has positioned itself to receive a sizeable amount of cheap cocoa from futures exchange ICE, a move that highlights difficulties African producers are having to sell beans at a recently-agreed premium, traders said.
Hershey’s move happens in a moment when Ghana and Ivory Coast, the world’s top producers, are selling their first full crop under a new scheme that includes a price premium of $400 per tonne, created to help alleviate farmer poverty. The premium, known as LID, had vocal support from chocolate makers.
Traders said Hershey asked and obtained an exemption from ICE to sharply exceed delivery limits. The exchange declined to comment.
Brown choc matters, Africans matter!!
Basically, Hershey just shit on impoverished African farmers.
African cocoa farmers need to stop strangling the healthy appetite of the US face filling population!
I don’t know what this means but I’m sure these guys are involved.
There’s a lot going on in this headline.
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Source: MarketWatch - 🏆 3. / 97 Read more »