News

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

Cocoa Bean
Brazil
Market & Price Trends
Published Mar 4, 2024

Tridge summary

The International Cocoa Organization (ICCO) has forecasted a deficit of 374 thousand tons in the global cocoa market for 2023/24. This is due to a significant decrease in supply from major producers, caused by unfavorable weather conditions, disease, and lower yields from aging trees. As a result, world production is expected to fall by nearly 11% compared to the previous season. This supply shortage has triggered a surge in commodity prices, with cocoa futures in New York projected to rise by over 46% in 2024.
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

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 note, in its 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,” the organization 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 5%, to 4.779 million tons, ICCO ...
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