As of today, September ICE NY cocoa (CCU26) has risen by 1.59% to $88, while September ICE London cocoa #7 (CAU26) is up 0.86% by $35. This increase follows a notable decline on Tuesday, where NY cocoa prices fell 4.78% and London cocoa prices dropped by 4.21% due to reports of favorable growing conditions in the Ivory Coast and Ghana ahead of the main harvesting season starting in September.
Last Monday, data revealed that cocoa shipments from the Ivory Coast reached 2.11 million metric tons (MMT) for the current marketing year, showing a 20% increase year-over-year. However, cocoa inventories at ICE spiked to a two-year high of 3,384,965 bags, putting downward pressure on prices. In contrast, Ghana’s cocoa production for the 2025/26 season is reported at 750,000 MT, up 25.6% from the previous year. Yet, projections indicate a potential decrease in 2026/27 production to between 450,000 MT and 550,000 MT due to environmental factors and aging farms.
On a global scale, the European Cocoa Association reported a 4.6% decrease in Q2 European cocoa grindings to 316,366 MT, the lowest in six years. Conversely, North American cocoa grindings increased by 7.7% to 109,659 MT, and Asian grindings soared 25% year-over-year to 224,646 MT, indicating mixed demand trends.
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