Agriculture
Cocoa supply chain
West African farms, fermentation, grinding, and confectionery demand cycles.
⚠ Ivory Coast & Ghana crop concentration
Key chokepoints
- Ivory Coast & Ghana farmsFarming
Two countries supply roughly 60% of beans; crop disease or farmer payments disrupt global grind.
- Grinding & butter/powder splitProcessing
Grinder capacity and financing of bean inventories drive futures backwardation spikes.