Lettuce at the price of beef and cocoa: Madness in the global markets

Fresh Lettuce

Vegetables

Ivory Coast

Published Mar 28, 2024

Tridge summary

The global market is witnessing significant fluctuations with the cocoa market reaching an all-time high, with prices soaring above $10,000 per tonne due to climate change and diseases impacting plantations, leading to a forecasted 10% decrease in the 2023-2024 harvest season. This surge is primarily due to supply shortages from Ghana and Côte d'Ivoire, which are major cocoa producers. Concurrently, Argentina is experiencing a dramatic increase in lettuce prices, now comparable to the cost of beef, due to adverse weather conditions and economic challenges, including an inflation rate over 200% and more than half of its population nearing poverty. These developments are indicative of broader global economic and environmental challenges, affecting food prices and potentially leading to increased costs for consumers and changes in product sizes to manage expenses.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

While the grain market has recently been experiencing significant declines, something completely opposite is happening on the cocoa market. Its price is the highest in history and has already exceeded $10,000 per tonne. Cocoa with the highest price in history The reasons are climate change and diseases that increasingly affect plantations. Cocoa continues the upward trend that began in the fall of 2022. At the end of September this year, the price of cocoa approached the level of $2,200 and then began to gradually increase. With disturbing information about drought in the regions where it is grown, the price was rising faster and faster. Cocoa prices have increased by 138% since the beginning of the year, and by 234% in the last 12 months. - comments Paweł Majtkowski, eToro markets analyst. According to the forecasts of the International Cocoa Organization (ICCO), which brings together 51 countries producing and purchasing the raw material, in the season lasting from October 2023 ...

Source: Farmer.pl