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On Friday, December ICE NY cocoa (CCZ25) closed down by 17 points (-0.25%), while December ICE London cocoa #7 (CAZ25) closed down by 49 points (-1.01%). Cocoa prices dropped, with London reaching a 2.5-month low and NY just above a 10.75-month low, primarily due to beneficial rains in the Ivory Coast boosting crop outlook.
According to Mondelez, the latest cocoa pod count in West Africa is 7% above the five-year average. The Ivory Coast’s cocoa harvest is set to begin next month amid optimistic quality forecasts. However, tighter cocoa inventories have emerged as ICE-monitored inventories in U.S. ports fell to a five-month low of 1,986,491 bags.
Additionally, the Ivory Coast exported 1.82 MMT of cocoa from October 1 to September 21, marking a 4.6% year-over-year increase but a drop from previous months. In contrast, Nigeria’s cocoa production is projected to decline by 11% year-over-year for 2025/26, and cocoa grindings in Europe and Asia fell significantly in Q2.
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