Since the beginning of the year, quotes have jumped 2.4 times, over the past five sessions – more than 20%. Global demand for cocoa and chocolate remains high.
Prices for cocoa beans exceeded $10 thousand per ton for the first time in history. Cocoa futures quotes hit historic highs again on fears of a supply shortage. CNBC reported this on Wednesday, March 26.
May cocoa futures in New York were reported to have risen 3.9% during Tuesday’s trading session to reach $10,030 a tonne.
Since the beginning of the year, quotes have jumped 2.4 times, over the past five sessions – more than 20%.
It was previously reported that in Côte d’Ivoire, the world’s largest supplier of cocoa, an abnormal heat wave has set in, threatening the harvest of cocoa beans, causing cocoa prices on the New York stock exchange to reach to a new historic high of $5,874 per ton. And the demand for cocoa and chocolate in the world remains high.
We remind you that in 2023, world food prices will drop by 11%. However, prices for vegetable oils, dairy products and sugar have increased.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.