Bloomberg writes, citing trade data, that the cost of cocoa futures has risen above $12,000 per ton, setting a new record. According to ICE data, the contract price for the March 2025 settlement on December 18 was $12,126 (+3.07%).
Bloomberg notes that cocoa prices have almost tripled since the beginning of 2024. This is due to market fears of a decline in production in Côte d’Ivoire, a country that accounts for more than a third of world production. Also, low liquidity on the exchange may contribute to price fluctuations, as the total open interest in cocoa futures is at its lowest level in the last decade.
Bloomberg writes that the decline in the cocoa bean harvest in West Africa has led to the most significant deficit in history. The agency notes that companies are forced to use up their stocks, and the decline in harvest will complicate attempts to restore them.