Cocoa prices averaged USD 3,624 per metric ton in September, up 5.3% from August’s price and 63.2% higher year on year. The spot price was USD 3,480 per metric ton on 29 September, 4.8% lower month on month.
The rise in average cocoa prices in September was likely linked to poor growing conditions in West Africa—particularly in Côte d’Ivoire, which accounts for nearly half of global production. Erratic rainfall and the spread of disease were largely to blame, with cocoa volumes at Ivorian ports expected to fall by over a quarter year on year in October–December. That said, cocoa prices tailed off towards the end of the month, likely due in part to a stronger U.S. dollar. Moreover, the authorities in both Côte d’Ivoire and Ghana agreed to raise farmers’ pay in recent weeks, which bodes well for investment in farms and thus long-term output.
Cocoa ICCO (prices in US$/mt, aop)
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
---|---|---|---|---|---|---|---|---|
Cocoa ICCO | - | - | - | - | 2,493 | 2,381 | 2,244 | 2,368 |