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Rich Asplund

Cocoa Rallies as ICCO Signals Lower Global Cocoa Production and Wider Deficits

ICCO Ice Deficit the International Cocoa Organization

May ICE NY cocoa (CCK24) this morning is up +60 (+1.00%), and Mar ICE London cocoa #7 (CAH24) is up +113 (+2.07%).

This morning, Cocoa prices recovered from early losses and moved higher after 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%.  

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