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On Friday, September ICE NY cocoa (CCU25) rose by +491 (+6.72%) to close at a new high, while September ICE London cocoa #7 (CAU25) increased by +245 (+5.10%). This increase followed North American Q2 cocoa grindings, which fell by -2.8% year-on-year to 101,865 MT, marking a lesser decline compared to steep drops seen in Europe and Asia.
In contrast, Q2 European cocoa grindings were reported to have decreased by -7.2% to 331,762 MT, and Asia experienced a decline of -16.3% to 176,644 MT, the lowest for a Q2 in 8 years. Additionally, cocoa inventories at US ports reached a 10-month high of 2,363,861 bags as of June 18, and Ghana projected an 8.3% increase in its 2025/26 cocoa crop to 650,000 MT, impacting overall cocoa prices negatively.
Despite improvements in certain market segments, chocolate manufacturer Barry Callebaut AG noted a significant -9.5% drop in sales volume from March to May, the largest decline in a decade. Current quality concerns regarding the Ivory Coast’s mid-crop cocoa are also influencing market behavior, with reports indicating that around 5% to 6% of this year’s mid-crop is of poor quality due to adverse weather conditions.
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