Nobody becomes bitter by a candy. That's what the Spanish proverb says, although the price of cocoa, one of the main ingredients in chocolate, can leave a very bitter aftertaste in the mouth. And it is not because the flavor has changed, but because the price of this raw material has skyrocketed in recent months to the point of erasing historical records that are almost half a century old. Although it has not yet been moved to supermarket shelves, chocolate makers pay more than 9,000 euros per ton and prices continue to rise, last week they accumulated an increase of 10%.
The eyes are directed to Africa, specifically to the Ivory Coast and Ghana. These two countries accumulate more than 60% of the production share, far ahead of countries such as Indonesia, Brazil, Ecuador or Nigeria. The lack of precipitation and high temperatures in recent weeks have been the latest evils in a harvest that has been greatly weakened in recent years due to weather conditions.
El Niño, a meteorological phenomenon related to the warming of the equatorial eastern Pacific Ocean, together with global warming, caused, in mid-February, several heat waves that sent the mercury in thermometers above 40 degrees in these countries. Added to this situation are forest fires and an outbreak of black pod disease that causes inflammation of the shoots or the abandonment of cocoa by farmers. With this situation, the arrival of cocoa from the Ivory Coast has been reduced by a third. “This situation will not be resolved soon,” say experts, pointing to the climatic conditions.
The perfect Storm
However, the storm may still be even more 'perfect'. The Federation of Cocoa Commerce (FCC) warns that the increase in the price of cocoa is accompanied by that of sugar. “It requires close monitoring,” warn international trade experts. In this case, attention is directed to Brazil, the main producer and exporter of sugar.
Normally, sugar prices tend to rise from September to December and fall from December onwards. But weather events, such as heavy rains during the harvest season, are also disrupting production and causing price increases.
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