Abidjan, 16 October 2023 – The International Cocoa Organization releases the Cocoa Market Report for September 2023. The current report highlights the following insights:
- A deficit of around 100,000 tonnes is currently estimated for the 2022/23 season which just ended.
- Supply shortfall supported cocoa prices which in real terms surpassed the levels recorded during the 2021/22 season.
- Cross-border flows of cocoa beans have been reported. At present, however, it is not possible to assess the extent of this geographical arbitrage as the 2023.Q3 official trade statistics will become available in 2024.Q1.
- The incidence of bean hoarding was reported due to expectations of a higher farm gate price for the 2023/24 season.
- If farmers hoarded cocoa, does this really reflect that the volume of production for the just ended 2022/23 may be higher than actual arrivals and purchases for the season? As part of the 2022/23 crop will be tallied as inclusive of the 2023/24 harvest, the estimated deficit of 100,000 tonnes could be overestimated.
You can download the complete report by clicking here.