Halloween candy’s startling rise in price
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There could be some relief in sight, but not in time for holiday menus that will include Thanksgiving pies, Christmas cookies, and hot chocolate for all. Economists say the spike is driven by poor cocoa harvests, extreme weather, and surging production costs.
December ICE NY cocoa (CCZ25) on Tuesday closed down -180 (-2.91%), and December ICE London cocoa #7 (CAZ25) closed down -113 (-2.58%). Cocoa prices on Tuesday extended Monday's sell-off amid expectations of a global cocoa surplus driven by favorable West African weather and harvests.
Cocoa prices dropped with the market pressured by expectation for a global supply surplus on the back of favorable West African harvests.
"So, if you're choosing between us and a franchise — or your favorite downtown coffee shop and a franchise — please choose local because they really need it."
Mondelez International lowered its full-year outlook as high cocoa prices continue to present an obstacle to the maker of Oreo cookies and Ritz crackers.
Of all the reasons why reports of a worldwide cocoa shortage should be cause for concern, top of the list is surely the recent edit to the lyrics of one of the greatest jingles of all time.
Cocoa is a key issue in the upcoming Côte d’Ivoire elections. As the world's largest cocoa producer, its politics could have a significant effect on cocoa worldwide. Furthermore, the harvest is in full swing and this has the potential to impact the sector.
London cocoa prices posted the biggest intraday gain since August, with traders likely covering huge bearish positions after a briefer-than-expected delay to EU deforestation laws and concerns over Ivory Coast supplies.
Mondelez has said it is "encouraged" by signs the price of cocoa may fall, after record-high cocoa inflation squeezed the confectionary giant's profits
Mondelēz International's Q3 results sees a continuation of the same story as Q2: a decline in volumes, an increase in pricing and a slight growth in revenue. The cost of raw materials - specifically,
Pretax profits at Co Meath-based chocolate maker Lir Chocolates fell by 85 per cent last year as the owners were unable to keep pace with rising global cocoa bean prices in 2024. Accounts just filed for Lir Chocolates Ltd show that pretax profits declined from €1.58 million in 2023 to €236,714 last year.
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