Cocoa’s Record Price Surge Comes With a Climate Warning
Volatility in agricultural prices is becoming more common as frequent droughts or heavy rains hit harvests.
A farmer cuts a cocoa pod on a farm in Azaguie, Ivory Coast.
Photographer: Andrew Caballero-Reynolds/BloombergWelcome to Energy Daily, our guide to the energy and commodities markets powering the global economy. Today, reporter Mumbi Gitau takes a look at why cocoa’s price rise is a climate warning. For a feature on why agriculture has become a key electoral battleground, read this. To get this newsletter sent straight to your inbox, sign up here.
It’s going to be a costly Valentine’s Day. Cocoa has more than doubled in the past year to prices currently hovering at all-time highs of more than $5,500 a ton — and there’s no sign of the surge easing soon.