Cocoa Futures Hover Around 2023-Lows

2026-04-28 13:32 By Luisa Carvalho 1 min. read

Cocoa futures have traded in a narrow range around $3,400 per tonne, close to the lowest since 2023, reflecting expectations of abundant supply alongside signs of subdued global demand.

On the supply side, weather conditions have generally improved in key West African producers such as Ivory Coast and Ghana, supporting better production prospects.

However, irregular rainfall in Ivory Coast’s main cocoa-growing regions is starting to raise concerns in the global cocoa market, particularly at a critical stage for the development of the mid-crop, which runs from March to August.

While harvesting is still progressing and farmers report good pod development that should support output in the short term (particularly in May and June), continued dry weather could eventually reduce yields and also hurt bean quality later in the season.

Meanwhile, recent grinding data suggested that cocoa demand remains weak, as Europe and the United States continued to report declines.



News Stream
Cocoa Futures Hover Around 2023-Lows
Cocoa futures have traded in a narrow range around $3,400 per tonne, close to the lowest since 2023, reflecting expectations of abundant supply alongside signs of subdued global demand. On the supply side, weather conditions have generally improved in key West African producers such as Ivory Coast and Ghana, supporting better production prospects. However, irregular rainfall in Ivory Coast’s main cocoa-growing regions is starting to raise concerns in the global cocoa market, particularly at a critical stage for the development of the mid-crop, which runs from March to August. While harvesting is still progressing and farmers report good pod development that should support output in the short term (particularly in May and June), continued dry weather could eventually reduce yields and also hurt bean quality later in the season. Meanwhile, recent grinding data suggested that cocoa demand remains weak, as Europe and the United States continued to report declines.
2026-04-28
Cocoa Futures Remain Near 2023-Lows
Cocoa futures have been range-bound around $3,400 per tonne, close to the lowest since 2023, as traders continued to weigh signs of weak global demand against prospects of ample supply. Industry data showed that cocoa grindings in top consumer Europe fell almost 8% and dropped nearly 4% in North America, both exceeding market estimates. Meanwhile, Bloomberg Intelligence reported chocolate candy sales fell about 5% year-on-year during the Easter holiday, a peak seasonal period for consumption. On the supply side, adequate rainfall across key West African growing regions has raised the prospect of another global surplus in 2026/27. Latest data showed ICE-monitored certified inventories at US ports fell by 5,511 bags to 2,618,981, though levels remain high by historical standards, indicating comfortable supply conditions. However, renewed disruptions in the Strait of Hormuz added concerns over logistics and transportation costs.
2026-04-20
Cocoa Futures Rise to 2-Month Highs
Cocoa futures rose above $3,500 per tonne, reaching the highest since mid-February, supported by a weaker US dollar and spillover effects from lingering geopolitical tensions. The closure of the Strait of Hormuz weighs on the cocoa market by disrupting fertilizer supply chains and increasing global shipping rates, insurance premiums, and fuel costs, thereby raising production and import expenses. However, market fundamentals remained pressured by ample West African supply expectations and subdued demand. Latest data showed ICE cocoa inventories rose to a 19.5-month high of 2,610,453 bags by April 13. At the same time, cocoa arrivals at ports in top grower Ivory Coast rose 0.7% to 1.462 million metric tons as of April 12, since the start of the season on October 1. Attention turns to the release of first-quarter grinding data across Europe, Asia, and North America, due on April 16, expected to signal weak global demand.
2026-04-14