FX.co ★ Cocoa Futures Remain Subdued

Cocoa futures hovered in a tight range around $3,200 per tonne, near their June 2023 lows, as expectations of ample supply and soft demand continued to shape market fundamentals. The latest data showed ICE-monitored cocoa inventories rising to a 19.5‑month high of 2,540,983 bags as of April 10, reinforcing perceptions of comfortable short‑term availability.

In Ivory Coast, the world’s largest producer, farmers reported that the March–August 2026 mid‑crop is progressing well, supported by a combination of recent rains and sunny spells across most growing regions. They anticipate a solid harvest, concentrated between May and July, but cautioned that additional rainfall will be necessary for the crop to reach its full potential.

Market attention is now turning to the release of first‑quarter grinding data on April 16, covering Europe, Asia, and North America. Consensus expectations point to weaker grindings, underscoring the fragility of global demand for cocoa products and derivatives.