**Cocoa Prices Mixed Amid Fluctuating Supply and Demand Factors**
On June 8, 2023, cocoa prices displayed mixed results in the market. The July ICE NY cocoa (CCN26) closed down by $1 (-0.02%), while July ICE London cocoa (#7 CAN26) increased by $35 (+1.11%). The fluctuation was largely influenced by a stronger U.S. dollar, which reached a 13-month high, causing pressure on NY cocoa prices and rising inventories that hit a 1.75-year high at 2,918,736 bags as of June 7.
Global cocoa demand remains weak, with North American cocoa grindings declining by 3.8% year-on-year to 106,087 metric tons for Q1 2023, and European cocoa grindings down by 7.8% to 325,895 metric tons. Conversely, Asian cocoa grindings rose by 5.2% to 223,503 metric tons. Additionally, the International Cocoa Organization reported that the Ivory Coast shipped 1.95 million metric tons of cocoa this season, a significant 18.9% increase from the previous year, despite a projected production decrease of 10.8% to 1.65 million metric tons for the 2025/26 crop year.
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