Cocoa futures traded around $2,400/tonne in April, near a five-month low of $2,347/tonne hit at the end of March on higher supply. Weekly arrivals of the commodity in Ports in Ivory Coast were the biggest in a year while above-average rains bolstered expectations for a strong April-September mid-crop. Meanwhile, Ivory Coast has lowered the guaranteed price paid to cocoa farmers by 9% to $1.35 a kilogram and is pushing for an increase in the domestic processing capacity to 1.2 million tonnes within two years. Finally, concerns over subdued demand in Europe mount as the continent struggles to curb rising coronavirus infections.
Historically, Cocoa reached an all time high of 5379 in July of 1977. Cocoa - data, forecasts, historical chart - was last updated on April of 2021.
Cocoa is expected to trade at 2320.77 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 2044.29 in 12 months time.