Cocoa futures hit a new record in New York, climbing 5.5% to $11,925 per ton on Monday, surpassing the previous high of $11,722 set in April. This surge reflects growing supply concerns as the crop outlook for West Africa, a key cocoa-producing region, worsens. Prices have nearly tripled in 2024, placing further financial strain on chocolatiers and consumers. Candy manufacturers like Hershey Co. have responded by raising prices to offset rising costs. The continued advance in cocoa prices threatens to exacerbate these challenges for the chocolate industry. Continue here.
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