The ton price of cocoa rose above $10 thousand due to the decrease in global supply.
The price per ton of cocoa for May delivery traded on the New York Mercantile Exchange reached an all-time high of $10,075 with an increase of approximately 4.6% today.
Cocoa prices continued to break records as major cocoa factories in Ivory Coast and Ghana decided to cut or stop production because they could not afford seed costs.
The harvest is expected to decrease significantly in Ivory Coast, the most important cocoa producing country. The country supplies approximately 45% of the world’s cocoa supply.
Yields in other cocoa producing countries such as Nigeria and Ghana are also well behind expectations.
It is estimated that the interim harvest, which will start in April, will be lower than last year due to the heat and drought affecting the development of cocoa beans.
Source: AA / Prepared by Irem Yildiz