Cocoa
Cocoa futures were around $2,600 per tonne, as investors paused for breath following a rally that sent cocoa to its highest level since mid-February amid extreme temperature swings over the last month in top producer Ivory Coast. At the same time, ICE-monitored NY cocoa inventories declined to an eight-and-a-half-month low, and stockpiles held in EU ports were close to a nine-month low. The International Cocoa Organization said the 2021/22 cocoa season ended with a supply deficit of 306,000 tonnes and growing conditions for the main crop of the 2022/23 season were generally good in West Africa, even as farmers continue to struggle with the lack of fertilizers and pesticides due to the war in Ukraine. The ICO has also noted the demand outlook was uncertain because of a slowing global economy, rising raw materials prices, and high energy costs in Europe, the leading region for cocoa processing.
Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa - data, forecasts, historical chart - was last updated on January of 2023.
Cocoa is expected to trade at 2661.53 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2838.67 in 12 months time.
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