The weather phenomenon caused dried temperatures in West Africa, where three quarters of the world-wide supply of cocoa beans (pictured) - which are used to produce cocoa - are grown.
Cocoa prices surged to a 44-year high of $3,786 per metric ton on Monday, after hotter and drier weather attributed in part to El Nino disrupted production in West Africa.
Above average rains in most
of Ivory Coast s main cocoa growing regions last week helped
strengthen the development of small and average pods of the
October-to-March main crop, farmers said on Monday,. -October 23, 2023 at 10:23 am EDT
- MarketScreener