Cocoa futures on ICE fell below $2,430 per tonne in May, the lowest in over 5 months amid expectations of higher production among largest producers. Higher precipitation in growing regions of the Ivory Coast improved the outlook for the mid-crop in the world’s top producer. Farmers from Ghana also reported favorable growing conditions. In the meantime, downward pressure in prices also tracked a lower global demand amid soaring inflation and recession fears.
Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa - data, forecasts, historical chart - was last updated on May of 2022.
Cocoa is expected to trade at 2537.63 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 2708.70 in 12 months time.