Cocoa futures rose as much as 6.6% in New York, as hopes for bigger harvests were offset by concerns about limited existing global stocks of the commodity. As a result, the price of chocolate over the last year has seen an increase of up to 130% with further upward trends, which also affects the retail price. Ghana, which is the world’s second largest producer of cocoa, has announced a 45% increase in the pay of its farmers. This measure is expected to encourage more exports from growers, who have stockpiled grain in anticipation of a rise in prices. In addition, it could allow farmers to make long-term investments, boosting future productions. Still, there is still uncertainty about whether next season’s increased cocoa production will be enough to cover this year’s gap in supplies, said Judy Ganes, president of J. Ganes Consulting. “Even if production fully recovers, there could be […]
Source: News Beast
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