Cocoa price news
Here are some recent news articles and updates on the cocoa price:
Current Cocoa Price:
As of March 2023, the current cocoa price is around $2,400 per ton, according to the International Cocoa Organization (ICCO). This is a significant increase from the same time last year, when the price was around $1,800 per ton.
Recent News:
- Cocoa prices surge to 10-year high: The cocoa price has reached a 10-year high due to a combination of factors, including a global shortage, strong demand, and weather-related issues in top-producing countries like Côte d'Ivoire and Ghana. (Source: Reuters, February 2023)
- Cocoa production forecast lowered: The ICCO has lowered its forecast for global cocoa production in the 2022/23 crop year due to weather-related issues and pests affecting crops in West Africa. This could lead to further price increases. (Source: ICCO, January 2023)
- Cocoa prices to remain high: Analysts predict that cocoa prices will remain high in the short term due to ongoing supply chain issues and strong demand from chocolate manufacturers. (Source: Bloomberg, January 2023)
- Cocoa farmers struggle with low prices: Despite the high prices at the global level, cocoa farmers in West Africa are struggling to make a living due to low prices at the farm gate. This has led to calls for better prices and more support for farmers. (Source: The Guardian, December 2022)
- Sustainable cocoa initiative launched: The ICCO has launched a new initiative to promote sustainable cocoa production and reduce deforestation in cocoa-producing countries. The initiative aims to improve the livelihoods of cocoa farmers and reduce the environmental impact of cocoa production. (Source: ICCO, November 2022)
Long-term Trends:
- Cocoa prices to rise due to climate change: Climate change is expected to have a significant impact on cocoa production, leading to increased prices and reduced yields. (Source: The Economist, October 2022)
- Cocoa demand to increase: The demand for cocoa is expected to increase in the long term due to growing demand for chocolate and other cocoa-based products. (Source: Euromonitor, September 2022)
- Cocoa production to decline: The global cocoa production is expected to decline in the long term due to climate change, pests, and diseases affecting crops. (Source: Food and Agriculture Organization of the United Nations, August 2022)
I hope this information is helpful!