Cocoa Futures Remain Subdued

2026-03-05 16:02 By Luisa Carvalho 1 min. read

Cocoa prices traded around $3,000 per tonne, close to the lowest since May 2023, as the market continued to be supported by expectations of abundant supply and subdued demand.

Favorable weather has improved production prospects in key West African producers, with South American output, particularly from Ecuador, also contributing.

Hedgepoint Global Markets on February 27 estimated a 2025/26 global surplus of 365,000 tons, with Ivory Coast producing 1.78 million tons, Ghana 650,000 tons, and Ecuador 615,000 tons.

At the same time, ICCO raised its 2024/25 surplus estimate from 49,000 to 75,000 tonnes.

On the other hand, slowing global demand has led to a notable accumulation of stockpiles in major producers such as the Ivory Coast and Ghana.

Both countries recently cut prices paid to farmers to align with falling international cocoa prices.

In recent months, exporters had been postponing purchases of cocoa, as the domestic price was far above the price on the international market.



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