April 8, 2024
Cocoa futures eased to below $9,800 per tonne, after reaching an all-time high of 10,051 on April 2nd, amid some profit-taking. Meanwhile, concerns about shrinking global cocoa supplies continued to dominate the market. Poor main crops in the two largest producers Ivory Coast and Ghana are expected to further tighten supplies with a large global deficit widely forecast for the current 2023/24 season. Dealers said the market's focus had turned to the mid-crop in top grower Ivory Coast which began this week with a lack of rain and strong sun potentially hindering production. The latest data showed Ivory Coast farmers shipped 1.3 MMT of cocoa to ports from October 1 to March 31, down by 26.7% yoy. Trader Ecom Agroindustrial projects Ivory Coast 2023/24 cocoa production, which ends in September, will drop 21.5% y/y to an 8-year low of 1.75 MMT.
Read the full story here: https://www.cbsnews.com/amp/news/chocolate-cocoa-hershey-candy/
