March ICE NY cocoa (CCH26) today is up +9 (+0.16%), and March ICE London cocoa #7 (CAH26) is up +63 (+1.55%).
Cocoa prices extended last Friday's rally today, with NY cocoa posting a 3.5-week high and London cocoa posting a 3-week high. The outlook for a smaller-than-expected global cocoa surplus has underpinned prices over the past two weeks. On November 28, 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.
