September 2021 Monthly Cocoa Market Report

Abidjan, 13 October 2021 – The International Cocoa Organization today releases the Cocoa Market Report for September 2021. The current report highlights the following insights:

  • The average daily price of the nearby cocoa futures contract stood at US$2,322 per tonne in London during 2020/21, down by almost 2% year-on-year from US$2,358 per tonne recorded in the preceding season, while in New York it remained flat at US$ 2,508 per tonne compared to US$2,510 per tonne in 2019/20.
  • Compared to August, commercial traders further extended their average net short positions during September in both Europe and the United States, up by 50,021 contracts from 21,453 contracts to 71,474 contracts and by4,329 contracts from 26,184 contracts to 30,512 contracts respectively.
  • Stocks with valid certificates in exchange licensed warehouses increased year-over-year from an average of 113,290 tonnes to 136,253 tonnes in Europe, and from 14,600 tonnes in September 2020 to 53,596 tonnes in the United States over September 2021.
  • Compared to 2019/20, cocoa graded on the exchange during 2020/21 went up from 138,870 tonnes to 156,910 tonnes in Europe and from 25,679 tonnes to 109,599 tonnes in the United States.
  • In Europe, total deliveries against futures contracts during the 2020/21 cocoa year reached 210,400 tonnes, up from 55,770 tonnes delivered against futures contracts during the preceding cocoa year.
  • Origin differentials mirrored massive drops on both sides of the Atlantic in 2020/21.
  • Prices of cocoa butter descended in both Europe and the United States, while in contrast powder prices mainly followed an upward trend.
  • The average nominal farmgate price of cocoa beans for the 2021/22 main crop season declined from XOF1,000,000 (US$1,830) to XOF825,000 (US$1,467) per tonne in Côte d’Ivoire while in Ghana, it remained unchanged in local currency at GH¢10,560 (US$1,769) per tonne. (Based on foreign exchange data gathered from Refinitiv Eikon, during the 2020/21 cocoa year, on average US$1 = XOF546.34 and US$1 = GH¢5.81, while over 1-4 October 2021 (start of the 2021/22 season), US$1 = XOF562.25 and US$1 = GH¢5.97).

You can download the complete report from our Statistics section