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Barchart

Rich Asplund

Cocoa Prices Retreat on the Outlook for Abundant Cocoa Supplies

Ice ICCO Hershey London Mondelez United States

May ICE NY cocoa (CCK25) Thursday closed down -183 (-2.19%), and May ICE London cocoa #7 (CAK25) closed down -148 (-2.28%).

Cocoa prices Thursday gave up an early advance and posted moderate losses on the outlook for a global cocoa surplus. Cocoa prices have been on the defensive over the past three weeks and fell to 4-month lows last Tuesday 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.

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