S&P 500 — US Large Cap Index
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IPC Index — Mexico Market
Cocoa futures have traded in a narrow range around $3,400 per tonne, close to the lowest since 2023, reflecting expectations of abundant supply alongside signs of subdued global demand. On the supply side, weather conditions have generally improved in key West African producers such as Ivory Coast and Ghana, supporting better production prospects. However, irregular rainfall in Ivory Coast’s main cocoa-growing regions is starting to raise concerns in the global cocoa market, particularly at a critical stage for the development of the mid-crop, which runs from March to August. While harvesting is still progressing and farmers report good pod development that should support output in the short term (particularly in May and June), continued dry weather could eventually reduce yields and also hurt bean quality later in the season. Meanwhile, recent grinding data suggested that cocoa demand remains weak, as Europe and the United States continued to report declines.
