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!