Cocoa Grindings Climb but Grinders Are Barely Earning

Cocoa grindings rose about 14% in the third quarter, led by Asia and Ivory Coast processors, yet volumes are roughly flat against 2024. Lucca Bezzon, StoneX Brazil, Market Intelligence Analyst, explains where the grinding growth came from and why processing margins remain under pressure. Europe, the largest grinding region, posted its first annual increase since 2024, while North America was the only region to decline. Weak cocoa butter ratios, restocking after beans got cheaper, and early buying ahead of the EU Deforestation Regulation all shape the cocoa demand recovery. Food and confectionery companies report volumes returning, even as costs rise again. Discover Actionable Cocoa Insights with StoneX Market Intelligence: https://shop.stonex.com/collections/cocoa?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_lucca_bezzon&utm_content=share 00:00 - Cocoa Grindings Jump 14% in Q3 01:31 - Asia, Ivory Coast Lead Growth 03:30 - Restocking Meets the EUDR Rush 04:21 - Cocoa Butter Ratios Run Thin 06:19 - Chocolate Volumes Come Back 08:11 - A Fragile Floor Under Demand Like and subscribe for more financial market insights. #Cocoa #StoneX #LuccaBezzon --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social