Justine Rayne White

Cocoa & Chocolate Analyst

Justine Rayne White is a Senior Market Insight Analyst at Vesper, specialising in cocoa origin markets, grinding and demand trends, and the downstream chocolate supply chain. She brings more than a decade of commodity and macroeconomic analysis to the role. Before Vesper, Justine spent two years at Danone as a Senior Commodity Market Analyst covering agricultural commodities and energy, and over six years at the commodity merchant ED&F Man in London, where she worked across sugar, cross-commodity analysis, currency strategy, and macroeconomic research. She was also an investment analyst at Maashaven Trading. Justine connects price action to the procurement reality buyers face, from fund positioning and weather risk in West Africa to how energy and currency markets feed into chocolate costs. She holds an MSc in Global History from the London School of Economics and an MA in Global History from Leipzig University.

LinkedIn 45 articles

Experience & expertise

Experience

Over 14 years analysing commodity and agricultural markets.

Coverage

Day-to-day coverage of cocoa, chocolate, sugar markets.

Background

Built market expertise at Danone and ED&F Man before joining Vesper.

Education

MSc Global History, London School of Economics.

Location

Based in Netherlands.

Justine Rayne White

Experience & expertise

Cocoa rallies more than 30%; deficit fears return for next season

Cocoa jumps 11% as the market turns to El Niño supply risk

Cocoa futures rebound on macro mood, not fundamentals

Ivory Coast arrivals outpace last season, pressuring cocoa

Cocoa rally fades as weak demand meets a bigger Ivorian crop

EU cocoa futures post a 10% single-session gain as the Silly Season takes hold

El Nino shifts Cocoa Week London from bearish demand to cautious supply concern

Food and beverage costs face a second wave of commodity pressure

Cocoa rallies 30% in a week on short-covering and crop risk

Cocoa futures climb on El Niño concerns despite record surplus outlook

Cocoa prices find a higher floor on supply risk concerns

European cocoa grindings drop to decade low on weak chocolate demand

Energy shock threatens to lift EU food inflation to 5 to 10% by 2027

Cocoa prices break 2,500 resistance despite record fund short position

Cocoa grindings extend decline with chocolate demand under sustained pressure

Cocoa prices stage end-of-quarter rally, but cost pressures cloud the chocolate outlook

Ivory Coast weighs cocoa pricing reform after beans pile up at ports

Cocoa farmers in Brazil cancel expansion plans as low prices bite

Cocoa sector turmoil deepens in Ivory Coast and Ghana

Ivory Coast brings forward mid-crop season in bid to clear unsold cocoa stocks

How Middle East conflict and Strait of Hormuz disruption could impact food commodity market

Cocoa prices fall 35% in a month as West African supply overhang deepens

Cocoa futures recover modestly as Ghana payment crisis leaves 150,000 mt stuck

Cocoa futures decline 30% in one month as speculators exit and grind data disappoints

Cocoa prices hit 2-year low as farmgate pricing crisis leaves African beans stranded at ports

Cocoa market seeks equilibrium after 50% price retreat

Record cocoa short position reaches half a million metric tons

EU chocolate inflation remains at multi-year highs despite cocoa price correction

Chocolate demand pressures mount with Singles Day spending decline

EU proposes six-month grace period for cocoa deforestation law

Chocolate makers adjust recipes as cocoa costs remain elevated

Chocolate manufacturers plan price cuts after consumers reject 30% increases

Chocolate demand proves more price-sensitive than expected as Mondelez reports consumer pushback

Cocoa demand destruction confirmed as Q3 grind numbers reveal global decline

Cocoa prices fall 20% over past month as main crop expectations remain optimistic

How the EUDR delay is influencing cocoa prices and market structure

EU deforestation rules create compliance challenges for cocoa exporters

Cocoa price discovery breaks down as structural problems persist

Ivory Coast cuts cocoa export forecast as severe drought threatens global supply

Cocoa: weak demand is priced in, supply problems not

Cocoa prices rise as supply concerns outweigh demand destruction

Cocoa markets face double pressure from weather relief and tariff uncertainty

Cocoa market shows signs of recovery as West African rains improve crop prospects

Cocoa market enters "silly season" as weather uncertainty and policy volatility create perfect storm

How Middle East conflict and Strait of Hormuz disruption could impact food commodity markets

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