Extreme Weather Behind Record High Cocoa Prices

Extreme Weather Behind Record High Cocoa Prices

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


User: Wibbitz Top Stories

Views: 4.8K

Uploaded: 2024-02-12

Duration: 01:31

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