West African Cocoa Production Plummets Due to Smuggling and Bad Weather, Causing Global Cocoa Prices to Hit Record Highs

• Cocoa prices hit new record highs as Ghana cuts 2023/24 production forecast to 14-year low due to smuggling and weather.

• Ivory Coast cocoa output down 33% year-on-year from October-February due to Harmattan winds and insufficient rain damaging crops.

• Unfavorable weather over the past year has curbed West African cocoa production, stoking global deficit concerns.

• ICE-monitored cocoa inventories in U.S. ports recently hit 2-3/4 year low but have since recovered to 2-month high.

• Global cocoa deficit for 2022/23 estimated at -99,000 metric tons by International Cocoa Organization, with stocks-to-grinding ratio at 7-year low.