**Cocoa Market Update: Prices Dip Amid Supply Pressure**
As of today, December ICE NY cocoa (CCZ26) has decreased by 10 points (-0.17%), while September ICE London cocoa #7 (CAU26) is down by 7 points (-0.19%). This decline follows reports of abundant global cocoa supplies, particularly highlighted by Nigeria’s July cocoa bean exports, which rose 18% year-over-year to 16,052 metric tons, positioning Nigeria as the world’s fifth-largest cocoa producer.
Cumulative data from Ivory Coast shows farmers have shipped 2.11 million metric tons of cocoa for the current marketing year, up 20% from last year, contributing to rising inventories that are influencing cocoa prices negatively. Further complicating the market outlook, Ghana’s Cocoa Board has projected a cocoa production drop for the 2026/27 season to 650,000 metric tons, a 13% decrease from the previous year, due to adverse weather and disease factors. The global cocoa surplus is expected to shrink significantly in the 2026-2027 period, decreasing from 415,000 metric tons to 80,000 metric tons, according to Transgraph Consulting.
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