Valentine’s Chocolate Gets Cheaper as Cocoa Supply Swells
- About 70% of Americans give chocolate, candy for holiday
- Hedge funds holding record bet cocoa prices will drop
Chocolate wait to be sorted into boxes at Jacques Torres Chocolate's Brooklyn factory in New York, U.S., on Thursday, Feb. 6, 2014.
Photographer: Ron Antonelli/BloombergThis article is for subscribers only.
Buying your sweetheart a box of Valentine’s Day chocolates could be cheaper this year thanks to booming cocoa supplies.
Growers are collecting bigger harvests in Latin America and in West Africa, which accounts for about 70 percent of global production. The output gains have pushed cocoa futures to the lowest since 2008, cutting costs for companies including Mondelez International Inc., the maker of Cadbury chocolates and Oreo cookies.