On Thursday, September ICE NY cocoa (CCU26) closed down -106 points (-1.80%), while September ICE London cocoa #7 (CAU26) fell -100 points (-2.30%). This decline marks a second consecutive day of significant price drop, driven by increased cocoa supplies from Ghana, which reported a harvest of 750,000 metric tons (MT) for the 2025/26 season, up 25.6% from 597,000 MT in the 2024/25 season.
Meanwhile, ICE cocoa inventories surged to a two-year high of 3,384,965 bags, adding further pressure on prices. Additionally, the cocoa regulator COCOBOD forecasts a potential decline in Ghana’s 2026/27 production to between 450,000 MT and 550,000 MT, citing factors such as disease and adverse weather due to the El Niño pattern. Notably, cumulative cocoa shipments from the Ivory Coast rose by 20% to 2.11 million MT this marketing year, underscoring the signs of larger global cocoa supplies amid mixed demand, with European grindings down 4.6% while North American grindings unexpectedly rose by 7.7%.
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