Abidjan, 18 August 2023 – The International Cocoa Organization releases the Cocoa Market Report for July 2023. The current report highlights the following insights:
- Grindings published by the main regional cocoa associations for the second quarter of 2023 indicated an overall plunge in cocoa processing activities in the traditional consuming regions, namely, Europe, North America, and Southeast Asia.
- The increase in cocoa processing in Côte d’Ivoire absorbed a large part of the reduction (59,794 tonnes) in grindings of the three main regional cocoa associations.
- Despite the currently low level of arrivals in Côte d’Ivoire, historical information outlined that the weekly arrivals in the country are regularly subject to revisions, and should this occur for the 2022/23 arrivals figures, production in Côte d’Ivoire for 2022/23 might end up being higher year-on-year.
- In July, prices of the front-month contract averaged US$3,425 per tonne and ranged between US$3,221 and US$3,628 per tonne in London while in New York, they averaged US$3,391 per tonne and oscillated between US$3,230 and US$3,559 per tonne.
- Compared to the average prices recorded a year ago (US$2,061 per tonne in London and US$2,315 per tonne in New York), the average prices seen in July 2023 represented significant increases of 66% and 46% respectively.
You can download the complete report by clicking here.