Cocoa Prices Hit Record $12,000 on Ivory Coast Output Concerns
TLDR
- Cocoa futures soared above $12,000 a ton in New York, marking a record high
- This comes as worries over reduced production in Ivory Coast, the world’s largest cocoa grower, intensify
- Ivory Coast’s 2024-25 production is forecast at 1.9 million tons, significantly below the initial outlook
Cocoa futures soared above $12,000 a ton in New York, marking a record high as worries over reduced production in Ivory Coast, the world’s largest cocoa grower, intensify. Prices surged 7.4% to $12,636 per ton, tripling this year due to fears of dry weather and reduced market activity.
Dry conditions in West Africa, compounded by the Harmattan wind, are expected to lower cocoa output in February and March, according to ADM Investor Services.
Ivory Coast’s 2024-25 production is forecast at 1.9 million tons, significantly below the government’s initial outlook of 2.1 to 2.2 million tons.
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Points clés à retenir
The record surge in cocoa prices underscores supply pressures as production struggles to meet global demand. Ivory Coast, producing over a third of global cocoa, faces a poor harvest, exacerbating stockpile shortages following last season’s record deficit. US warehouse inventories, tied to futures contracts, are at a two-decade low, while exchange liquidity remains thin, amplifying price volatility. With no rain forecast in West Africa and the Harmattan looming, further supply disruptions may fuel price increases, posing challenges for global buyers reliant on stable cocoa markets.
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