Cocoa Sees Biggest Monthly Gain in 22 Years on Crop Fears
- Futures hit a record in New York this month on supply concerns
- Chocolatier Barry Callebaut sees cocoa shortages persisting
Cocoa beans are dried at a farm in Azaguie, Ivory Coast.
Photographer: Andrew Caballero-Reynolds/BloombergThis article is for subscribers only.
Cocoa futures saw the biggest monthly advance in more than two decades in New York on the back of mounting supply fears that threaten to push prices of the key chocolate ingredient even higher.
Futures gained 25% in February, marking the biggest monthly gain since 2001, as bad weather and disease hurt crops in West Africa, where most beans are grown. Prices also reached fresh records this month, hitting an intraday high of $6,648 per metric ton on Monday.