Cocoa futures recovered above the $10,150 mark on the Intercontinental Exchange (ICE) in New York as it consolidated below this week’s record highs while Nigeria plans to boost its production.
Spot prices remain at record highs because growers fear running out of the right varieties of higher-quality beans. Nigeria, the fifth-largest cocoa producer in the world, is optimistic about prices despite its cocoa exports falling 18% year over year to 26,103 MT in February.
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Nigerian cocoa producers are projected to realize around $3 billion from their 270,000 tons of output. As of April 2024, it was discovered that customers in Europe and America were facing a shortfall of between 650,000 and 700,000 tons.
