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Barchart
Barchart
Rich Asplund

Cocoa Prices Sharply Higher on the Prospects of a Smaller Global Surplus

Ice United States ICCO NY European Union London the International Cocoa Organization the Ivory Coast

March ICE NY cocoa (CCH26) on Friday closed up +210 (+3.83%), and March ICE London cocoa #7 (CAH26) closed up +98 (+2.48%).

Cocoa prices rallied sharply on Friday, with NY cocoa posting a 3-week high.  The outlook for a smaller-than-expected global cocoa surplus has lifted prices over the past week.  Last Friday, the International Cocoa Organization (ICCO) cut its global 2024/25 cocoa surplus estimate to 49,000 MT from a previous estimate of 142,000 MT, and lowered its global 2024/25 cocoa production estimate to 4.69 MMT from a prior estimate of 4.84 MMT.  

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