Global Cocoa Market Weekly Summary

• Germany's cocoa processing volumes declined 6.7% to 90,152 metric tons in 2026, reflecting tight bean supplies and sustained price volatility. This contributes to European grinders recording their weakest collective volumes in twelve years, with global prices having swung from a peak of around $12,000 per metric ton in 2025 to under $3,000 per metric ton recently.
• In Ghana, farmers have reported unpaid arrears totalling approximately $10 billion since November 2025, compounded by a 29% reduction in farm gate prices. CocoaBod has drawn criticism for its forward sales strategy, with pre-financing cut from 70% to 30% of projected revenues after anticipated high prices failed to materialise.
• Across West Africa more broadly, Ghanaian producers face an effective 30% pay cut while those in Ivory Coast endure reductions of up to 60%, raising serious sustainability concerns for both origins.
• Ivory Coast's mid-crop harvest began in April 2026 under favorable rainfall conditions, though structural surplus and weakening grinder demand continue to weigh on forward prices. Financial constraints are also complicating farm gate pricing strategies and longer-term profitability.
• Malaysia offers a degree of contrast, with increased grindings pointing to modest demand recovery in Southeast Asia. However, large inventories and suppressed processing activity in Europe and Asia limit any broader market stabilisation. Logistical disruptions, including the Strait of Hormuz closure, are adding friction to global supply chains and elevating trading costs across the sector.