Cocoa prices have reached a record high, with New York cocoa futures hitting $5,392 per ton, surpassing the previous peak of $5,379 set 46 years ago in 1977. This surge in prices is attributed to weather-related challenges, including poor harvests in top producers Ivory Coast and Ghana, and the impact of El Niño, which have hurt West Africa crop yield. The increase is causing concern for global supplies, with traders scrambling for supplies and predicting wider deficits. Chocolate manufacturers like Hershey have noted 'historic' levels of cocoa inflation, which may lead to higher prices for consumers. Hershey's share price fell 35% from May to December 2023. The term 'Cocoa' was mentioned significantly more during Hershey's Q4 earnings call compared to previous quarters, highlighting the focus on this issue. Extreme weather, amplified by climate change, and rising freight costs are contributing to the skyrocketing prices, which are expected to filter through to retail shelves.
Ghana and the Ivory Coast produce the most cocoa in the world! $HSY is warning about the largest weekly spike in cocoa prices since 2020: Graph via BBG https://t.co/v6HQHpPX0E
Cocoa soared to a new record high last week 📈 One of the most powerful catalysts for commodities is a supply crisis Global cocoa prices have soared to record highs as bad weather batters harvests in the world’s main producing countries in West Africa - FT https://t.co/3AdkRdSKyf
Cocoa prices spike to all-time high Chocolate makers warn they may be forced to pass rising costs on to consumers Details: https://t.co/DUnZJ38WZ8 https://t.co/7o7SRlKgpT
Cocoa prices spike to all-time high, Chocolate makers warn they may be forced to pass rising costs on to consumers https://t.co/2w2OL3q6jI
Cocoa prices reach record high ahead of Valentine's Day https://t.co/xWEXQx5BNE
Traders piled in to buy cocoa options this week as futures surged to record highs on concern global supplies will be tight after drought and disease ravaged crops in top West African producers. https://t.co/I5YsbQ4qE8
Global cocoa prices have jumped as poor harvests leave supplies running short. Production of cocoa beans is expected to drop in top producers Ivory Coast and Ghana, leaving firms scrambling for supplies and shoppers feeling the pinch Read more: https://t.co/v0cdNVyXMK https://t.co/kSmAbn2SV0
Global cocoa prices have jumped as poor harvests leave supplies running short. Production of cocoa beans is expected to drop in top producers Ivory Coast and Ghana, leaving firms scrambling for supplies and shoppers feeling the pinch https://t.co/koMArdfAla https://t.co/7kc8LIXX8e
Cocoa prices soar to record high as El Niño batters West African growers https://t.co/sUsN3ONG2R
Global cocoa prices have surged to a record high this week as bad weather conditions impact crops in West Africa. Read more 🔗 https://t.co/ONw7P2FOJ9
Cocoa beans are a hot commodity right now. Their prices hit fresh record highs due to poor harvests, affecting supplies, and the surge in prices is filtering through to retail shelves Read more: https://t.co/v0cdNVyXMK https://t.co/KUVoP4RSaz
Cocoa beans are a hot commodity right now. Their prices hit fresh record highs due to poor harvests, affecting supplies, and the surge in prices is filtering through to retail shelves https://t.co/koMArdfAla https://t.co/gjaHftnZoW
Chocolate lovers be warned... Cocoa prices have hit a record high Read more 🔗 https://t.co/ONw7P2FOJ9
Cocoa prices soar to record high amid weather-related crop challenges https://t.co/gKUM0WALEa https://t.co/NXBuPQ9cqa
Global cocoa prices hit fresh record highs as traders continued to scramble for supplies, predicting ever wider deficits this season and with concerns growing for the next Read more: https://t.co/v0cdNVyXMK https://t.co/pIoUipRSL2
Global cocoa prices hit fresh record highs as traders continued to scramble for supplies, predicting ever wider deficits this season and with concerns growing for the next https://t.co/koMArdf2vC https://t.co/uZOY1cvsBt
Cocoa prices have skyrocketed to a record high, amid disruptive weather amplified by climate change and rising freight costs. https://t.co/qWeJY7fwj5
Cocoa prices surge to all-time highs as bad weather hurts West Africa crop yield https://t.co/iGFTwSlg1t
Chocolate lovers beware: Cocoa prices have doubled as extreme weather batters supply https://t.co/ovZyIQsUiS
The term "Cocoa" was mentioned 12 times during Hershey's Q4 earnings call, compared with just 5-6 times during the previous three quarters. With $HSY share price falling 35% from May to December 2023, is the inflation risk already priced in? https://t.co/9E1uUt77xh
Cocoa Hits Record on Tight Supply, Threatening Pricier Treats https://t.co/F7KWvYYdll
Hershey chocolates could cost more for consumers thanks to what the company calls "historic" levels of cocoa inflation https://t.co/OOhH9gRCSf
Cocoa prices soar to record highs as traders scramble for supplies https://t.co/JYggZkEMZM.
A long-held commodity price record has fallen: The price of cocoa in New York has surged to almost $5,400 a ton, surpassing the $5,379 peak in place since 1977 (~46 years ago). Cocoa was one of the few commodities that haven't set a fresh record (nominal) price in the 2000s.
🔴 NEW YORK COCOA FUTURES REACH $5,392/TON, THE HIGHEST ON RECORD.
NEW: Cocoa prices smash records on weather woes https://t.co/IrbgoyCfYH