Cocoa Market Report for February 2024
Abidjan, 22 March 2024 – The International Cocoa Organization releases the Cocoa Market Report for February 2024. The current report highlights the following insights:
- High cocoa prices remain a significant concern due to a supply shortfall from key producers Côte d’Ivoire and Ghana, resulting in a 28% and 35% decrease in arrivals at Ivorian and Ghanaian ports, respectively compared to the previous season.
- Futures markets were in backwardation. On average, the MAR-24 contracts traded with a premium of 14% and 11% over the SEP-24 respectively in London and New York. Moreover, they recorded a significant rise from February 2023. Their corresponding year-on-year increases were 147% and 120%.
- Relative stocks of Ivorian and Ghanaian beans are declining in the US market. They are assumed to be attracted into the European market in anticipation of compliance with the EU deforestation-free regulation.
You can download the complete report by clicking here.
