On Wednesday, January 31, 2024, cocoa futures in London on the ICE reached an all-time high. They thus prolong the prolonged growth of the market following the tightening of stocks after poor harvests in West Africa

In March, London cocoa settled at 15 pounds, or 0.4 percent, at 3,883 pounds per metric ton, after setting a record of 3,910 pounds. According to retailers, the supply remained very limited due to poor harvests in West Africa and there was no sign that the current price hikes were coming to an end. However, there are concerns that rising prices for products such as candy bars may start to dampen demand. New York cocoa in March rose by 0.4% to $4,822 per ton. Producer cocoa prices hit a record high in Cameroon on Wednesday, pushed up by the tightening of global supply due to production deficits in the main producers in Côte d'Ivoire and

For Robusta coffee in March, it stabilized at $31, or 0.9%, at $3,305 per ton, with the market consolidating just below the previous session's contractual peak of $3,379. Dealers said that Robusta stocks in Europe were tight in part due to the disruption in the flow of Asian supplies across the Red Sea

For its part, Rabobank said in its note that “destination stocks were incredibly low when the Red Sea problems started, disrupting the flows of Robustas and, to a lesser extent, Arabicas in Europe.”

March arabica coffee was little changed at $1.9405 per pound.