This is where most of the world's cocoa is traded, and for almost two decades, things had been relatively uneventful.

You know, if you look at the 2010s, the term we use is range bound.

Um, it was always trading a little bit between, you know, 2,000 United States dollars per metric ton to maybe 2.5, and it deviated a little bit from that, and we saw a bit of a run-up in prices throughout 2023.

And in 2024, um, suddenly, you know, w- in, from February to April, it shot to about 12,000 United States dollars per metric ton, a little bit under that, and then it remained.

It came down slightly throughout 2024, still at a very elevated level, like we're talking about two or three times the norm, before shooting back up again to 12,000, uh, at the end of the year.

Incredible volatility in the market, a lot of uncertainty.

Price-wise, it was really more than just a rollercoaster.

Oren van Dort of Rabobank.