May ICE NY cocoa (CCK25) today is down -56 (-0.69%), and May ICE London cocoa #7 (CAK25) is down -88 (-1.39%).
Cocoa prices today are moderately lower as favorable weather in West Africa aids pod developments and should boost yields for the upcoming mid-crop cocoa harvest. Cocoa prices have been on the defensive over the past five weeks and fell to 4-1/4 month lows last Friday 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.
