Cocoa Market Report for March 2025
Abidjan, 11 April 2025 – The International Cocoa Organization releases the Cocoa Market Report for March 2025. The current report highlights the following insights:
- In March 2025, cocoa futures prices retreated from the highs and remained range bound. In London, the front-month contract averaged US$8,100 per metric ton and ranged between US$7,844 and US$8,326 per metric ton, while in New York it averaged US$8,055 per metric ton and ranged between US$7,728 and US$8,415 per metric ton.
- Although the supply side of the market was less of a concern in March 2025, there was pessimism regarding the Ivorian mid-crop as reports indicated that more rain was needed at that time.
- Another aspect to consider is that with production forecasts for other major producing countries likely to be better than the 2023/24 season, it is likely that production from other countries could offset the projected losses from the Ivorian mid-crop. As such, prices did not react significantly at the time to views of an expected poor mid-crop from Côte d’Ivoire.
- The weakening of cocoa demand also played a role in the bearish trend observed in cocoa prices.
- US tariffs were implemented. Although a 90 day reprieve for all countries except China came into effect on April 9, 2025, a universal tariff of 10% applies to all exports to the United States.
Caution should be exercised in the interpretation of the following steps as they are just guidelines.
