As of today, July ICE NY cocoa prices have fallen by $1,236 (-12.77%) to reach a two-month low, while July ICE London cocoa #7 is down $149 (-2.51%). This drop in cocoa prices follows forecasts of significant rainfall in West Africa, which may improve crop yields.
Current ICE-monitored cocoa inventories in U.S. ports rose to 2,363,861 bags, the highest in over nine months, rebounding from a 21-year low earlier this year. Exports from the Ivory Coast have increased by 6.4% this marketing year, totaling 1.66 MMT, but this is lower than the 35% rise reported in December.
The International Cocoa Organization has revised its 2023/24 global cocoa deficit estimate to 494,000 MT, indicating the largest deficit in over 60 years. The projected cocoa production for this period is down 13.1% year-on-year to 4.38 MMT.
