How cocoa prices work: London and New York futures, the ICCO daily price and farmgate prices
Cocoa prices start on two futures markets, but the price a farmer or exporter receives also depends on the country's rules, the quality of the beans and the contract. This guide explains each layer.
Updated November 6, 2026 · 4 sources
The two futures markets
| Market | Quoted in |
|---|---|
| ICE Futures Europe (London) | Pounds sterling per tonne |
| ICE Futures US (New York) | US dollars per tonne |
Traders use these futures to set and hedge prices. A physical contract is often priced as a futures month plus or minus a differential for the origin and quality.
The ICCO daily price
The International Cocoa Organization (ICCO) publishes a daily price in US dollars per tonne. It is the average of the nearest three active futures months in London and New York at the London close, with London prices converted from pounds. It is useful for following the market, not for pricing a single lot.
Farmgate prices in Côte d'Ivoire and Ghana
The two largest producers fix the price paid to farmers for each season. In Côte d'Ivoire the Conseil du Café-Cacao sets it, and in Ghana the Ghana Cocoa Board (COCOBOD) does. Much of the crop is sold forward before the harvest.
What else moves the price
- Quality: bean count, fermentation and defects found in the cut test.
- Origin and flavour: fine-flavour cocoa, often from Latin America, can earn large premiums.
- Certification and traceability, including farm geolocation for EU deforestation rules.
- Delivery term (FOB or CIF), payment terms and the exchange rate.
See cocoa lots or list your cocoa.
Frequently asked questions
What unit is the ICCO cocoa price in?
US dollars per tonne. It averages the nearest three active futures months in London and New York at the London close.
Why is cocoa quoted in pounds in London?
The London cocoa futures contract on ICE Futures Europe is priced in pounds sterling per tonne; the New York contract is in US dollars per tonne.
Who sets cocoa prices for farmers in Côte d'Ivoire and Ghana?
The Conseil du Café-Cacao in Côte d'Ivoire and the Ghana Cocoa Board (COCOBOD) set the farmgate price each season.
Sources
Checked on November 6, 2026. Laws, rules and prices change: always check the official source before you trade. This guide is general information, not legal advice.