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Rich Asplund

Cocoa Prices Retreat as Ghana Seeks to Boost Prices It Pays Cocoa Farmers

Ice Ghana ICCO NY

December ICE NY cocoa (CCZ24) today is down -198 (-2.65%), and December ICE London cocoa #7 (CAZ24) is down -254 (-4.63%).

Cocoa prices today are retreating on hopes that an increase in the prices that Ghana's cocoa regulator pays its farmers will reduce the incentive for farmers to hold back supplies and eventually prompt them to invest more in production, thus boosting global supplies. The Ghana Cocoa Board is in talks with the government to approve an increase in the price it pays farmers for their cocoa by 65% to $3,488 per ton for the 2024/25 season that began this month.

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