Cocoa futures on ICE extended losses toward $2,600 a tonne, the lowest since September 29th amid lower demand. Europe's cocoa grind rose 8.7% from a year earlier to 375,811 tonnes in Q3, less than market expectations and only 3.5% above pre-pandemic levels in 2019. Meanwhile, supply concerns in West Africa’s plentiful cocoa-growing regions eased after sporadic sun spells encouraged farmers' hopes for a bountiful main crop, calming fears that a fungal epidemic could hinder harvest quality.
Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa - data, forecasts, historical chart - was last updated on October of 2021.
Cocoa is expected to trade at 2624.32 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 2918.14 in 12 months time.