Cocoa shell husk liquor cakes

Cocoa futures finshed December 2024 on a strong increase Weather condtons have so far supported cocoa prces. 

by 12 December 2024, graded and sealed cocoa beans were reported to be up by 577% at 366,075 tonnes. 

reported to be up by 274% at 1054 milon tonnes n Ghana, the current season started on 11 September 2024 and 

rains especialy in Côte d?vore and Ghana could have a negative to on the 2024/25 global supples of cocoa beans 

price ncreases Since the start of the 2024/25 season to 29 December 2024, cocoa arrivals at Ivoran ports were 

producing countries are in the dry season that runs from November to March and current hot temperatures with ess 

severe dryness in the top producing countries have caused concerns for the current season?s output, and consequenty 

Prevailing weather conditions

on the London (ICE Futures Europe) and New York 

US$6,896 per tonne (on 1 October 2024) to US$11,441 per tonne (on 31 December 2024). n New York, for the 

same tme frame, prices of the nearby contract rose by 64% from US$7,061 per tonne to US$11,545 per tonne Top 

Though arrivas, graded and sealed cocoa beans n Côte d?voire and Ghana have outpaced that of the previous season, 

Figure 1: Prices of the first and second futures contracts 

Figure 2: Prices of the first and second futures contracts 

December 2023US$ PER TONNE /////////////////

Though La Niña s reported to have emerged1

Figure 1 and Figure2 lustrates price developments during December 2024 and December 2023 respectivey

December 2024US$ PER TONNE /////////////////

(ICE Futures U.S.) markets (at London close) during 

Based on the nearby contract, compared to the start of the 2024/25 season, prces were up by 66% in London from 

(ICE Futures U.S.) markets (at London close) during 

on the London (ICE Futures Europe) and New York 

, ts impact is yet to be felt. Generay, La Nña reduces temperatures and 

Though arrivas, graded and sealed cocoa beans n Côte d?voire and Ghana have outpaced that of the previous season, 

weak?

1https://wwwcmate.gov/newsfeatures/blogs/enso/january2025updatelaninahere

by 12 December 2024, graded and sealed cocoa beans were reported to be up by 577% at 366,075 tonnes. 

Though La Niña s reported to have emerged1

reported to be up by 274% at 1054 milon tonnes n Ghana, the current season started on 11 September 2024 and 

, ts impact is yet to be felt. Generay, La Nña reduces temperatures and 

price ncreases Since the start of the 2024/25 season to 29 December 2024, cocoa arrivals at Ivoran ports were 

severe dryness in the top producing countries have caused concerns for the current season?s output, and consequenty 

Prevailing weather conditions

increases rainfal, but this has not yet been observed in West Africa. Wil La Niña for the current season end up being 

 2//NTERNATONAL COCOA ORGANZATON l MARKET REVEW DECEMBER 2024

COCOA MARKET REVIEW

York and there are currently no major issues wth suppies from the region. Thereafter, from the middle of December 

couped wth the onset of the harmattan are supporting prices. As the current season?s output s contingent on weather 

Put into context, al of the above signals supply tghtness and consequently cocoa prce increases. This continues to 

when the Mar25 contract became the leading contract, cocoa prices n both London and New York remained in 

fears of more severe supples declne in London than n New York, when taking nto account that West Africa supples 

prices of cocoa beans, chocoate manufacturers may end up raising the price of their products For exampe, 

demand or wi demand be resilent to cocoa price increases?

Final comments

decine ? an indicator that cocoa demand is plummeting. The European Cocoa Association (ECA) grindngs reported a 

DECEMBER 2024

The significant rse n cocoa prices wil inevitaby affect demand. Nevertheess, there are some justifcatons for the 

generaly remained n contango. The divergent price structure between London and New York can be attrbuted to 

As at the time of wrtng, the harmattan winds have also started The ess-than-idea weather condtons since November 

 has announced prce increases on the back of soaring cocoa prices. Wi such prce increases curb 

As at mdJanuary 2025, Q42024 grindngs data pubished by key regonal cocoa assocations revealed a yearonyear 

continue its downtrend, then the market may head towards an equilbrium. 

be the drivng force for the current state of the cocoa market What, therefore, holds for demand? Amid the soarng 

reduction of 5.4% to 331,853 tonnes and the Cocoa Association of Asia (CAA) grindngs reduced by 0.52% to 210,111 

fundamentals show signs of mproving production, cocoa prces may continue to be hgh. However, shoud demand 

to Mar25, the former contract in London was in backwardaton while in New York, prices for the nearby contract 

condtons, shoud there not be much improvement in the weather, then a fourth consecutive defict may lkey occur

What about demand?

Price structure depicts supply tightness

Lndt & Sprüngl2

the London market and output from the region does not seem promisng Conversely, Latin America suppes New 

price ncreases as the genera view expected for the 2024/25 season is a fourth suppy deficit Until current market 

It is worth pontng out that durng the frst haf of December, pror to the shift of the nearby contract from Dec24 

tonnes Grindngs for North America from the National Confectioners Association is yet to be released 

backwardation Ths underscores the ongong suppy tightness for both the main and mid-crop output 

2https//wwwfrance24com/en/venews/20250114lindtchocoatetorasepricesagainthsyear