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Cocoa bean futures hit a new all-time high of more than $12,000 a ton on the New York Stock Exchange on Tuesday, as concerns about declining production in Ivory Coast, the world's largest cocoa bean producer, Bloomberg reported, according to Agerpres.
The most traded contract rose 3.4% to $12,163 a ton of cocoa beans yesterday. Since the beginning of the year, cocoa bean futures have nearly tripled as poor harvests in West Africa have contributed to the largest supply deficit in history, forcing companies to draw on their stocks.
Concerns about global cocoa supply have been fueled by forecasts of a below-expected production in Ivory Coast this season. The country, which accounts for a third of the world's cocoa production, is forecast to produce 1.9 million tonnes of cocoa in the 2024-2025 season, according to analysts and traders surveyed by Bloomberg.
That would be a drop of almost 10% compared to the initial estimate of the government in Abidjan, which in October, when the 2024-2025 season began, was betting on a cocoa bean production of between 2.1 and 2.2 million tonnes. A smaller-than-expected harvest will complicate efforts to rebuild stocks that are currently on a downward trajectory.
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