Cocoa Prices Reach Record High in 2024
In 2024, cocoa has established itself as the top-performing commodity on the markets, breaking price records. On December 18, the most active contract in New York reached $12,636 per ton, surpassing the previous record of $12,220 set in April.
This surge in prices during the first quarter of the 2024/2025 campaign is mainly attributed to unfavorable weather conditions, including the lack of rainfall in Côte d'Ivoire and the arrival of the harmattan, fueling concerns of a reduced harvest. Ivorian production is estimated at 1.9 million tons, significantly below initial forecasts of 2.1-2.2 million tons. In Ghana, estimates have also been revised downward, from 700,000 to 650,000 tons.
Despite an improvement compared to 2023, these levels remain insufficient to stabilize a market already weakened by three consecutive years of deficit, including a record 462,000 tons in 2023/2024, according to the ICCO.
With a 180% increase in prices in 2024, compared to 61% in 2023, the idea of a fourth year of deficit is gaining traction, fueling concerns about global supply.
