by Linda Straker
- Cocoa Board decided to increase price on 3 January 2025
- Wet cocoa new price is EC$2.50; dry cocoa is EC$6.25 per pound
- 2024 mid-year review said production of cocoa declined by 17.6%
As of 6 January 2025, cocoa farmers in Grenada began receiving increased prices for cocoa.
A notice published in the 10 January edition of the Government Gazette said that the Cocoa Board decided to increase the price on 3 January 2025.
Wet cocoa increased by 75¢ from EC$1.75 to EC$2.50 per pound, while dry cocoa increased by EC$1.90 from EC$4.35 to EC$6.25 per pound.
As of 6 January 2025, the global price of cocoa was US$10.32, which is a 30.73% increase from the previous month and a 145.2% increase from the previous year.
The 2024 mid-year review said that the production of cocoa declined by 17.6%. The decline in production was attributed to drought conditions and other adverse weather, labour shortages, the high cost of inputs such as fertilisers, feed, and chemicals, and limited access to farmlands.
“These challenges exacerbate the supply constraints, preventing cocoa, nutmeg, and mace from adequately satisfying domestic and export market demands,” said the report, which was tabled in the Parliament in August 2024.
According to https://tradingeconomics.com/commodity/cocoa
“Cocoa futures surged toward US$10,800 per tonne, rebounding from a recent 2-week low of $10,563 per tonne, amid growing concerns about the upcoming crop in top producer Ivory Coast.
Farmers raised alarms over persistent rainfall shortages that could affect the April to September mid-crop. They also noted that the main crop had tapered off, and harvesting in February and March was expected to be tight.
In the meantime, deliveries in Ghana had outpaced last season’s levels but are now slowing, while port arrivals in Ivory Coast remain marginally above last year’s pace, with a decline expected in the coming months due to the recent dry weather. Meanwhile, traders are now awaiting the quarter grinds report from Europe and North America, which could offer insights into global demand trends.
