Summary
- Cocoa futures dropped by 20% in May 2024, following optimistic forecasts for upcoming rains in West Africa.
- Improved weather conditions in Ghana and Côte d’Ivoire are expected to boost cocoa yields, easing supply constraints.
- Despite the recent decline, the cocoa market’s future remains uncertain, with potential for stabilization or further drops.
- Global consumers may experience changes in cocoa-dependent product pricing, highlighting the interconnected nature of global agriculture.
