Workers collect dried cocoa beans in front of a cocoa cooperative’s store in the village of Hermann Kono on November 14, 2023.
Siakambu | AFP | Getty Images
Cocoa production hit a record high on Tuesday as supply constraints fueled higher prices.
Futures for delivery in May It rose 3.9% to $10,030 a ton, marking the first time the commodity has surpassed the $10,000 mark. Cocoa has had a strong year, soaring nearly 39%.
Huge cocoa production in 2024
Côte d’Ivoire, the world’s largest coca producer, is facing warmer than normal temperatures, leading to drier than normal conditions and reduced crop yields. An outbreak of cocoa swollen bud virus has also reduced supplies.
The move comes as demand for chocolate remains strong in countries such as the United States.
