The scorching heat is sweeping across the globe. It’s so hot that in some regions, even asphalt leaves burns. With such extreme temperatures, it's tempting to stay home and indulge in a refreshing combination of orange juice and chocolate. If that’s how you think, you might just be a billionaire discussing the prospects of Threads with Elon Musk and Mark Zuckerberg. Because… have you seen the news? The news is abuzz with cocoa and orange juice smashing price records.
Well, what about chocolate or, more specifically, cocoa futures? The chart below demonstrates that this commodity has grown by 37% since the beginning of the year. The reason for this last months’ hike is opposed to the prevailing heatwave. Heavy rainfalls in West Africa are contributing to the exceptionally speedy spread of black pod disease, which causes pods to rot and blacken. In other words, we may experience a cocoa deficit in 2023-2024, further driving up chocolate prices. Extreme heat may also cause additional damage after rains, but it has not done so yet.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »