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On Tuesday, December ICE NY cocoa (CCZ25) closed at -249 (-3.56%), marking an 11-month nearest-futures low, while December ICE London cocoa #7 (CAZ25) closed down -120 (-2.47%), reaching a 19-month low. The decline is attributed to a surge in cocoa deliveries in Ghana, which saw arrivals reach 50,440 MT compared to approximately 11,000 MT during the same four-week period in 2024.
In related data, cocoa exports from the Ivory Coast increased by 3.4% this marketing year to 1.82 MMT, although this is a slowdown from a 35% increase reported in December. The International Cocoa Organization has projected a significant global cocoa deficit of -494,000 MT for the 2023/24 season and a forecasted surplus of 142,000 MT for 2024/25, indicating a potential shift in market dynamics.
ICE-monitored cocoa inventories in U.S. ports hit a 5-month low of 1,980,232 bags last Friday, contributing to price support amid quality concerns linked to adverse weather patterns affecting production in West Africa.
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