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On March 26, cocoa prices dropped with March ICE NY cocoa (CCH26) closing down 1.82% at $5,456 and March ICE London cocoa #7 (CAH26) down 1.39% at $4,193 due to favorable weather forecasts across West Africa expected to boost yields. The International Cocoa Organization (ICCO) revised its global cocoa production estimate for 2024/25 to 4.69 million metric tons, down from 4.84 million metric tons.
In the Ivory Coast, the world’s largest cocoa producer, farmers reported cocoa shipments of 718,451 metric tons from October 1 to November 30, a decrease of 2.1% year-over-year. Inventory levels at U.S. ports also fell to an 8.5-month low of 1,693,561 bags.
A notable trend included weak global cocoa demand, as reported by Hershey’s disappointing Halloween sales, impacting an industry that traditionally sees significant revenue during the holiday season. Data from the Cocoa Association of Asia showed a 17% year-over-year drop in Q3 cocoa grindings.
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