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On October 23, 2023, cocoa prices exhibited mixed results, with December ICE NY cocoa (CCZ25) closing up by 4 points (+0.07%) and December ICE London cocoa #7 (CAZ25) closing down by 7 points (-0.17%). Prices stabilized following a decline attributed to a 31% drop in cocoa exports from the Ivory Coast, the world’s largest producer, which shipped 133,209 MT from October 1 to October 19, down from 192,804 MT during the same period last year.
Commodity funds increased their net-short positions in London cocoa to 13,057, the highest level in over three years. In Asia, Q3 cocoa grindings fell by 17% year-on-year to 183,413 MT, while European grindings decreased by 4.8% year-on-year to 337,353 MT, marking the lowest Q3 figures in a decade. Conversely, North American grindings rose by 3.2% year-on-year to 112,784 MT, though this growth was impacted by the addition of new reporting companies.
Recent reports indicate that cocoa deliveries from Ghana surged to 50,440 MT in early September, contrasting with only 11,000 MT in 2024. The International Cocoa Organization (ICCO) has projected a global cocoa deficit of 494,000 MT for the current marketing year, the largest in over 60 years, caused by a 13.1% decrease in production to 4.380 MMT.
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