<p>A positive aspect driving prices higher this week has been the forecast of subpar crop harvests throughout West Africa, which caused cocoa prices to surpass $4,000 per tonne in New York on Friday, the highest since 1978.<img decoding=”async” class=”alignnone wp-image-278480″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-prices-for-cocoa-have-risen-since-1978-download-2023-11-12t144715.595-11zon.jpg” alt=”theindiaprint.com prices for cocoa have risen since 1978 download 2023 11 12t144715.595 11zon” width=”1240″ height=”721″ title=”Prices for cocoa have risen since 1978 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-prices-for-cocoa-have-risen-since-1978-download-2023-11-12t144715.595-11zon.jpg 294w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-prices-for-cocoa-have-risen-since-1978-download-2023-11-12t144715.595-11zon-150×87.jpg 150w” sizes=”(max-width: 1240px) 100vw, 1240px” /></p>
<p>According to Zero Hedge, there’s also a growing chance that El Nino-related weather anomalies may result in a deficit in the world cocoa market for the third consecutive year.</p>
<p>Bloomberg reports that lower crop yields are being produced by the harvests in Ghana and Ivory Coast, two of the biggest suppliers of cocoa worldwide. This has resulted in a shortage of supply, which has driven up prices.</p>
<p>According to a letter by ADM Investor Services Inc. analysts, “the market does not seem convinced that production will recover enough to avoid a supply deficit for 2023/24,” as reported by Zero Hedge.</p>
<p>In New York, cocoa futures increased by 1%, reaching a tonne value of $4,000 for the first time in 45 years.</p>
<p>Made-in-USA company Mondelez International said earlier this week that it will have to raise the pricing of several of its goods because of the skyrocketing costs of sugar and cocoa.</p>
<p>Meanwhile, April saw a ten-year high in sugar prices due to worries of a worldwide shortage. Additionally, according to Zero Hedge, Arabica coffee prices are expected to rise as stockpiles reach a 24-year low.</p>
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