Cocoa’s stunning rise and its equally remarkable slump are beginning to shake up the longstanding way of doing business in West Africa, the region that supplies the bulk of the world’s beans.
A farmer attends to cocoa beans drying on a rack at a farm in Kwabeng, Ghana, on Wednesday, July 31, 2024. Issues across the West African cocoa belt that propelled prices to record highs this year remain far from fixed, meaning the price of beans that make chocolate isn't likely to decline back to the much lower levels that had previously prevailed.
Cocoa traders in top grower Ivory Coast are holding off buying beans that will be harvested from the upcoming mid-crop, as they seek lower prices following a market rout, according to people familiar with the matter.
Cocoa futures fell to a two-year low in London after Europe’s cocoa processing posted a steeper-than-expected slump, showing the extent of demand destruction as the industry reels from the lingering impact of record prices.
Cocoa bean roasting machine at a chocolate factory in Paris.
Cocoa processing remains under pressure around the world, highlighting continued demand destruction and struggles for the chocolate industry in the wake of record prices a year ago.
Cocoa in New York plunged the most intraday since July 2024 as exporters took advantage of buying related to index rebalancing to lock in more favorable prices.
Dried cocoa beans at the Somos Cacao farm and production facility in Ragonvalia, Norte de Santader department, Colombia, on Friday, March 22, 2024. Cocoa is the best-selling commodity in the world so far in 2024, and Futures have doubled in less than three months as poor harvests in West Africa, where most of the world's cocoa is grown, have led buyers to look elsewhere for supplies. Photographer: Ferley Ospina/Bloomberg
Arabica coffee futures extended gains in New York, buoyed by expectations that a stronger Brazilian real will continue to curb shipments from Brazil, the world’s largest producer.
Cocoa rebounded from the lowest in almost two weeks in New York, amid expectations of looming index-related buying and lingering uncertainty over supplies.
A worker harvests cacao pods at a farm in Eunapolis, Bahia state, Brazil.
After last year’s historic rally, cocoa prices are heading for a record annual slump. But there’s no sign the cost of your candies, bars or chocolate Santas will follow any time soon.
Boxes of handmade chocolates ready for sale at a factory in Paris.
Cocoa wavered between gains and losses in New York as traders weighed a reduced outlook for this season’s surplus and the prospect of index-related buying supporting the market.
Dried cocoa beans at a cacao farm and production facility in Ragonvalia, Norte de Santader department, Colombia.
Ivory Coast is facing a temporary glut of cocoa at its ports as farmers rush to find buyers due to falling international prices and a cash crunch affecting local exporters.
Anmelden
