Cocoa futures surged above $8,900 per tonne, reaching their highest level since early September amid mounting supply concerns. Dealers pointed to unfavorable weather in the Ivory Coast, the top cocoa producer, including the prospect of early dry Harmattan winds this year, which could damage cocoa pods and dry out the soil, resulting in smaller beans. Furthermore, reports revealed significant cocoa bud mortality on trees due to excessive rainfall following recent heavy rains in the region. Recently harvested cocoa beans from the Ivory Coast signal lower quality, with counts of about 105 beans per 100 grams. Meanwhile, warehouse stocks remain critically low, with cocoa inventories monitored by ICE in U.S. ports extending a 17-month decline to reach a 19-year low of 1,601,590 bags as of November 21st.
Cocoa increased 4,511.40 USD/MT or 107.52% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Cocoa reached an all time high of 12261.00 in April of 2024. Cocoa - data, forecasts, historical chart - was last updated on November 23 of 2024.
Cocoa increased 4,511.40 USD/MT or 107.52% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Cocoa is expected to trade at 7631.57 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 9014.80 in 12 months time.