Cocoa Market Report for October 2024
Abidjan, 13 November 2024 – The International Cocoa Organization releases the Cocoa Market Report for Ocotber 2024. The current report highlights the following insights:
- The season has now kicked off and considering the flow of cocoa arrivals amid an increase in producer prices, one would generally expect to see a continuous year-on-year rise in cocoa flows. Bearing in mind that Côte d’Ivoire accounts for over 40% of global production, it goes without saying that arrivals data from the country are very consequential not only for the trade balance but also price movements.
- Côte d’Ivoire’s cumulative arrivals during October see-sawed and consequently affected prices.
- Periods of decreases in arrivals during the month may have been due to the slow pace of transportation of beans to the ports as heavy downpours during the month affected cocoa routes in Côte d’Ivoire. Furthermore, the situation was worsened by excess rainfall which hinders the proper fermentation and drying of beans, and consequently the quality of beans.
- Depletion of exchange-certified stocks further heightened concerns about whether the market will be adequately supplied.
- Prices may have also gained support from published grindings data during the month. With two of the three main regional associations posting positive grindings data, it raises the question whether the supply would be able to cater for the demand.
- It is too early to provide concrete views on the season’s production as there are mixed sentiments regarding cocoa supply for the ongoing season.
Caution should be exercised in the interpretation of the following steps as they are just guidelines.
You can download the complete report by clicking here.
