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Rich Asplund

Cocoa Prices Move Higher on Reduced Cocoa Output in the Ivory Coast

Ice Ivory Coast the Ivory Coast ICCO Ghana Deficit

July ICE NY cocoa (CCN24) today is up +274 (+2.84%), and July ICE London cocoa #7 (CAN24) is up +59 (+0.70%).

Cocoa prices today are moving higher. Lower cocoa production in the Ivory Coast, the world's largest producer, is a bullish price factor. Government data today showed that Ivory Coast farmers shipped 1.56 MMT of cocoa to ports from October 1 to June 16, down by 29% from the same time last year. Trader Ecom Agroindustrial projects Ivory Coast 2023/24 cocoa production, which ends in September, will fall -21.5% y/y to an 8-year low of 1.75 MMT.

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