W12 Cocoa Update: Global Cocoa Bean Prices Hit Record High in Mar-24, and Pará, Brazil Produced 13.4 Million Hybrid Cocoa Seeds in 2023

Published Apr 5, 2024

In W12 in the cocoa bean landscape, the cocoa market has seen a 3.7% increase on the NYSE, with Guan Chong Bhd expanding its cocoa search in Ecuador, Peru, and Indonesia. Cocoa bean prices reached a record high in March, with futures prices increasing by 2.8% to USD 8,789/ton. Dry weather and wildfires in West Africa caused by El Niño threaten cocoa supplies. Pará, Brazil, produced 13.4 million hybrid cocoa seeds in 2023, funded by the state's Cocoa Production Development Fund.
In W12 in the cocoa bean landscape, the cocoa market has seen a 3.7% increase on the NYSE, with Guan Chong Bhd expanding its cocoa search in Ecuador, Peru, and Indonesia. Cocoa bean prices reached a record high in March, with futures prices increasing by 2.8% to USD 8,789/ton. Dry weather and wildfires in West Africa caused by El Niño threaten cocoa supplies. Pará, Brazil, produced 13.4 million hybrid cocoa seeds in 2023, funded by the state's Cocoa Production Development Fund.

Global Cocoa Supply Concerns Grow as Guan Chong Bhd Expands Sourcing

The cocoa market has significantly increased on the New York Stock Exchange (NYSE), with May-24 contracts rising by 3.7% to USD 8,324/ton. This indicates continued appreciation of the agricultural product. However, tensions in the global cocoa supply picture are emerging, with Guan Chong Bhd expanding its search for cocoa in Ecuador, Peru, and Indonesia. The NYSE reached a new record of USD 8,617/ton, raising concerns about supply uncertainties and the impact on the global cocoa market.

Cocoa Bean Prices Surge to Record High in Mar-24

Cocoa futures prices recently hit a record high due to worries about the West African harvest. In New York, cocoa bean futures increased by 2.8% to USD 8,789/ton during trading. Prices have more than doubled since the beginning of 2024 and have risen by over 10% since W12. Dry weather and wildfires in West Africa, caused by the El Niño phenomenon, jeopardize cocoa supplies. Meanwhile, CNBC reports that global demand for cocoa remains strong.

Pará, Brazil's Cocoa Production Development Fund Distributed 13.4 Million Hybrid Cocoa Seeds in 2023

Pará, Brazil, produced around 13.4 million hybrid cocoa seeds in 2023, funded by the state's Cocoa Production Development Fund (FUNCACAU). These seeds were distributed to 5.5 thousand producers in 69 municipalities across the state. This information was shared during the extraordinary meeting of the Funcacau Management Council, led by the Secretariat for Agricultural and Fisheries Development (SEDAP), where the 2023 activity report was presented.