I asked if ICE cocoa futures were heading back to pre-2024 prices on Barchart on June 16, 2026, when I concluded with the following:
While the wild price swings in 2024 and 2025 are in the cocoa futures markets’ rearview mirror, the potential for weather-related volatility remains high. Moreover, with approximately 60% of the world’s cocoa production coming from the Ivory Coast and Ghana, weather conditions in West Africa will be the critical factor guiding prices over the coming months and years.
Cocoa is now trading on the high side relative to pre-2024 prices, and a continuation of ample supplies will likely push the price back towards the $1756-$2,943 range that cocoa futures traded in from 2017 through February 2023.