HomeBusinessCandy makers face steep cocoa prices, get creative

Candy makers face steep cocoa prices, get creative

Dried cocoa beans at the Somos Cacao farm and production facility in Ragonvalia, Norte de Santader department, Colombia, on Friday, March 22, 2024. 

Ferley Ospina | Bloomberg | Getty Images

There’s pricing pressure taking hold of a specific corner of global agriculture — and it’s bittersweet.

Prices of cocoa have more than tripled over the last year, creating a big headache for candy makers and other food companies that use the ingredient to make chocolate.

In recent years, the price of cocoa had hovered at around $2,500 per metric ton. But reports of a weaker-than-expected crop set off concerns about supply, sparking the commodity’s run-up in recent months. Cocoa hit an all-time high of more than $11,000 per metric ton in April. The price surge has since eased off slightly, but the crop is still commanding well above what food companies are used to paying.

For now, many of the largest…

Read more at www.cnbc.com

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