Extreme Weather Behind, Record High, Cocoa Prices .
Markets Insider reports that the price of cocoa
has hit an all-time high, which threatens to
raise prices for chocolate-lovers everywhere. .
Over the past year,
the price of cocoa
has doubled. .
On February 8, the most active
futures contract for cocoa
hit $5,600 per metric ton. .
According to Bloomberg,
that's the highest price the
contract has ever reached. .
Extreme weather events devastated
crops in West Africa, where most
of the world sources its cocoa beans.
Extreme weather events devastated
crops in West Africa, where most
of the world sources its cocoa beans.
Increased rain spread a crop disease that reduced yields, followed by dry weather
that threatens to further cut production.
Earlier this week, Paul Davis, the president
of the European Cocoa Association, said that
he considers it possible that prices will
continue to climb over $6,000 per ton.
We've got headwinds all over
the place at the moment.
Very expensive fertilizers,
tough conditions for farmers,
tough conditions for consumers, Paul Davis, President of the European
Cocoa Association, via Markets Insider.
Markets Insider reports that the rising cost of
cocoa has impacted chocolate makers like Hershey,
who are bracing for reduced earnings in 2024.
We are in a very tight balance.
There is no cavalry that's
coming to the rescue, Paul Davis, President of the European
Cocoa Association, via Markets Insider.
Crops around the world have been impacted
by extreme weather, with damaged harvests
bringing the cost of sugar, orange juice
and olive oil to multi-year highs in 2023. .
Crops around the world have been impacted
by extreme weather, with damaged harvests
bringing the cost of sugar, orange juice
and olive oil to multi-year highs in 2023. .
Crops around the world have been impacted
by extreme weather, with damaged harvests
bringing the cost of sugar, orange juice
and olive oil to multi-year highs in 2023.