Cocoa futures on ICE traded near $2,400 a tonne, as rainfall was below average in many of Ivory Coast’s cocoa growing regions but previously ample moisture has allowed an abundance of large fruits to develop. Farmers at the world’s top cocoa producer said that many trees bore large fruits that should be ready for harvest between September and October but warned the plantations need to receive enough water and sun in the coming weeks.
Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa - data, forecasts, historical chart - was last updated on July of 2021.
Cocoa is expected to trade at 2488.62 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 2918.14 in 12 months time.