Cocoa Drops to Two-Year Low as Ample Supply May Cut Hershey Cost
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Cocoa fell to the lowest since July 2009 as rising output from West Africa and slowing economies in the U.S. and Europe signaled supply may exceed demand for a second year.
Cocoa exports from the port of San Pedro in Ivory Coast, the world’s biggest producer, more than doubled to 26,094 metric tons in September from a year earlier, the harbor reported last week. Ghana, the second-largest grower, may produce more than 1 million tons in the 2011-2012 season, the government said Oct. 14. Prices tumbled 17 percent last quarter as escalating debt woes threatened global expansion.