Cocoa prices are rising, with December ICE NY cocoa (CCZ26) up 0.96% to $57 and December ICE London cocoa #7 (CAZ26) up 1.48% to $64. This increase follows a period of volatility, trading between a three-week low and an 11.5-month high. Factors contributing to the price change include the British pound dropping to a five-week low, which boosts cocoa prices in sterling.
The Ivory Coast, the world’s leading cocoa producer, reported a 30% increase in cocoa harvest to 2.06 million metric tons for the June 2025-June 2026 period. However, cumulative exports from the region reached 2.14 million metric tons, an 18% increase from the previous year, amid rising inventories that surged to a two-year high of over 3.4 million bags. Conversely, projections indicate a decline in Ghana’s cocoa crop for the 2026/27 season, estimated at 650,000 metric tons, down 13% from the previous year.
Weather concerns tied to the El Niño phenomenon and potential impacts on cocoa quality also contribute to market speculation. Early assessments highlight poor pod development in upcoming crops, suggesting a challenging harvest season ahead.
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