Abidjan, 17 September 2024 – The International Cocoa Council and subsidiary bodies, including the Consultative Board on the World Cocoa Economy and the Economics and Administration and Finance Committees, will meet from 23 to 26 September, 2024.

This information is restricted to ICCO Members. Please go to Member area for more information.

Timetable of Meetings, 23 – 26 September 2024, Abidjan, Côte d’Ivoire / Hybrid

MEETING
48th Consultative Board  (Monday, 23 September) 11:00 – 16:00 UTC
Opening of the 110th International Cocoa Council and 23th Economics Committee (Tuesday, 24 September) 11:00 – 16:00 UTC
26th Administration and Finance Committee* and 110th International Cocoa Council (Wednesday, 25 September) 11:00 – 16:00 UTC
110th International Cocoa Council (Thursday, 26 September) 11:00 – 16:00 UTC
* = It is respectfully noted that the meetings of the Administration and Finance Committee are open to ICCO Member countries only.

 

Abidjan, 31 August 2024 – The International Cocoa Organization today releases its revised forecasts for the 2023/24 cocoa year and revised estimates of world production, grindings and stocks of cocoa beans for the 2022/23 cocoa year. The data published in Issue No. 3 – Volume L – cocoa year 2023/24 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of August 2024.

Global supply remains low and the Bulletin outlines factors including adverse weather conditions, aged trees, pests and diseases that affected production in major cocoa growing areas during the season under review.

Taking into account available trade data and published grindings data, cocoa demand outstripped global supply.

Considering the market balance, a production deficit of 462,000 tonnes is forecast for the 2023/24 season. Total end-of-season stocks are envisaged at 1.324 million tonnes. This results in a 45-year low stocks-to-grindings ratio of 27.9%.

Though prices have recently experienced a descent from their historic rallies, they remain relatively high as the supply constraints persist. A review of price developments on international markets for cocoa beans during the April-June quarter of 2024 is also presented.

Summary of forecasts and revised estimates

 

Cocoa year (Oct-Sep)	2022/2023	2023/2024		Year-on-year change
	Revised estimates	Previous forecasts a/	Revised forecasts
	(thousand tonnes)				(Per cent)
World gross production	5 050	4 461	4 332	– 718	– 14.2%
World grindings	5 057	4 855	4 751	– 306	– 6.0%
Surplus/deficit b/	– 57	– 439	– 462
End-of-season stocks	1 786	1 328	1 324	– 462	– 26.1%
Stocks/Grindings ratio	35.3%	27.4%	27.9%

Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. L – No. 2 – Cocoa year 2023/24
b/  Surplus/deficit: net world crop (gross crop adjusted for loss in weight) minus grindings. Totals may differ due to rounding

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers crop year data from 2020/21 to 2022/23 and quarterly statistics for the period July-September 2022 to January-March 2024. Details of origin of imports and destination of exports for leading cocoa importing countries are also provided.

Caution should be exercised in the interpretation of the data in this issue of the Bulletin as they may be subject to revisions in subsequent Bulletins and reports from the Secretariat.

Copies of the Quarterly Bulletin of Cocoa Statistics, in Microsoft Excel and Adobe PDF formats, can be ordered from the ICCO e-Shop: www.icco.org/shop or by email: statistics.section@icco.org

Abidjan, 16 August 2024 – The International Cocoa Organization releases the Cocoa Market Report for July 2024. The current report highlights the following insights:

• As the market enters the last quarter of the season, focus is on the developments of the forward prices for the mid-crop of the 2023/24 season: the JUL-24 and SEPT-24 contracts.
• Based on the JULY-24 contract, cocoa futures initiated an upward trend in prices during the first week of July. Compared to prices on the first trading day, prices rose by 5% from US$9,352 per tonne to US$9,823 per tonne in London and by 4% from US$7,500 per tonne to US$7,811 per tonne in New York. Issues of supply tightness and stock declines supported the price increase. A year ago, prices were not as high as they currently are.
• However, reports of improved weather conditions in Côte d’Ivoire and Ghana led prices to slip to US$9,143 per tonne and US$7,720 per tonne in London and New York, respectively.
• The dip was short-lived, and prices reversed in a volatile manner as high margin calls led traders to reduce their positions. At the time, open interest was reported to be near their lowest level since 2010. In addition, stronger-than-expected second quarter grindings data from Europe also supported the upward momentum in prices.
• From mid-July, the nearby contract shifted to the SEPT-24 contract. Prices remained high and volatile and ranged between US$8,131 per tonne and US$8,832 per tonne in London and in United States between US$7,660 per tonne and US$8,276 per tonne. The extent of the disappointing Côte d’Ivoire and Ghana crops, uncertainties surrounding demand and early predictions of a better crop outlook from top producing countries for the 2024/25 season contributed to the volatile price movements.

You can download the complete report by clicking here.