At the end of March, cocoa beans in U.S. certified storage were reported at 4.69 million bags, up nominally from levels in recent months but some 11 percent above year-ago levels.
Typically, cocoa in storage would rise in the first half of the year as the West African harvest is harvested, processed, and shipped. That growth has not been seen this year, however. We should note, however, that stocks have not been this high at this time of year since 2018.
Per USITC, all U.S. cocoa bean imports (whole or broken, raw or roasted) from October through January totaled 83,561 MT, down about 32 percent YOY. January bean imports were more than double December’s volume but were still down 37 percent YOY.
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