West African Cocoa Deliveries Lag and Volatility Stays High

The West African cocoa crop for 2026/27 is off to a slower start in Ivory Coast and Ghana, keeping cocoa volatile despite a large stock build. Lucca Bezzon, Market Intelligence Analyst at StoneX Brazil, explains the supply and demand forces pulling the cocoa market in opposite directions. El Niño is cutting cocoa productivity hardest in Indonesia, while a stronger Harmattan threatens the West African mid crop. Fixed farm gate prices in Ivory Coast and Ghana raise smuggling risk, and mid-October cocoa grind data will show how far cocoa butter demand has recovered. Download the StoneX 2026 Commodities Outlook: https://www.stonex.com/en/insights/commodities-outlook/?utm_source=youtube&utm_medium=qr_code&utm_campaign=mi_outlook_q4_26 Discover Actionable Markets Insights with StoneX Market Intelligence: https://shop.stonex.com/collections/cocoa?utm_source=youtube&utm_medium=qr_code&utm_campaign=mi_outlook_q4_26_sxtv_lucca_bezzon 00:00 - Cocoa's Q4 Supply Standoff 00:36 - Stock Build Meets Crop Fear 02:43 - Ivory Coast, Ghana Start Slow 04:56 - Farm Gate Gap Risks Smuggling 07:06 - El Niño Hits Indonesia Hardest 09:25 - Harmattan Threatens Mid-Crop 10:03 - Grind Data Tests Butter Demand Like and subscribe for more financial market insights. #Cocoa #StoneX #LuccaBezzon #ElNino --------- 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