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Barchart
Barchart
Rich Asplund

Cocoa Prices Tumble on the Outlook for a Global Cocoa Surplus

May ICE NY cocoa (CCK25) today is down -338 (-4.14%), and May ICE London cocoa #7 (CAK25) is down -288 (-4.54%).

Cocoa prices today tumbled to 4-month lows on the outlook for a global cocoa surplus.  Cocoa prices have been on the defensive over the past month 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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