Cocoa Futures Slide to 10-Month Low

Cocoa futures extended their decline to near $7,200 per tonne, hitting their lowest level since November 2024, amid ongoing concerns that high cocoa prices and tariffs could dampen chocolate demand.

Prices dropped over 10% in August as new crops landed in Ghana and Cameroon, while rainfall in top grower Ivory Coast boosted the outlook.

Farmers in Ivory Coast reported on September 1 that light rainfall combined with periods of sunshine across key cocoa-growing regions is supporting the development of the October-to-March main crop, which is expected to be healthy.

Meanwhile, a Reuters poll suggested cocoa prices may decline further by the end of 2025, as subdued demand contributes to a widening surplus in the upcoming 2025/26 season.

Output in top producer Ivory Coast is projected to rise to 1.84 million tons from 1.76 million this season, while Ghana—the second-largest producer—is expected to see a marginal increase to 600,000 tons, up from 595,000.