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Rich Asplund

Cocoa Prices Slip on Beneficial Weather in West Africa

Ice West Africa ICCO AIDS Hershey Ivory Coast London Mondelez

May ICE NY cocoa (CCK25) Tuesday closed down -84 (-1.04%), and May ICE London cocoa #7 (CAK25) closed down -128 (-2.03%).

Cocoa prices settled moderately lower on Tuesday as favorable weather in West Africa aids pod developments and should boost yields for the upcoming mid-crop cocoa harvest.  Cocoa prices have been on the defensive over the past five weeks and fell to 4-1/4 month lows last Friday 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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