09.02.2024, 19:32
The shortage of cocoa beans in the world has pushed up prices for them for the first time
Source: OREANDA-NEWS
OREANDA-NEWS The exchange value of cocoa beans in the world today has reached a new historical record - more than 6 thousand dollars per ton, according to ICE Futures data. The main reason for the price crackdown is the drought in West Africa, high fertilizer prices and the crisis in the Red Sea also affect - all this provokes a shortage that may last another one and a half to three years, Evgeny Mironyuk, an expert on the stock market of BCS World of Investments, commented to RIA Novosti.
In early February, the exchange value of a ton of cocoa beans reached $5,000 for the first time since 1977, and less than a week later prices reached $5,000 per ton, exceeding the record of 47 years ago.
Today, the price of cocoa beans reached $ 6,014 per ton during trading, but then fell back slightly to $ 6,010.
"The main reason for the accelerated price growth in February is weather events and crop diseases, which have damaged crops in West Africa, the world's main supplier of cocoa. Previously, crop failures were caused by diseases of crops, now by drought," Mironyuk commented.
According to him, very high prices for fertilizers are also affected, fueled by the discussion of the No Russian Agricultural Act bill, which implies the beginning of the work of 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. In addition, the price increase is affected by the restriction of ship traffic on 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 eliminate the deficit quickly: new trees take several years to yield cocoa beans. Producers may need from 1.5 to 3 years to eliminate the deficit," Mironyuk believes.
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 navigation in the Red Sea will support the current trend towards an increase in the cost of this raw material. Last year, average prices for cocoa beans increased by 38%, reaching their peak at the end of December at 4.3 thousand dollars per ton.
In early February, the exchange value of a ton of cocoa beans reached $5,000 for the first time since 1977, and less than a week later prices reached $5,000 per ton, exceeding the record of 47 years ago.
Today, the price of cocoa beans reached $ 6,014 per ton during trading, but then fell back slightly to $ 6,010.
"The main reason for the accelerated price growth in February is weather events and crop diseases, which have damaged crops in West Africa, the world's main supplier of cocoa. Previously, crop failures were caused by diseases of crops, now by drought," Mironyuk commented.
According to him, very high prices for fertilizers are also affected, fueled by the discussion of the No Russian Agricultural Act bill, which implies the beginning of the work of 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. In addition, the price increase is affected by the restriction of ship traffic on 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 eliminate the deficit quickly: new trees take several years to yield cocoa beans. Producers may need from 1.5 to 3 years to eliminate the deficit," Mironyuk believes.
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 navigation in the Red Sea will support the current trend towards an increase in the cost of this raw material. Last year, average prices for cocoa beans increased by 38%, reaching their peak at the end of December at 4.3 thousand dollars per ton.
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