0815 GMT - Cocoa supply being tighter than priced in, and the discrepancy between supply and crop dynamics are a negative sign for Barry Callebaut, Lindt and Mondelez, Berenberg analysts write in a note. Following a call with cocoa expert Martin Gilmour, the analysts say the West African main cocoa harvest isn't as strong as market pricing indicates, with volumes expected to drop in February and March. Crop disease is the main driver of the decline in West African cocoa harvest volumes, the analysts say. Callebaut will be the hardest hit of the three companies by the pricing change, as it has the clearest relationship between working capital changes and movement of the commodity, the analysts say. (aimee.look@wsj.com)

(END) Dow Jones Newswires

January 20, 2026 03:15 ET (08:15 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.