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Barchart
Rich Asplund

Global Cocoa Deficit Supports Cocoa Prices

COCOA Ice Deficit ICCO London Cocoa NY Cocoa the International Cocoa Organization London Ivory Coast CFTC

March ICE NY cocoa (CCH25) Friday closed up +41 (+0.35%), and March ICE London cocoa #7 (CAH25) closed up +3 (+0.03%).

Cocoa prices Friday settled higher after the International Cocoa Organization (ICCO) said a survey of global cocoa stockpiles at the end of the 2023/24 season was at 1.041 MMT, down -36% y/y and lower than a previous estimate of 1.3 MMT.  The survey signals that the ICO's 2023/24 global cocoa deficit estimate of -478,000 MT may be even more significant than initially projected.

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