Cocoa Prices Ease as West African Supply Expands
AI Market Summary
Cocoa prices are facing near-term pressure as West African supply signals improve: Ghana's 2025/26 harvest is reported at 750,000 tons (+25.6% y/y), Ivory Coast cumulative exports are up 20% to 2.11M tons, and Nigeria's June exports rose 30% to 18,922 tons. Despite stronger-than-expected Asia Q2 grind (+25%), the supply rebound is weighing on ICE futures.
Impact level
● Medium
Affected assets
NCCOCOCOA2USD/USDT-0.23%
AI Insight · NCCOCOCOA2USD/USDTAI Insight
▼ Bearish
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Cocoa prices came under pressure as supply indicators strengthened across West Africa. Ghana's 2025/26 cocoa crop is projected at 750,000 tonnes, up 25.6% year on year. Côte d'Ivoire's cumulative cocoa exports reached 2.11 million tonnes, a 20% increase from the same period a year earlier. Nigeria's June cocoa exports rose 30% year on year to 18,922 tonnes.
Demand signals in Asia were also firm: second-quarter grindings jumped 25% year on year to 224,646 tonnes, well above expectations. The rising supply backdrop weighed on the market, with ICE cocoa futures edging lower.
