March ICE NY cocoa prices fell by $102 (-2.43%) and March ICE London cocoa #7 decreased by $103 (-3.38%) today, reflecting ongoing pressure due to excess global supply and declining demand. Notably, NY cocoa hit a 2.25-year low on January 30, while London cocoa reached a 2.5-year low as global cocoa stocks rose by 4.2% year-over-year to 1.1 million metric tons.
Demand for cocoa has weakened significantly, with Barry Callebaut AG reporting a 22% decline in sales volume within its cocoa division for the quarter ending November 30, citing “negative market demand.” Additionally, the European Cocoa Association noted an 8.3% year-over-year drop in Q4 cocoa grindings to 304,470 metric tons, the lowest for a Q4 in 12 years.
Cocoa shipments from the Ivory Coast, the world’s largest producer, amounted to 1.27 million metric tons this marketing year (October 1, 2025, to February 8, 2026), down 3.8% from 1.32 million metric tons in the same timeframe last year. Despite favorable conditions boosting the cocoa harvest, the market faces challenges from anticipated declines in international production, with Nigeria’s cocoa exports decreasing by 7% year-over-year to 35,203 metric tons.
