Cocoa chaos leads to structural shifts

Not only delectable, but also outperforming the likes of Bitcoin in 2024, cocoa futures have seen an impressive rally, and they continue to run rampant on their volatile voyage. In this report, we discuss the aftermath and structural shifts in the cocoa industry following the price spike, the dwindling prospects of the current crop, the shift away from production in Côte d'Ivoire and Ghana, the decline in global consumption, the changes in stocks and open interest and the consequences of low levels in both, as well as our expectations moving forward.