Cocoa Futures Surpass $10,000 Mark, Hitting Record High, as Climate and Diseases Devastates Crops

Cocoa futures for May delivery hit $10,030 per metric ton, crossing the $10,000 threshold for the first time. This marks a rise of 3.9% and cocoa prices have increased over 138% for the year so far. Hotter and drier than normal conditions in top producer Ivory Coast have reduced crop yields. An outbreak of cocoa swollen shoot virus has also constrained global cocoa supplies. Strong chocolate demand, particularly in the U.S., supports cocoa price gains. Supply issues related to weather and disease in Ivory Coast are tightening cocoa availability.