Cocoa futures consolidated around $2700/tonne in December, below an over 4-year high of $3054/tonne hit on November 24th as unexpected rains in the world’s top cocoa producer Ivory Coast raised hopes for a larger, higher-quality October-to-March main crop and the April-September mid-crop. Still, dryness continues to threaten cocoa crops in Ghana. The cocoa market rallied more than 30% in November as traders rushed to buy beans to avoid higher costs from Ivorian and Ghanaian producers.
Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa - data, forecasts, historical chart - was last updated on December of 2020.
Cocoa is expected to trade at 2402.25 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2116.07 in 12 months time.