Cacao prices nearly triple in 2024

The American cacao beans prices have risen very rapidly in 2024, ending the year with prices roughly three times higher than last year around this time. On December 31, the ICE exchange in New York quoted $11,675 per ton, and London £9,143 per ton. A year ago, the New York prices were slightly above $4,000 per ton. At the beginning of 2025, market attention is focused on the development of cacao beans in West Africa. Due to fears of a tight cacao supply, prices rose significantly. On December 31, ADM Investor Services wrote that the World Weather Service expects little change in the current warm and dry pattern in West Africa. Harmattan winds The speed of the Harmattan winds is expected to be close to average, but the low humidity, abundant sunny weather, and wind will cause stress to cocoa trees. These conditions are likely not to harm the development potential later in 2025 unless they persist longer than usual. The emergence of the Harmattan winds, which exacerbate drought in West Africa, has played a role in previous price increases. Analysts also mentioned reduced rainfall in parts of Ivory Coast and Ghana, adding to the pressure during a period of relatively low cacao beans stocks.