{"id":8503,"date":"2025-04-30T18:53:00","date_gmt":"2025-04-30T22:53:00","guid":{"rendered":"https:\/\/sharewatch.com\/wp\/2025\/04\/30\/cocoa-prices-recover-due-to-weather-concerns-in-west-africa\/"},"modified":"2025-04-30T18:53:00","modified_gmt":"2025-04-30T22:53:00","slug":"cocoa-prices-recover-due-to-weather-concerns-in-west-africa","status":"publish","type":"post","link":"https:\/\/sharewatch.com\/wp\/2025\/04\/30\/cocoa-prices-recover-due-to-weather-concerns-in-west-africa\/","title":{"rendered":"Cocoa Prices Recover Due to Weather Concerns in West Africa"},"content":{"rendered":"<div class=\"layout__region nsdq-l-grid__item syndicated-article-body\">\n<section class=\"jupiter22-c-article-body\">\n<div class=\"body\">\n<div class=\"body__content\">\n<p>July ICE NY cocoa (CCN25) today is up +22 (+0.25%), and May ICE London cocoa #7 (CAK25) is up +160 (+2.53%).<\/p>\n<p>Cocoa prices today recovered from 1-week lows and are moderately higher. \u00a0Short covering emerged in cocoa today due to weather concerns in West Africa. \u00a0Several Ivory Coast cocoa farmers said that strong winds had knocked down cocoa trees on some farms, and Nigerian cocoa farmers said there are no ripe pods on trees and flowers are yet to fruit due to inconsistent rain and long, hot, dry spells. \u00a0<\/p>\n<div class=\"ads__inline\">\n<div id=\"js-dfp-tag-heY\"  class=\"btf-bodymidpagetwothirdswidth-1\">          <script type=\"text\/javascript\">         googletag.cmd.push(function() {             \/\/ Check if ID matches ID in the window.adsList array before calling googletag.display             function isAdInAdsList(id) {             for (var i = 0; i < window.adsList.length; i++) {                 if (window.adsList[i].id === id) {                     return true;                 }             }             return false;         }         if (isAdInAdsList('js-dfp-tag-heY')) {             googletag.display('js-dfp-tag-heY');         }         });     <\/script> <\/div>\n<\/p><\/div>\n<p>     <span>Don\u2019t Miss a Day: <\/span> From crude oil to coffee, sign up free for Barchart\u2019s best-in-class commodity analysis.  <\/p>\n<p>\u00a0<\/p>\n<p>Cocoa prices Wednesday initially moved lower after chocolate maker Mondelez International reported weaker-than-expected Q1 sales and said consumers are cutting back on snack purchases due to economic uncertainty and high chocolate prices.<\/p>\n<p>There has also been a negative carryover to cocoa prices since Monday when Bloomberg reported that Nigerian Mar cocoa exports rose +24% y\/y to 27,564 MT. \u00a0Nigeria is the world's fifth-largest cocoa producer. \u00a0<\/p>\n<p>A rebound in current cocoa inventories is bearish for prices. \u00a0Since falling to a 21-year low of 1,263,493 bags on January 24, ICE-monitored cocoa inventories held in US ports have rebounded and climbed to a 6-1\/2 month high Tuesday of 1,994,975 bags. \u00a0<\/p>\n<p>Last Friday, NY cocoa posted a 2-1\/4 month high on supply concerns as the pace of Ivory Coast cocoa exports has slowed. \u00a0Monday's government data showed that Ivory Coast farmers shipped 1.5 MMT of cocoa to ports this marketing year from October 1 to April 27, up +12% from last year but down from the much larger +35% increase seen in December.<\/p>\n<div class=\"ads__inline\">\n<div id=\"js-dfp-tag-2g4\"  class=\"btf-bodymidpagetwothirdswidth-2\">          <script type=\"text\/javascript\">         googletag.cmd.push(function() {             \/\/ Check if ID matches ID in the window.adsList array before calling googletag.display             function isAdInAdsList(id) {             for (var i = 0; i < window.adsList.length; i++) {                 if (window.adsList[i].id === id) {                     return true;                 }             }             return false;         }         if (isAdInAdsList('js-dfp-tag-2g4')) {             googletag.display('js-dfp-tag-2g4');         }         });     <\/script> <\/div>\n<\/p><\/div>\n<p>Cocoa prices also have a positive carryover from recent news that showed better-than-expected global cocoa demand. \u00a0Q1 North American cocoa grindings fell -2.5% y\/y to 110,278 MT, better than expectations of at least a -5% y\/y fall. \u00a0Also, Q1 European cocoa grindings fell -3.7% y\/y to 353,522 MT, a smaller decline than expectations for a -5% y\/y drop. \u00a0In addition, Q1 Asian cocoa grinding fell -3.4% y\/y to 213,898 MT, a smaller decline than expectations for a fall of at least -5% y\/y.<\/p>\n<p>Concern about the Ivory Coast's upcoming mid-crop is underpinning cocoa prices. \u00a0According to Rabobank, late-arriving rains in the region have limited crop growth, and recent cocoa farmer surveys from the Ivory Coast and Ghana have been disappointing. \u00a0 The mid-crop is the smaller of two annual cocoa harvests, which typically starts this month. \u00a0The average estimate for this year's Ivory Coast mid-crop is 400,000 MT, down -9% from last year's 440,000 MT.<\/p>\n<p>Earlier this month, NY cocoa fell to a 1-month low, and London cocoa dropped to a 5-month low due to concern that consumer demand for cocoa and cocoa products will decline as the global trade war escalates and tariffs boost already-high cocoa prices. \u00a0On April 10, Barry Callebaut AG, one of the world's biggest chocolate makers, cut its annual sales guidance in the face of high cocoa prices and tariff uncertainty.<\/p>\n<p>In a bearish factor, the International Cocoa Organization (ICCO) on February 28 forecasted a global cocoa surplus of 142,000 MT for 2024\/25, the first surplus in 4 years. \u00a0ICCO also projected that 2024\/25 global cocoa production will rise +7.8% y\/y to 4.84 MMT.<\/p>\n<p>Smaller cocoa supplies from Ghana, the world's second-biggest cocoa producer, are supportive for prices after Cocobod, Ghana's cocoa regulator, cut its Ghana 2024\/25 cocoa harvest forecast in December for the second time this season to 617,500 MT, down -5% from an August estimate of 650,000 MT. \u00a0<\/p>\n<div class=\"ads__inline\">\n<div id=\"js-dfp-tag-YdQ\"  class=\"btf-bodymidpagetwothirdswidth-3\">          <script type=\"text\/javascript\">         googletag.cmd.push(function() {             \/\/ Check if ID matches ID in the window.adsList array before calling googletag.display             function isAdInAdsList(id) {             for (var i = 0; i < window.adsList.length; i++) {                 if (window.adsList[i].id === id) {                     return true;                 }             }             return false;         }         if (isAdInAdsList('js-dfp-tag-YdQ')) {             googletag.display('js-dfp-tag-YdQ');         }         });     <\/script> <\/div>\n<\/p><\/div>\n<p>The ICCO on February 28 said the 2023\/24 global cocoa deficit was -441,000 MT, the largest deficit in over 60 years. \u00a0ICCO said 2023\/24 cocoa production fell -13.1% y\/y to 4.380 MMT. \u00a0ICCO said the 2023\/24 global cocoa stocks\/grindings ratio was 27.0%, a 46-year low.\u00a0<\/p>\n<p><i>     On the date of publication,      Rich Asplund              did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy          here. <\/i><\/p>\n<p>\u00a0<\/p>\n<p> More news from Barchart <\/p>\n<ul>\n<li>Where is Support in the Cocoa Futures Market?<\/li>\n<li>Is the Rally in Cocoa Running Out of Upside Steam?<\/li>\n<li>Soft Commodities Q4 and 2024- Where are they Heading in 2025?<\/li>\n<li>Commodity Market Roundup- December\u2019s Top Performers and Underperformers<\/li>\n<\/ul>\n<p class=\"body__disclaimer\">The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p>        <script type=\"text\/javascript\">   \/\/ add oddAd class to every odd instance of body .ads__inline for different placeholder styles   let articleAds = document.querySelectorAll('.ads__inline');   for (let i = 0, len = articleAds.length; i < len; i++) {     \/\/ Do the below only if the curent count is less than 12     if ((i < 12) &#038;&#038; (i % 2 === 0)) {       articleAds[i].className += ' oddAd';     }   } <\/script>                                               <\/p>\n<div class=\"jupiter22-c-tags jupiter22-c-tags-default\">\n<h3 class=\"jupiter22-c-tags-title\">         Tags       <\/h3>\n<div class=\"jupiter22-c-tags-container\">Stocks<\/div>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>July ICE NY cocoa (CCN25) today is up +22 (+0.25%), and May ICE London cocoa #7 (CAK25) is up +160 (+2.53%). Cocoa prices today recovered from 1-week lows and are moderately higher. \u00a0Short covering emerged in cocoa today due to weather concerns in West Africa. \u00a0Several Ivory Coast cocoa farmers said that strong winds had [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[18],"tags":[],"class_list":["post-8503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock","entry","has-media"],"_links":{"self":[{"href":"https:\/\/sharewatch.com\/wp\/wp-json\/wp\/v2\/posts\/8503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sharewatch.com\/wp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sharewatch.com\/wp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sharewatch.com\/wp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sharewatch.com\/wp\/wp-json\/wp\/v2\/comments?post=8503"}],"version-history":[{"count":0,"href":"https:\/\/sharewatch.com\/wp\/wp-json\/wp\/v2\/posts\/8503\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sharewatch.com\/wp\/wp-json\/wp\/v2\/media\/8504"}],"wp:attachment":[{"href":"https:\/\/sharewatch.com\/wp\/wp-json\/wp\/v2\/media?parent=8503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sharewatch.com\/wp\/wp-json\/wp\/v2\/categories?post=8503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sharewatch.com\/wp\/wp-json\/wp\/v2\/tags?post=8503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}