High global cocoa prices to remain until year-end – Bloomberg

Global prices for cocoa beans continue to grow steadily today and are unlikely to decline this year. This is reported by the Bloomberg news agency, citing experts. According to calculations by analysts at Fitch Solutions, the cost of futures quotes for the product will not fall below seven thousand dollars per ton. Since spring, it has remained at a level of seven to eight thousand dollars. This is 3.5 times more than they have been in the past few years and at least twice as much as in August last year. Experts explain their forecast by the fact that this year, the crop yields are not expected to be as high as before due to numerous problems. Let us recall the main ones. In particular, due to the change in torrential rains and abnormal drought, this year, crops became waterlogged and cocoa trees died off. Due to the CSSV shoot deformation virus (short for Cacaoswollenshootvirus), cocoa trees are damaged and die. Before dying, their yield decreases by at least 30-50 percent. At ...