**Cocoa Prices Rise Following Ghana’s Pay Proposal**
On October 3, 2023, cocoa prices increased, with December ICE NY cocoa up 0.37% to $22.00 and December ICE London cocoa up 0.16% to $7.00. This surge follows a proposal from Ghana’s cocoa industry regulator suggesting a 6% pay raise for cocoa farmers for the 2026/27 season, which has prompted short covering in cocoa futures as farmers may seek higher prices.
Despite current price increases, cocoa supply concerns persist. The Ivory Coast reported a cocoa harvest of 2.06 million metric tons from June 2025 to June 2026, up 30% from the previous year. Additionally, cumulative shipments from the Ivory Coast reached 2.14 million metric tons this marketing year, a 19% increase. However, inventories in the ICE cocoa stockpile have risen to a two-year high, indicating adequate supply levels, which could weigh on prices in the future as the El Niño weather pattern raises concerns about crop yields.
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