May ICE NY cocoa (CCK25) today is down -76 (-0.95%), and May ICE London cocoa #7 (CAK25) is down -49 (-0.78%).
Cocoa prices today are moderately lower, weighed down by a stronger dollar. Cocoa prices have been on the defensive over the past seven weeks and fell to 4-1/2 month lows on March 21 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.
