Global Cocoa Market Weekly Summary: Key Updates for June 16, 2024
- Nigeria: Cocoa export revenue surged 279% in Q1 2024, fueled by a 130% increase in prices. Despite currency depreciation, exports rose significantly due to global shortages linked to droughts and underinvestment. Nigeria is working to meet EU deforestation-free requirements as the EU is a major market.
- Ghana: Cocoa output is projected to hit a 22-year low (422,500-425,000 metric tonnes) due to adverse weather, crop diseases, mining, and smuggling. COCOBOD may delay 250,000 tonnes in delivery, doubling cocoa prices and impacting global chocolate production.
- Ivory Coast: Below-average rainfall threatens mid-crop yields, but farmers are hopeful for improved weather. Optimal temperatures (27.1–30.4°C) remain critical for crop health.
- Global Market: Supply shortages are forecast, with production expected to fall 11.7% and grinding by 4.3%. High demand continues to drive price volatility, sparking discussions on fair wages and sustainable practices to support long-term sector stability.
For more in-depth analysis, visit the CropGPT website, featuring detailed reports on crop health, weather data, pricing trends, and market forecasts.
