Cocoa Hits New Record in Blow to Chocolate Makers and Consumers
- Prices have soared as crop outlook for West Africa worsens
- Advance threatens to further increase costs for chocolatiers
A farmer attends to cocoa beans drying on a rack at a farm in Kwabeng, Ghana.
Photographer: Paul Ninson/BloombergThis article is for subscribers only.
Cocoa futures reached a fresh record in New York as the market grapples with renewed supply concerns, increasing the chances that the high costs already plaguing chocolatiers and consumers will worsen.
Futures rose as much as 5.5% to $11,925 a ton on Monday, topping the prior record of $11,722 in April. Prices have almost tripled this year, forcing candy makers like Hershey Co. to boost prices.