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Norman Ray

Global Courant

Cocoa futures hit highest level in nearly 7 years

Cocoa Futures (SEP) reached a high of $3,096 per ton. The commodity traded at its highest level since August 19, 2016 during Tuesday’s trading session, when cocoa traded as high as $3,120.

Many experts say climate change is partly responsible. Some forecasts show that the temperature in Ivory Coast will rise by 3.8 degrees by 2050, drying out soil and plants. Almost 90% of cocoa land in Ivory Coast and Ghana could be unsuitable for cultivation, according to estimates.

Hershey announced it was raising the prices of all its products in February 2022 due to rising ingredient costs.

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