After historic price gains across the cocoa market through 2024, cocoa markets are leading the losses across agri markets through 2025 YTD. The hangover from last year’s 4Q highs in cocoa prices has come to roost, and the long-awaited 2Q25 cocoa grind data has confirmed the demand destruction widely reported by the industry over recent months. However, regional disparities have become more notable. The sharp decline in cocoa prices through July falls in line with our view, amid expectations of demand-side destruction. However, we continue to caution that cocoa prices will remain structurally higher for longer.

Speaker

This podcast was recorded on July 18, 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5027913-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.