Cocoa futures on ICE break above $2,450 a tonne for the first time since May 19th, amid concerns about cold weather in top grower Ivory Coast which may slow the start to the main crop in October. Ivory Coast cocoa grinders processed 452,000 tonnes of beans by the end of July, down 3.6% from a year ago, data from cocoa exporters' association GEPEX showed. Meantime, cocoa arrivals at ports in the world's top grower, Ivory Coast, are estimated to have reached 2.11 million tonnes between October 1st and August 8th, up 4.8% from a year ago.
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Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa - data, forecasts, historical chart - was last updated on August of 2021.
Cocoa is expected to trade at 2488.62 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2918.14 in 12 months time.