Cocoa futures traded near $5,700 per tonne, pulling back from an eight‑month peak of $6,455 reached on July 9, as profit‑taking and long liquidation set in amid signs of ample supplies from top producer Ivory Coast. Data released on July 10 showed farmers shipped 2.07 MMT of cocoa to ports between October 1, 2025, and July 5, 2026, a 21% increase from the same period a year earlier. In addition, ICE‑monitored cocoa inventories climbed to a nearly two‑year high of 3,151,790 bags.
Nonetheless, concerns about the 2026/27 crop persisted. Ivory Coast’s main harvest is expected to fall by more than 10%, pressured by excessive El Niño‑related rainfall and weak crop management. Local farmers reported that soil moisture remains too high and that more sunshine is needed to curb crop disease and support the main September‑to‑February harvest, following heavy rains that flooded plantations in some regions in late June. They also noted that flowering is set to continue through September, with the size of the harvest depending on how many blossoms successfully develop into pods.
