Cocoa Market Report for October 2023
Abidjan, 16 November 2023 – The International Cocoa Organization releases the Cocoa Market Report for October 2023. The current report highlights the following insights:
- Two consecutive years of deficit in conjunction with the expectation of another deficit heats price rallies.
- For October 2023, prices of the nearby cocoa futures contract averaged US$3,844 per tonne and US$3.604 per tonne in London and in New York respectively.
- Weather was the major factor that affected supply. Unseasonal heavy rains have prevented the drying of beans and led to degraded bean quality. Black pod disease and swollen shoot virus due to the excess rains have been reported in cocoa-producing regions. Floods have also rendered major roads in some cocoa regions to be difficult to access. Should the weather revert to normal conditions for this time of the year, it is likely arrivals may improve as more beans may start to leave the farms for the ports.
- Based on published grindings data from the European Cocoa Association (ECA), National Confectioners Association (NCA) and the Cocoa Association of Asia (CAA), total grindings for the 2022/23 season dropped by almost 4% from 2,844,132 tonnes in the 2021/22 season to 2,739,982 tonnes.
- It is too early to know how demand is faring amid cocoa price increases and slowdown in cocoa production. The subsequent quarters’ grindings data publication will provide a better view of how cocoa demand unfolds.
You can download the complete report by clicking here.
