ICCO Cocoa Market Review - Sept 2024

Cocoa prices in 2024 saw significant volatility, with the DEC-2024 contract on the London futures market rising sharply before stabilizing.

Despite this, farm gate prices in Ghana and Côte d'Ivoire were set lower than expected, with Ghana announcing 48,000 cedis per tonne and Côte d'Ivoire 1,800,000 CFA Francs per tonne.

These prices are determined by forward contracts and export licenses sold a year in advance, plus the $400 Living Income Differential.

This pricing strategy aims to protect farmers from market volatility and ensure fair revenue distribution while avoiding taxpayer costs.