
May ICE NY cocoa (CCK24) this morning is up +270 (+4.46%), and May ICE London cocoa #7 (CAK24) is up +138 (+2.67%).
Cocoa prices this morning are sharply higher on signs of deeper global cocoa deficits. Cocoa has carryover support from 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.