Abidjan, 13 July 2022 – The International Cocoa Organization releases the Cocoa Market Report for June 2022. The current report highlights the following insights:
- As at June 2022, while a supply deficit is expected for the ongoing 2021/22 season, cocoa futures prices have followed a downward trend which has mainly been triggered by economic uncertainties. A year back i.e. June 2021, prices followed a downward trend as in the midst of the Covid-19 pandemic, the global cocoa market was expected to end the 2020/21 cocoa year with an excess supply.
- The global cocoa market was at half-mast on both sides of the Atlantic in June with prices of the nearby cocoa futures contract averaging US$2,139 per tonne and ranging between US$2,059 and US$2,215 per tonne in London while in New York the JUL-22 contract traded at an average price of US$2,396 per tonne and oscillated between US$2,291 and US$2,522 per tonne.
- As no bottleneck in the haulage of cocoa upcountry has been reported and given the conducive meteorological conditions, other parameters like aging cocoa trees or cocoa-related diseases as well as poor agricultural practices could have contributed to reducing the yield of cocoa farms and subsequently lowering the level of arrivals and purchases in Côte d’Ivoire and Ghana respectively.
You can download the complete report by clicking here.