Prices Rise for Cocoa Traders, Manufacturers and Processors

/ / Businesss

Prices are rising for cocoa traders, manufacturers and processors. This will hopefully benefit cocoa farmers, a difficult, labor-intensive industry. After Ghana and the Ivory Coast threatened to suspend sales of cocoa beans for next year’s season, cocoa buyers are raising the minimum price per metric ton from about $2,124 to $2,600. The governments of the West African countries, where about two-thirds of the world’s cocoa supply is grown, said a higher price is needed to balance what cocoa farmers make and what big commodities traders receive. Cocoa prices have fluctuated greatly in recent years, due to climate change, child labor problems, overproduction and forest destruction. Recently, however, manufacturers are willing to pay more for the cocoa bean because of demand for high-quality chocolate, like dark chocolate, premium variety chocolate and sugar-free chocolate.

Read more (FoodDive)