Cocoa market under pressure; global deficit hits highest level in over 60 years

게시됨 2024년 12월 2일

Tridge 요약

The International Cocoa Organization (ICCO) has revised its estimates for the global cocoa market, projecting a significant deficit and production decline for the 2023/24 crop. The global deficit is now estimated at -478,000 metric tons, a decrease in production to 4.380 million metric tons, a 13.1% drop from the previous year, and a low global cocoa stocks/milling ratio of 27.0%, the lowest in 46 years. Weather issues in Côte d’Ivoire, the world's largest cocoa producer, have further complicated the situation, leading to increased cocoa futures prices and concerns about the affordability of cocoa-based products. The report underscores the critical need for sustainable agricultural practices and innovation to enhance the resilience of global cocoa production.
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원본 콘텐츠

By: Claudemir Zafalon Last Friday, data released by the International Cocoa Organization (ICCO) brought a new wave of concern to the global cocoa market. The organization revised upwards its estimate of the global deficit for the 2023/24 crop, which now stands at -478,000 metric tons (MT), the highest recorded in more than six decades. The previous revision, made in May, pointed to a deficit of -462,000 MT. In addition, global cocoa production was also revised downwards. ICCO now forecasts production of 4.380 million metric tons (MMT), a significant drop of 13.1% compared to the previous year and lower than the May projection of 4.461 MMT. Another highlight is the global cocoa stocks/milling ratio, projected at 27.0% for 2023/24, marking the lowest level in 46 years. This indicator, which is crucial to the health of the market, reflects the shortage of available cocoa relative to demand. The situation is further aggravated by the weather problems in Côte d’Ivoire, the world’s ...

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