New York cocoa was the strongest performing commodity in 2024, with prices more than doubling following poor crops in West Africa.
Coffee was also among this year’s biggest gainers.
Ivory Coast and Ghana – the world’s top two cocoa growers – both saw a sharp drop in production in the 2023/24 season.
New York cocoa futures on ICE CCc1 settled on Tuesday at $11,675 a metric tonne, posting an annual gain of 178%.
Prices rose to a record high of $12,931 a tonne on 18 December.
Coca prices have risen sharply for a second consecutive year, after climbing by 61% in 2023.
Number two grower Ghana has had a particularly difficult time due to soaring rates of swollen shoot disease, ageing trees, illegal gold mining, climate change and sector mismanagement.
Ivory Coast and Ghana account for more than half of cocoa production.
The International Cocoa Organisation has estimated there was a third consecutive global deficit in the 2023/24 season, which spans from October to September.
Concerns have also mounted of another shortfall in 2024/25 with dry weather denting the outlook for crops.
London cocoa futures LCCc1 ended the year at £9,143 a tonne, posting an annual gain of 161%.
Coffee
Coffee prices have also risen this year, buoyed by adverse weather in producing countries, particularly by the top two growers, Brazil and Vietnam.
Dry weather in Brazil led to a smaller-than-expected cop this year and is also expected to curb production next year.
Arabica coffee futures KCc2 ended the year at $3.1485 per pound, posting an annual gain of 69%.
Prices rose to a record high of $3.4835 on 10 December.
Robusta coffee LRCc2 ended the year at $4,875 per tonne, posting an annual gain of 72%.
Sugar, in contrast, is set to post an annual loss, weighed down by ample global supplies following global surpluses in both the 2022/23 and 2023/24 seasons.
Raw sugar SBc1 settled at 19.26 cents per pound to finish with an annual loss of 6%.
White sugar LSUc1 ended the year at $507 a tonne, posting an annual loss of 15%.
Read More: Ivory Coast Farmers Need More Rain To Boost Cocoa Crop
