
March ICE NY cocoa (CCH26) on Tuesday closed up +181 (+3.17%), and March ICE London cocoa #7 (CAH26) closed up +133 (+3.23%).
Cocoa prices extended their two-week-long rally on Tuesday 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. Also, Rabobank on Tuesday cut its 2025/26 global cocoa surplus estimate to 250,000 MT from a November forecast of 328,000 MT.