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As of today, December ICE NY cocoa (CCZ25) has decreased by $191 (-2.99%) and December ICE London cocoa #7 (CAZ25) is down $126 (-2.75%). Cocoa prices are falling for the second consecutive day due to expectations of a bumper crop in West Africa, particularly in Ivory Coast and Ghana, where favorable weather conditions have positively influenced cocoa growth and yield.
According to Mondelez, the cocoa pod count in West Africa is 7% above the five-year average, and the main crop harvest in Ivory Coast has just started, with farmers expressing optimism about its quality. Meanwhile, cocoa exports from Ivory Coast decreased by 16% year-on-year, totaling 304,840 metric tons from October 1 to November 2, 2023.
The International Cocoa Organization (ICCO) reported a 2023/24 global cocoa deficit of 494,000 metric tons, the largest in over 60 years, and predicted a total production decline of 13.1% year-on-year to 4.38 million metric tons. In contrast, a surplus of 142,000 metric tons is anticipated for 2024/25, with production estimated to reach 4.84 million metric tons.
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