
May ICE NY cocoa (CCK25) today is down -191 (-2.29%), and May ICE London cocoa #7 (CAK25) is down -141 (-2.17%).
Cocoa prices today gave up an early advance and turned lower on the outlook for a global cocoa surplus. Cocoa prices have been on the defensive over the past two weeks and fell to 4-month lows last Tuesday 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.