March ICE NY cocoa (CCH26) today is up +65 (+1.04%), and March ICE London cocoa #7 (CAH26) is down -5 (-0.11%).
Cocoa prices extended their sharp two-week-long rally today to 5-week highs. Cocoa prices have rallied sharply over the past two weeks amid a tightening global supply outlook. 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. It also lowered its global cocoa production estimate for 2024/25 to 4.69 MMT from a prior estimate of 4.84 MMT. In addition, Rabobank on Tuesday cut its 2025/26 global cocoa surplus estimate to 250,000 MT from a November forecast of 328,000 MT.
