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.
