Cocoa futures slide as supply outlook improves
AI Market Summary
Cocoa futures declined as near-term supply concerns eased: Nigeria's exports rose 18% y/y, Ivory Coast port arrivals are up 20%, and ICE inventories hit a two-year high, reinforcing expectations of ample availability. Offsetting support comes from Ghana's lower 2026/27 output estimate and early signs of weaker Ivory Coast crop development alongside El Niño risk. The net effect pressures prices in the short term despite medium-term weather uncertainty.
Impact level
● Medium
Affected assets
NCCOCOCOA2USD/USDT+0.48%
AI Insight · NCCOCOCOA2USD/USDTAI Insight
▼ Bearish
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New York and London cocoa futures closed lower on Monday as signs of improved supply weighed on prices. Nigeria’s July cocoa bean exports rose 18% y/y, Ivory Coast port arrivals in the current marketing year were up 20% y/y, and ICE cocoa inventories climbed to a two-year high, according to Bloomberg. Ghana’s Cocoa Board cut its 2026/27 production estimate by 13% to 650,000 MT, partly offsetting the broader supply gains.
