Cocoa prices saw declines on June 7, 2023, with July ICE NY cocoa closing down $0.74 (-1.93%) and July ICE London cocoa down $0.44 (-1.50%). The dip followed reports of an expected shift to dry conditions in West Africa, which may alleviate current flooding that has previously harmed cocoa crops. ICE cocoa inventories reached a 1.75-year high of 2,929,074 bags as of last Friday, reflecting rising supplies amid a backdrop of dry weather concerns driven by a newly formed El Niño pattern.
Simultaneously, the total cocoa shipments from the Ivory Coast rose by 3.0% year-on-year to 1.69 million metric tons as of June 7, 2026, suggesting ongoing bearish pressure on prices. However, consumer demand remains steady, as reflected in strong earnings reports from chocolate manufacturers like Hershey and Mondelez International, despite reported declines in North American chocolate candy sales by 1.3% year-on-year.
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