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☆ Cocoa prices hit $10,000 per metric ton for the first time ever
▼ + stars: | 2024-03-26 | by ( Fred Imbert | ) www.cnbc.com time to read: 1 min

Workers collect dry cocoa beans in front of the store of a cocoa cooperative in the village of Hermankono on Nov. 14, 2023. Futures for May delivery were up 3.9% at $10,030 per metric ton, marking the first time the commodity breaks above the $10,000 mark. Cocoa has been on a tear this year, soaring nearly 138%. Ivory Coast, the biggest coca producer in the world, is facing hotter-than-normal temperatures — which have led to dryer-than-usual conditions and crop yields. Correction: Cocoa prices are up more than 100% this year.

Locations: Hermankono, Ivory Coast, U.S

☆ Chocolate is getting more and more expensive — but it's not yet showing signs of destroying demand
▼ + stars: | 2024-03-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Workers collect dry cocoa beans in front of the store of a cocoa cooperative in the village of Hermankono on Nov. 14, 2023. Analysts believe the cost of the core chocolate ingredient may have room to extend its record-breaking run, with no sign of significant demand destruction yet on the horizon. Concerns over the supply of cocoa in West Africa, home to around three quarters of the world's production, have driven the market higher in recent months. In New York, benchmark ICE cocoa futures stood at $6,549 per metric ton on Wednesday. Somewhat surprisingly, the historic price surge has not yet hampered global demand.

Persons: Paul, CNBC's Organizations: Analysts, Rabobank Locations: Hermankono, West Africa, New York

☆ With a low cocoa supply, this Valentine’s Day chocolate prices are up
▼ + stars: | 2024-02-12 | by ( John Towfighi | ) edition.cnn.com time to read: +9 min

Rising cocoa prices aren’t the only concern for customers this Valentine's Day. Last Thursday, Hershey Co. said it would cut 5% of its workforce after historic cocoa prices and inflation-weary consumers dampened fourth quarter earnings. “And it looks like it’s not necessarily going to subside anytime soon.”The Supreme Valentine’s Day SweetRoughly 92% of Americans say they plan to share chocolate and candy for Valentine’s Day this year, according to the National Confectioners Association. In 2023, Valentine’s Day chocolate and candy sales exceeded $4 billion, the NCA says. Issaka said that while high demand and low supply raise prices, cocoa farmers are getting squeezed.

Persons: ”, Michele Buck, Billy Roberts, ” Roberts, Lindsey Nicholson, Marnie Ives, Ives, ” Ives, “ It’s, Karl Schneider, Roberts’s, Issifu, Issaka, ” Issaka, “ I’m, Cote, Will Kletter, Sabi Ibarra Guerrero, Uwe Gneiting, Gneiting, Joke Aerts, Aerts, ” Aerts, Sia Kambou, Price, Tony’s, “, they’ve, CNN’s Eva Rothenberg Organizations: CNN, Hershey Co, National Confectioners Association, NCA, Cocoa, Oxfam America, Getty, Fairtrade, Cote d’Ivoire, “ Locations: West Africa, North America, Manhattan, Queens , New York, Neck, NY, Bloomfield , NJ, Ghana, North Region, Cote d’Ivoire, Silicon, Africa, Accra, Cote, Hermankono, AFP

☆ El Niño's 'sweet tooth' means indulgent treats could soon be even more expensive
▼ + stars: | 2023-12-25 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

Futures contracts on orange juice , cocoa , coffee and sugar have soared in part because of extreme weather and supply concerns related to El Niño. "You can say El Niño has a sweet tooth because it sort of eats or takes away much of the sugar in the world," Carlos Mera, head of agri commodities market research at Netherlands-based Rabobank, told CNBC. "Sugar prices have probably already been passed on [to consumers] but certainly for chocolate we should expect a big increase at retail level — and El Niño is certainly something to watch." Joe Raedle | Getty Images News | Getty ImagesThe effects of El Niño tend to peak during December, but the impact typically takes time to spread across the globe. It also warned that several crops could be adversely affected by El Niño early next year, while acknowledging there is the potential for some crops to benefit, citing those in the United States, southern Brazil and Argentina.

Persons: El, Carlos Mera, El Niño, Joe Raedle, Dave Reiter, Reiter, Sia Kambou Organizations: Future Publishing, Rabobank, CNBC, Getty, Reiter Capital Investments, Twitter, Workers, Afp Locations: Yichang City, China's Hubei, Netherlands, El, Orange, Miami , Florida, Southeast Asia, India, Australia, Africa, United States, Brazil, Argentina, Florida, Hermankono

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