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New York cocoa extends gains as markets reprice West African supply risks
🍫 New York December cocoa closed the August 31 session around $6,768 per ton and reached an intraday high of $6,821, extending the strong rally from late last week.
🌍 The main driver remains concern that Côte d’Ivoire’s 2026/27 main crop could be delayed by 8–10 weeks. Port arrivals are expected to stay weak early in the season, while October–December volumes could reach only about 900,000 tons, nearly 18% below the same period last year.
📉 Ghana is adding to supply concerns after COCOBOD projected output to fall by at least 16%. StoneX also cut its 2026/27 global cocoa surplus estimate from 149,000 tons to just 25,000 tons.
📦 The market is mainly pricing in a shift in supply timing and a thinner supply-demand buffer, rather than an immediate physical shortage.
#Cocoa $CRV
🍫 New York December cocoa closed the August 31 session around $6,768 per ton and reached an intraday high of $6,821, extending the strong rally from late last week.
🌍 The main driver remains concern that Côte d’Ivoire’s 2026/27 main crop could be delayed by 8–10 weeks. Port arrivals are expected to stay weak early in the season, while October–December volumes could reach only about 900,000 tons, nearly 18% below the same period last year.
📉 Ghana is adding to supply concerns after COCOBOD projected output to fall by at least 16%. StoneX also cut its 2026/27 global cocoa surplus estimate from 149,000 tons to just 25,000 tons.
📦 The market is mainly pricing in a shift in supply timing and a thinner supply-demand buffer, rather than an immediate physical shortage.
#Cocoa $CRV
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