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Cocoa prices fluctuated in June 2024. In London, cocoa prices reached a high of $11,530 per tonne on June 13; the previous year, prices had averaged $3,182. Although effects were similarly observed on the New York market, which reached US$10,782 per tonne, effects were less prominent due to greater European consumption of West African cocoa. [ 3 ]
Climate issues in West Africa – home to more than 60% of global cocoa production – are damaging crop yields, constraining cocoa supply and causing prices to soar.
There’s pricing pressure taking hold of a specific corner of global agriculture — and it’s bittersweet.
Most commodity markets around the world trade in agricultural products and other raw materials (like wheat, barley, sugar, maize, cotton, cocoa, coffee, milk products, pork bellies, oil, and metals). Trading includes various types of derivatives contracts based on these commodities, such as forwards , futures and options , as well as spot ...
Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs that are leading to higher prices for chocolate. Cocoa futures prices have doubled over the past ...
As a result, cocoa farmers may endure rising production costs while not benefitting from increases in the global price for cocoa. [7] [8] Farmers may also be compelled to smuggle their cocoa when their country is going through a currency crisis, as they can earn higher real revenues by receiving payments in foreign currencies. [9]
Prices for Mondelēz's North America business increased 7.4% last year, while volume dropped 5.5% overall. Hershey's chocolate packaging are seen in a shop in United Arab Emirates on Nov. 24, 2023.
In the past thirty years, cocoa prices have been as low as $714 per ton in 2000 to as high as $3,775 per ton in spring of 2011. Although the market price of cocoa fluctuates, fair trade certification has created a minimum price for which the cocoa farmers must be paid per ton. [16]