Get bi-weekly updates on global cocoa markets based on the analyses of Martijn Bron, a seasoned cocoa expert with over 25 years of trading experience at Cargill and co-host of The Strong Source podcast.
This podcast delivers clear market intelligence on crop reports from major producing regions, processing margins, and the fundamental drivers behind price action.
Designed for chocolate manufacturers, ingredient buyers, and traders, each episode translates complex market movements into actionable insights.
For live cocoa benchmarks and AI-powered forecasts, visit www.vespertool.com.
Extreme price swings continue to dominate the cocoa market as thin liquidity, mixed supply and demand signals, and growing El Niño concerns fuel uncertainty. In this episode, we unpack the latest findings from Mar-tyne Bron, covering volatile futures, weak pod counts, regional grind trends, evolving procurement strategies, and why the outlook for the 2026 and 27 crop remains closely tied to weather and production risks.
For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!
14 Jul 2026
Jul. 14, 2025 - El Niño and the next supply squeeze, Boom! Bust?
Cocoa prices have surged and volatility is back in a big way. With concerns growing over poor pod development in Ivory Coast, a strengthening El Niño, and the possibility of a return to global deficits, the market is once again on edge. In this episode, we break down the latest supply and demand developments and what they could mean for cocoa buyers and traders in the months ahead.
For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!
30 Jun 2026
Jun. 30, 2025 - Cocoa rallies >30% since last report
Cocoa futures have rallied more than 30%, driven by weak West African pod counts, El Niño concerns, and heavy short covering. In this update, Mar-tyne Bron breaks down what’s behind the move, how supply risks are building for 2026 and 27, and what it means for buyers heading into a volatile weather market.
For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!
15 Jun 2026
Jun. 15, 2026 - Cocoa futures moved like the Dutch soccer team at the World Cup: slow, defensive, and boring.
Cocoa markets are moving again. After weeks of sideways trading, futures jumped sharply as speculative shorts grew and weather concerns returned. In this episode, we break down rising Ivory Coast arrivals, growing exchange stocks, the risk of El Niño on next season’s crop, and why the market is balancing heavy supply today against tighter risks ahead.
For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!
1 Jun 2026
Jun. 01, 2026 - Bursts of El Nino shivers, followed by the reality of weak demand and surpluses
A concise update on the global cocoa market based on the latest analysis from Mar-tyne Bron. This episode explores recent price volatility, weak chocolate demand in Europe, improving cocoa production in Ivory Coast, the potential return of El Niño, and the growing impact of E-U-D-R compliance costs on the cocoa supply chain. Learn how supply, demand, weather, and regulation are shaping the market outlook for the months ahead.
19 May 2026
May. 19, 2026 - El Nino Fears Shake the Cocoa Market
Cocoa markets turned volatile after Cocoa Week in London, as traders shifted from bearish to cautiously bullish on growing El Nino risks. Mar-tyne Bron breaks down the latest price moves, fund positioning, West African supply challenges, and why weather could once again drive the next big move in cocoa.
For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!
9 Mar 2026
Mar. 09, 2026 - Farmers suffering from the mess in Ivory Coast and Ghana
Cocoa futures bounced back after a sharp sell-off, but the bigger story is unfolding in Ivory Coast and Ghana. In this episode, we break down the recent price rebound, the role of speculative short covering, and why rising energy prices could weigh on chocolate demand. At the same time, fixed farmgate pricing systems have left hundreds of thousands of cocoa farmers unpaid as global prices collapsed. We unpack the supply outlook, growing stock levels, and what the ongoing turmoil in West Africa could mean for the cocoa market ahead.
Thanks for listening. For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!
19 Feb 2026
Feb. 19, 2026 - The market goes to where the pain is: The Ghana and Ivory Coast regulators
Cocoa futures have dropped nearly 30% in just one month, and the pressure is mounting on regulators in Ghana and Ivory Coast. In this episode, we break down Mar-tyne Bron’s latest analysis on how forward selling, financing constraints, and demand destruction have reshaped the market.
We explore why farmers missed out during record-high prices, why they’re struggling again during the crash, and how Managed Money shorts, rising exchange stocks, and widening carries are driving sentiment. With Ghana cutting its farmgate price by nearly 29% and Ivory Coast considering similar measures, the regulatory model itself is under scrutiny.
What happens next? Will supply improve? Can demand recover? And are we close to a bottom — or is more pain ahead?
Tune in for a clear, data-driven update on the global cocoa market.
Thanks for listening. For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!
27 Jan 2026
Jan. 27, 2026 - Cocoa’s brutal reversal and market reality
This episode breaks down the dramatic reversal in the cocoa market, where prices have fallen roughly 30% in just one month. We unpack why widely expected index buying failed to lift futures, how speculative positioning unraveled, and what weak global grind data says about demand destruction. The discussion explores mounting surplus expectations, developments in Ivory Coast and Ecuador, shifting balance sheets, and why rallies may now attract heavy origin selling. A clear, factual overview of the forces reshaping cocoa’s short- and medium-term outlook.
For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!
A clear snapshot of the latest cocoa market dynamics, covering the sharp pullback in futures after short-lived gains, persistent demand softness, evolving U.S. tariff policies affecting cocoa-related trade, and mixed supply outlooks. This summary highlights arrivals data from West Africa, updates on managed-money positioning, industry demand indicators, and contrasting surplus forecasts from major analysts.
For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!
4 Nov 2025
Nov. 4, 2025 – Cocoa prices stabilize as futures rebound
In this episode, we break down Martijn Bron’s latest cocoa market update, covering stabilizing demand, a shorter E-U-D-R delay, peaceful elections in Ivory Coast, and the impact of Managed Money shorts. We’ll also look at how cocoa’s inclusion in the Bloomberg Commodity Index could influence prices, what’s happening with arrivals in West Africa, and how confectionery producers are responding to high costs and shifting consumer habits.
For the full market analysis and real-time cocoa prices and price forecasts, go to vespertool.com. See you in two weeks!
20 Oct 2025
Oct. 20, 2025 - Cocoa market finds its footing
After months of steep declines, cocoa futures may finally be stabilizing, but at a cost. In this week’s cocoa market update, Mar-tyne Bron unpacks why prices have halved since December, how weak grind data and sluggish demand are reshaping the chocolate industry, and what Ivory Coast’s elections and La Niña mean for the 2025/26 crop.
From consumer sticker shock to shifting farmgate economics, this episode explores whether cocoa’s long rally has truly ended, or just hit pause.
🎙️ Listen now for data-driven insights on production, demand, and the outlook for global cocoa trade.
🔗 For full analysis and real-time cocoa forecasts, visit vespertool.com (https://vespertool.com).
Cocoa futures finally broke lower, but not for the reasons you think. In this bi-weekly update, Martijn Bron unpacks what’s behind the sharp price drop, from bearish hedge fund moves and the EUDR delay to rising farmgate prices in West Africa. Tune in for insights on whether it’s time for chocolate makers to start buying again.
25 Sept 2025
Sept. 22, 2025 - Volatility and news from Malta: little
After two years of chaos, cocoa markets finally feel calm—or do they? In this episode, we unpack futures volatility, Ivory Coast politics, Ghana’s funding pivot, Brazil’s expansion plans, and the EU’s looming deforestation rules. A must-listen for anyone tracking cocoa supply, demand, and risk.
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