On Wednesday, September ICE NY cocoa (CCU26) rose by 5.09% to close at +293, while September ICE London cocoa #7 (CAU26) increased by 5.35% to +228. This marks a 6-month high for NY cocoa and a 7-month high for London cocoa, driven by significant supply chain disruptions due to heavy rains in the Ivory Coast and Ghana, which have flooded roads and jeopardized access to farms and ports.
Current estimates indicate that the main cocoa harvest in the Ivory Coast, starting in September, could yield approximately 1.8 million metric tons (MMT), a decrease of 18% from the previous year’s 2.2 MMT. Additionally, Nigerian cocoa exports surged by 28% year-on-year in May to 18,034 MT, even as the global demand showed signs of weakness, with a reported decline in cocoa grindings of 3.8% year-on-year in North America and 7.8% in Europe for Q1.
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