensive over the past five weeks on an improving supply outlook. On February 28, the International Cocoa Organization (ICCO) forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in 4 years. ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT.