Cocoa prices are mixed on September 25, 2023. September ICE NY cocoa (CCU25) is down $2 (-0.02%), while September ICE London cocoa #7 (CAU25) is up $16 (+0.29%). The New York market faces pressure from a stronger dollar, while the London market benefits from a weaker British pound.
This week, cocoa prices surged to four-week highs amid concerns of slowing Ivory Coast cocoa exports, with shipments totaling 1.75 million metric tons (MMT) from October 1 to July 27—up 6.1% year-on-year but lower than a previous peak of 35% growth in December. Additionally, dry weather in West Africa has raised concerns about cocoa production, with rainfall below the 30-year average impacting pod development.
Latest reports indicate a 10.5-month high of U.S. cocoa inventories at 2,368,141 bags, with the International Cocoa Organization projecting a global cocoa deficit of 494,000 MT for 2023/24, the largest in over 60 years. Ghana’s cocoa production is expected to rise by 8.3% to 650,000 MT for 2025/26, which could further affect global cocoa prices.
