
March ICE NY cocoa (CCH26) today is up +187 (+3.28%), and March ICE London cocoa #7 (CAH26) is up +148 (+3.59%).
Cocoa prices extended their two-week-long rally today to 3.5-week highs. The outlook for a smaller-than-expected global cocoa surplus has underpinned prices. 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.