Cocoa’s Historic Crunch Is Easing Further as Harvests Pick Up

The world’s cocoa crunch is finally showing signs of a turnaround, as better harvests in South America and waning demand put supplies on track for a back-to-back surplus.

Production is forecast to outpace consumption by about 186,000 tons in the 2025-26 season that starts next month, according to the average estimate of as many as 13 analysts and traders compiled by Bloomberg. That would be more than double the size of the surplus in the current season, the survey showed.