New York cocoa futures traded close to $2,300 per tonne, close to levels seen in early May, as traders weighed developments on the suppliers’ side amid sluggish demand. Arrivals of cocoa beans at Ivory Coast’s ports have totalled 2.057 million tonnes by June 20th since the start of the mid-crop season on October 1st, 6.3% higher than the same period last year. Meanwhile, above average rainfalls mixed with enough patches of sunlight have kept farmers in Ivory Coast’s central cocoa growing regions satisfied with the recent weather and supported prospects 4of a good mid-crop production. The International Cocoa Organization estimated global production at a record high of 5.024 tonnes for the 2020/21 season, with Ivory Coast and Ecuador surpassing their latest records.
Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa - data, forecasts, historical chart - was last updated on June of 2021.
Cocoa is expected to trade at 2430.68 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2861.62 in 12 months time.