On Wednesday, July ICE NY cocoa (CCN26) closed down $18 (-0.46%), while July ICE London cocoa #7 (CAN26) dropped $34 (-1.15%). Cocoa prices have declined from 3.75-month highs reached the previous Monday due to an expected increase in supplies from the Ivory Coast, which has raised its 2025/26 cocoa delivery estimate to 2.2 million metric tons (MMT) from a previous projection of 1.8-1.9 MMT.
As of May 17, 2026, farmers in the Ivory Coast have shipped 1.61 MMT of cocoa to ports, marking a 1.9% increase from the same period last year. The current ICE cocoa inventories have risen to a 1.75-year high of 2,673,307 bags, and diminished cocoa supplies from Nigeria, which reported a 35% year-on-year decline in March exports, may offer some support for prices. Conversely, weak global demand has been evident, with North American cocoa grindings falling 3.8% year-on-year to 106,087 MT and European cocoa grindings declining 7.8% year-on-year to 325,895 MT.
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