Cocoa futures climbed further, crossing the $8,900 per tonne mark, their highest in more than six weeks, amid ongoing concerns about supply tightness. The latest government data showed that farmers in top grower Ivory Coast shipped 1.67 million metric tonnes of cocoa to ports from October 1 to August 4, a 26.8% drop compared to the same period last season. There are also mounting concerns that increased rainfall in West Africa is heightening the vulnerability of cocoa plantations to disease, leading farmers to purchase more protective chemicals. The rising cost of these chemicals is slowing the frequency of crop spraying, thereby allowing Black Pod disease to spread more rapidly. In the meantime, dealers reported that supplies remain very tight, with ICE-monitored cocoa inventories at US ports falling to a 4-1/2 year low of 2,863,268 bags. The price of cacao beans is expected to keep rising this year due to ongoing supply shortages in the key producing region of West Africa.
Cocoa increased 4,774.39 USD/MT or 113.78% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Cocoa reached an all time high of 12261 in April of 2024. Cocoa - data, forecasts, historical chart - was last updated on August 7 of 2024.
Cocoa increased 4,774.39 USD/MT or 113.78% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Cocoa is expected to trade at 7918.26 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 9195.15 in 12 months time.