Since the beginning of the year, the price of cocoa beans has almost tripled, due to low yields in Ghana and Côte d’Ivoire due to drought.
Prices for cocoa beans set a record high during Wednesday’s trading session, surpassing $12,000 per ton. Market Watch reported this on Wednesday, December 18.
Futures for cocoa beans with the closest delivery date during trading in New York are trading at $12.607 thousand per ton, which is 7% higher than the closing price of the previous session. In the last five days, the price has increased by 21.7%.
Since the beginning of the year, the price of cocoa beans has almost tripled. This is due, in particular, to low yields in Ghana and Côte d’Ivoire due to drought. These countries are the largest producers of cocoa beans in the world.
Industry experts say dry weather conditions in West Africa are likely to negatively affect cocoa yields in the coming months. An additional threat is caused by winds from the Sahara that blow between December and March.
“Farmers in Côte d’Ivoire expect a lower harvest in February and March,” said Commerzbank commodity market analyst Carsten Fritsch “The question remains whether this season will be able to replenish stocks of cocoa, which was greatly reduced due to record supply shortages in the previous year.”
Earlier, a poor cocoa harvest in West Africa pushed futures to record highs above $11,700 a tonne.
Cocoa futures recently rose to their highest levels in nearly six months.
Source: korrespondent
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