March ICE NY cocoa (CCH26) today is down -269 (-6.07%), and March ICE London cocoa #7 (CAH26) is down -198 (-6.40%).
Cocoa prices are sharply lower today, with London cocoa plunging to a 2.25-year nearest-futures low. Abundant global supplies and falling demand are keeping cocoa prices under pressure.
Last Friday, NY cocoa sank to a 2-year nearest-futures low after the International Cocoa Organization (ICCO) reported that 2024/25 global cocoa stocks rose +4.2% y/y to 1.1 MMT.
Demand concerns have hammered cocoa prices as consumers continue to balk at the high price of chocolate. On Wednesday, Barry Callebaut AG, the world’s largest bulk chocolate maker, reported a -22% decline in sales volume in its cocoa division for the quarter ending November 30, citing “negative market demand and a prioritization of volume toward higher-return segments within cocoa.”