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Rich Asplund

BIZARRE: Shrinking global cocoa surplus boosts prices | Mind Blowing Facts

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

March ICE NY cocoa (CCH26) on Thursday closed up +67 (+1.08%), and March ICE London cocoa #7 (CAH26) closed up +5 (+0.11%).

Cocoa prices extended their sharp two-week-long rally on Thursday to 5-week highs.  Cocoa prices have rallied sharply over the past two weeks amid a tightening global supply outlook.  On November 28, 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.  It also lowered its global cocoa production estimate for 2024/25 to 4.69 MMT from 4.84 MMT previously.  In addition, Rabobank on Tuesday cut its 2025/26 global cocoa surplus estimate to 250,000 MT from a November forecast of 328,000 MT.

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