Cocoa Supply Looks Strong but Prices Keep Climbing

Cocoa prices are up more than 40% since early February even though this harvest looks well supplied, as the market shifts focus to the next crop. Lucca Bezzon, Market Intelligence Analyst at StoneX Brazil, explains why the rally is really a story about the 2026/27 and 2027/28 cocoa crops rather than this season. Bezzon works through the strong Ivory Coast cocoa exports and recovering certified stocks that lifted the 2025/26 surplus, then the poor June weather and weaker pod counts weighing on West Africa cocoa supply. He also covers what Ghana COCOBOD and Ivory Coast are signaling about next season and how close the global cocoa balance is to swinging back toward deficit. 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 0:00 Cocoa Climbs as Supply Firms 0:59 Market Turns to the Next Crop 1:58 Next Crop Surplus Shrinks Fast 2:46 West Africa Weather Turns Sour 3:16 Ghana and Ivory Coast Retreat 4:11 El Nino Stretches the Risk Out Like and subscribe for more financial market insights. #StoneX #Cocoa #LuccaBezzon