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Rich Asplund

Cocoa Prices Sharply Higher as the Global Cocoa Deficit Widens

Ice Deficit ICCO the International Cocoa Organization Ivory Coast London

May ICE NY cocoa (CCK24) on Friday closed up +278 (+4.60%), and May ICE London cocoa #7 (CAK24) closed up +138 (+2.67%).

On Friday, cocoa prices rallied sharply on signs of deeper global cocoa deficits.  Carryover support from Thursday boosted cocoa prices 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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