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Barchart
Barchart
Andrew Hecht

Is the Cocoa Rally Over?

Ice West Africa Barchart the Intercontinental Exchange

In my Q3 soft commodities report on Barchart, I highlighted that cocoa prices edged 0.90% lower in Q3 but were over 84% higher in the first nine months of this year. December cocoa futures on the Intercontinental Exchange settled Q3 at $7,725 per ton. Nearby December cocoa prices reached a high of $5,104 in 1977 and moved to over $11,700 per ton in 2024 before correcting. At the $8,689 level in November 2024, cocoa remains higher than the pre-2024 peak but below this year’s peak. Many factors that lifted cocoa futures to over double the 1977 high remain issues that could keep prices elevated into 2025. 

Cocoa soars in 2024

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