About Cocoa
Cocoa beans come mostly from Côte d'Ivoire and Ghana, so West African weather, crop disease and government pricing policies drive the market. Quarterly grind data show how much chocolate makers are processing.
What moves the cocoa price
- West African weather and crop disease.
- Farm-gate pricing and export policies in Côte d'Ivoire and Ghana.
- Quarterly grindings data from Europe, North America and Asia.
- Exchange-certified stocks and the British pound for London cocoa.
West Africa dominates
Côte d'Ivoire and Ghana grow around 60 percent of the world's cocoa, so weather, crop disease, smuggling and government pricing policy in those two countries drive the market. Both governments set farm-gate prices and sell much of the crop forward, which affects how quickly higher world prices reach farmers. Ageing trees and swollen-shoot virus have reduced yields, which contributed to the record price surge of 2024.
Crop cycle and grindings
The main crop is harvested from about October to March and the smaller mid-crop from April to September. The Harmattan, a dry wind from the Sahara in winter, can stress trees. On the demand side, quarterly grindings data from Europe, North America and Asia show how much cocoa processors are using; high prices tend to reduce grindings and lead chocolate makers to shrink products or reformulate recipes.
Contract specifications
| Benchmark future | ICE US Cocoa (CC) |
|---|---|
| Contract size | 10 metric tons |
| Minimum tick | $1 per tonne = $10 per contract |
| Contract months | March, May, July, September, December |
| Settlement | Physical delivery from licensed warehouses |
| Related contract | ICE London Cocoa, quoted in pounds sterling per tonne |
Specifications as published by the exchange; they can change, so confirm on the exchange website before trading.
Trading hours
ICE US Cocoa trades Monday to Friday, about 4:45 am to 1:30 pm US Eastern Time.
Contract basics
ICE US Cocoa covers 10 metric tonnes, quoted in US dollars per tonne. London cocoa on ICE Futures Europe is priced in pounds.
Quote unit
USD per tonne. Hours and specifications can change; always confirm on the exchange's website, especially around holidays.
Cocoa FAQ
What moves the price of cocoa?
West African weather and crop disease. Farm-gate pricing and export policies in Côte d'Ivoire and Ghana. Quarterly grindings data from Europe, North America and Asia. Exchange-certified stocks and the British pound for London cocoa.
When does cocoa trade?
ICE US Cocoa trades Monday to Friday, about 4:45 am to 1:30 pm US Eastern Time.
What is the standard cocoa contract?
ICE US Cocoa covers 10 metric tonnes, quoted in US dollars per tonne. London cocoa on ICE Futures Europe is priced in pounds.
Why did cocoa prices surge in 2024?
Several poor harvests in West Africa, caused by bad weather, disease and ageing trees, created large supply deficits and drained stocks.
What are cocoa grindings?
Quarterly figures for the amount of cocoa beans processed by industry, used as a proxy for chocolate demand.