Cocoa Market Report for January 2024
Abidjan, 23 February 2024 – The International Cocoa Organization releases the Cocoa Market Report for January 2024. The current report highlights the following insights:
- Another year of a supply deficit and unfavourable weather conditions in West Africa are exacerbating the bullish prices situation.
- Arrivals at Ivorian ports are estimated to be down by 34% year-on-year to 1.051 million tonnes as at 4 February 2024. In Ghana, graded and sealed cocoa purchases were down year-on-year by 35% to 351,000 tonnes.
- In January 2024, the nearby contract i.e., MAR-24 price in London and New York averaged US$4,540 per tonne and US$4382 per tonne, respectively. Compared to the nominal average price in January 2023, prices are up by 84% in London and 67% in New York.
- Grindings data published by regional associations for Q4.2023 do not show significant changes compared to the Q4 period of the previous two cocoa years.
- Origin processing has been promoted over the past years and Côte d’Ivoire is currently seen as the leading cocoa grinder in the world. However, there is the likelihood of origin grindings being affected by the low availability of beans at major origin destinations.
You can download the complete report by clicking here.
