Abidjan, 13 December 2022 – The International Cocoa Organization releases the Cocoa Market Report for November 2022. The current report highlights the following insights:
- The 2021/22 cocoa season ended with a supply deficit of 306,000 tonnes.
- Growing conditions for the ongoing main crop of the 2022/23 season are generally good in
West Africa, hence boding well for the region’s cocoa production.
- However, the demand side of the market seems uncertain given that the slowdown in the global economy and inflationary impact on raw materials, combined with exorbitant energy prices in Europe, which is the leading region for cocoa processing, are likely to take a toll on the operations of cocoa processors.
- Total stocks of cocoa beans in the Exchange-licensed warehouses are higher year-over-year on both sides of the Atlantic.
- The nearby cocoa futures contract traded on a positive note during November in both London and New York. In London, cocoa futures prices increased substantially by 16% from US$2,211 to US$2,559 per tonne whereas in New York they moved up by 3% from US$2,352 to US$2,433 per tonne.
You can download the complete report by clicking here.