MOSCOW, February 9 The exchange value of cocoa beans in the world today reached a new historical record — more than 6 thousand dollars per ton, according to ICE Futures data. The main reason for the acceleration of prices is the drought in West Africa, high prices for fertilizers and the crisis in the Red Sea are also influencing — all this provokes a shortage that could last another one and a half to three years, commented Evgeniy Mironyuk, an expert on the stock market at BCS World of Investments.
At the beginning of February, the exchange value of a ton of cocoa beans reached 5 thousand dollars for the first time since 1977, and less than a week later prices reached 5.5 thousand dollars per ton, exceeding the record of 47 years ago.
Today, the price of cocoa beans during trading reached $6,014 per ton, but then rolled back slightly — to $6,010.
“The main reason for the acceleration of price growth in February is weather events and crop diseases, which caused damage to crops in West Africa, the world’s main supplier of cocoa. Previously, crop failure was caused by crop diseases, now it’s drought,” Mironyuk commented.
According to him, very high prices for fertilizers, fueled by the discussion of the No Russian Agricultural Act bill, which implies the beginning of work by the American authorities to reduce the dependence of the United States and other countries on agricultural products from Russia, one of the largest exporters of fertilizers in the world, are also influencing. In addition, the rise in prices is affected by the restriction of ship traffic in the Red Sea: now the transportation of one container bypassing the Red Sea has become three thousand dollars more expensive.
“It will not be possible to quickly eliminate the deficit: new trees take several years to produce a harvest of cocoa beans. Producers may need from 1.5 to 3 years to eliminate the deficit,” says Mironyuk.
The International Cocoa Organization reported in January that the shortage of cocoa beans in the world, which has been going on for two years, will continue in 2024, while difficulties with shipping in the Red Sea will support the current trend towards higher prices for this raw material. Last year, average prices for cocoa beans increased by 38%, peaking at the end of December at $4.3 thousand per ton.
< /span>