Abidjan, 18 April 2024 – The International Cocoa Organization releases the Cocoa Market Report for March 2024. The current report highlights the following insights:

• Significant decline in production from the two leading producers i.e., Côte d’Ivoire and Ghana has led prices to rally unabated.
• With prices at US$7,109 at the start of March 2024, by the end of the month, the nearby contract in London increased by 47% to US$10,455 per tonne while in New York it rose by 44% from US$6,769 per tonne to US$9,729 per tonne.
• The current backwardation structure of the cocoa market continues to underscore the supply challenges and consequent high prices.
• While Ghana’s production deficit appears to be structural in nature due to a combination of negative events: the large number of cocoa trees infected with deadly swollen shoot virus disease; illegal mining, which has reduced the number of cocoa farms; ageing trees and unfavourable weather conditions.
• In Côte d’Ivoire, production shortfall appears to be an isolated short-term event at least for the time being but some recent reports indicate that 25% to 30% of Ivorian farms are infected by CSSVD.
• With not much change in the fundamentals for the current season, the 2024/25 season will now be the focus on how prices and the balance sheet will evolve.

You can download the complete report by clicking here.

Abidjan, 14 April 2024 – The International Cocoa Council and subsidiary bodies, including the Consultative Board on the World Cocoa Economy and the Economics and Administration and Finance Committees, will meet from 25 to 27 April, 2024.

This information is restricted to ICCO Members. Please go to Member area for more information.

Timetable of Meetings, 25 – 27 April 2024, Brussels, Belgium

 

MEETING
47th Consultative Board  (Thursday, 25 April) 09:00 – 11:00 Local time
Opening of the 109th International Cocoa Council and 22nd Economics Committee (Thursday, 25 April – Palais d’Egmont, Brussels, Belgium) 11:00 – 12:30 (Local time) – Council 14:00 – 17:00 (Local time) – Economics Commitee
25th Administration and Finance Committee* and 109th International Cocoa Council (Friday, 26 April – Palais d’Egmont, Brussels, Belgium) 09:00 – 12:30 (Local time) – Administration and Finance Committee (*) 14:00 – 17:00 (Local time) – Council
109th International Cocoa Council  (Saturday, 27 April – Palais d’Egmont, Brussels, Belgium) 09:00 – 12:30 GMT (Local time) – Council
* = It is respectfully noted that the meetings of the Administration and Finance Committee are open to ICCO Member countries only.

 

Abidjan, 22 March 2024 – The International Cocoa Organization releases the Cocoa Market Report for February 2024. The current report highlights the following insights:

• High cocoa prices remain a significant concern due to a supply shortfall from key producers Côte d’Ivoire and Ghana, resulting in a 28% and 35% decrease in arrivals at Ivorian and Ghanaian ports, respectively compared to the previous season.
• Futures markets were in backwardation.  On average, the MAR-24 contracts traded with a premium of 14% and 11% over the SEP-24 respectively in London and New York.  Moreover, they recorded a significant rise from February 2023. Their corresponding year-on-year increases were 147% and 120%.
• Relative stocks of Ivorian and Ghanaian beans are declining in the US market.  They are assumed to be attracted into the European market in anticipation of compliance with the EU deforestation-free regulation.

  You can download the complete report by clicking here.