Shockingly, since exactly one year ago, cocoa prices by the metric ton have doubled over and show no signs of slowing down. Since January 8, cocoa has exploded by almost $1,100. A year ago, prices hovered near $2,550. By October 5, prices hit $3,400 and by December 22, hit $4311 before slumping a bit during and just after the holidays.
Prices were above $3,000 in early 2016 but from November, 2016 all the way to January, 2023, cocoa prices averaged $2,500 per metric ton. From there, the rise to the highs seen on December 22 included a bit of volatility. Since then, the rise has been very sharp to $5,189 we're seeing late this morning.
My poor sweet tooth!
MarketWatch reported 4 days ago that cocoa futures closed last Friday at the highest in 46 years after settling higher for 6 straight sessions. Hot, dry weather has been affecting crops in West Africa for much of the last year and traders are worrying another deficit is brewing for this year as good ol' El Nino changes weather patterns.
For now, expect your favorite chocolate bar to get a little more expensive, adding to the inflation we're already experiencing. For Cocoa farmers that are still producing in other parts of the world, these are boom times. Apparently, this isn't the first time this has happened. The BBC reported back in September, 2016 that Filipino farmers 'struck gold' with cocoa. I imagine those farmers are really striking gold now! I'm sure they can use it.
I suppose my sweet tooth will simply have to get used to higher prices for anything with real chocolate in it for the foreseeable future :-(
Peace and love to everyone!
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