Bad weather has sent the price of the key ingredient for chocolates soaring. Even if cocoa prices drop with a good crop, long-term structural issues in the industry will mean you will pay more and more for your chocolates.
Cocoa prices have more than doubled this year to a record as extreme weather, disease and structural issues have hurt supplies from Ivory Coast and Ghana. That’s bringing more global attention to Brazil, which has plenty of agricultural know-how and farmers with financial resources to invest in new crops. Several farmers working with the new techniques say productivity can reach about 3,000 kilograms per hectare, much higher than the national average of 491 kilograms per hectare.
The big ears on your chocolate Easter bunny will come with a big price tag this year. The price of cocoa beans is now surging faster than bitcoin and gold.