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Rich Asplund

THE TRUTH ABOUT: Cocoa prices settle higher as the global cocoa surplus shrinks - The Untold Story

Ice United States ICCO London NY European Union the International Cocoa Organization

March ICE NY cocoa (CCH26) on Monday closed up +52 (+0.94%), and March ICE London cocoa #7 (CAH26) closed up +24 (+0.59%).

Cocoa prices on Monday added to last Friday's sharp gains, with NY cocoa posting a 2-week high and London cocoa posting a 1.5-week high. Cocoa prices have carryover support from last Friday when the International Cocoa Organization (ICCO) cut its global 2024/25 cocoa surplus estimate to 49,000 MT from a previous estimate of 142,000 MT and lowered its global 2024/25 cocoa production estimate to 4.69 MMT from a prior estimate of 4.84 MMT.

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