Cocoa prices hit record highs ahead of Easter holiday

[Gefn]

Chocolate Easter bunnies and eggs will likely come at a higher cost for consumers this year as the price of cocoa climbs to record highs.

Cocoa futures have surged this year, roughly doubling since the start of 2024. Rising temperatures and weather conditions have stressed and damaged crops in West Africa, which produces more than 70% of the global cocoa supply.

Sugar prices are also rising. Futures for a pound of sugar are up about 8% in 2024, after rising 2.7% in 2023.

"The magnitude and pace of recent price increases seem to be unprecedented," wrote Citi analyst Thomas Palmer back in February when cocoa futures hit an all-time high of $5,874 per metric ton.


https://www.cbsnews.com/news/cocoa-prices-surge-chocolate-bunnies-easter/

[Gefn]

Cocoa Powers Toward $10,000 as Shortages Drive Relentless Rally

Cocoa climbed near an unprecedented $10,000 a ton in New York as a global shortage rattles the market and raises the cost of chocolate.

Futures have more than doubled this year to an all-time high as poor crops in key West African growers put the world on course for a third straight annual supply deficit. The market is grappling with the legacy of poor returns paid to cocoa farmers and fears are mounting about being able to source enough beans.

https://www.bloomberg.com/news/articles/2024-03-26/cocoa-powers-toward-10-000-as-shortages-drive-relentless-rally

[catfish1957]

I have always beleived that there is a mysterious and not understood hormonal component in cocoa, especially for women. Chocolate is the most craved , but non-addictive thing on earth.   That is at least my anecdotal observation.

With that, its pretty much the most insulated commodity in the market.  This stuff could go for $20 a bag, and the demand wouldn't  see a 20% drop.