The cocoa market hit record highs in mid-November, and it's all down to one company's novel method of sourcing cocoa beans.<br />Markets Insider reports the chocolate manufacturer bought cocoa beans through the ICE Futures exchange instead of from physical suppliers.<br />The trade allows Hershey to obtain cocoa at lower prices, as chocolate producers typically buy from vendors who charge various premiums.<br />The trade was so big it lifted December-delivery contracts as much as 13.4% from November 13 to November 16.<br />A Hershey spokesperson says the company continues its 'substantial cocoa sustainability works' to combat poverty and deforestation.<br />The spokesperson added Hershey continues to pay the Living Income Differential and invest in training for farmers to diversify their crops.
