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Rich Asplund

Cocoa Prices Sharply Higher as Global Supplies Tighten

Ice ICCO Ivory Coast London

May ICE NY cocoa (CCK24) on Monday closed up +259 (+4.09%), and May ICE London cocoa #7 (CAK24) closed up +264 (+4.98%).

Cocoa prices on Monday settled sharply higher, with nearest-futures (H24) NY cocoa posting a new record high.  Cocoa has carryover support from last Thursday when the International Cocoa Organization (ICCO) projected that the global 2023/24 cocoa deficit would widen to -374,000 MT from -74,000 MT in 2022/23.   The ICCO also projects global cocoa production in 2023/24 will fall by -11% y/y to 4.45 MMT, and global cocoa grindings will fall by nearly -5%, which will push the 2023/24 stock-to-grindings ratio to the lowest in more than 40 years.  

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