Once again repurposing Santayana's second greatest observation for our headline.
From ZeroHedge, December 27:
The Worst 'Candyflation' Is Yet To Come As Cocoa Prices Near Record
Cocoa prices Wednesday hit $4,285 per ton in New York, the highest level since 1978, as the outlook of poor crop harvests across West Africa has been a major bullish factor pushing prices higher this year. There is also an increasing risk that El Nino-induced weather disturbances could cause the global cocoa market to sink into a deficit for the third year.
Bloomberg reports the world's largest chocolate makers, Hershey Co. and Nestle SA, have yet to feel the full impacts of soaring prices because cocoa is bought well in advance. This only means consumers will see a further increase in the prices of their favorite candy bars in 2024.
"It's the most extraordinary situation I've seen in my career," said Jonathan Parkman, the head of agricultural sales at Marex Group, warning, "I don't think we've seen the worst of the situation for consumers."....
....MUCH MORE
