News

Global cocoa deficit expected to increase to 374 thousand tons in 2023/24

Cocoa Bean
Cocoa Products
United States
Market & Price Trends
Published Mar 2, 2024

Tridge summary

The International Cocoa Organization (ICCO) has forecasted a global cocoa deficit of 374 thousand tons for the 2023/24 season due to a significant decrease in supply from major producers. This is due to unfavorable weather, disease, and lower yields from aging trees. As a result, world production is expected to decrease by nearly 11%, while demand is projected to fall by almost 5%. This supply shortage has caused a 46% increase in cocoa futures in New York in 2024, which could impact processor operations due to increased raw material costs.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

São Paulo, 03/01/2024 - The global cocoa market is expected to have a deficit of 374 thousand tons in 2023/24 (October/23 to September/24), the International Cocoa Organization (ICCO) said in a statement ), in his first estimate for the season. For 2022/23, the organization reduced its deficit estimate from 99 thousand to 74 thousand tons. According to ICCO, supply from major producers is expected to fall significantly in 2023/24, reflecting unfavorable weather conditions and disease. "Furthermore, old trees in these countries are producing at lower yields," it said. World production in 2023/24 was estimated at 4.449 million tons, a drop of almost 11% compared to the previous season (4.996 million tons). Demand is expected to fall by almost ...
Source: Broadcast
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