Baking Business Magazine
Author: Michelle Smith
Dave Beaulieu, global buyer/operations manager at Global Organics, explained the problems with the rains.
“On several farms in Ivory Coast, the tiny flowers that turn into pods after 22 weeks have not survived the heavy rains,” he said. “The shells have turned yellow prematurely on the trees, while pods that have already developed have been attacked by brown rot, a fungal disease of cocoa pods.”
Cocoa prices hit 46-year highs recently, and the El Niño weather pattern could bring conditions that are drier than normal.
“In 2023, we have seen the price of cocoa increase from $2.63/kg in January to $3.61/kg in September, according to YCharts,” said Ryan Jacobs, marketing manager, insights, Bunge Loders Croklaan. “This is an increase of 37.6% in price this year alone. Comparing September’s price with last year’s price, cocoa rose 57.1%.”
He added that cocoa prices and US sugar prices are high, and neither is showing signs of dropping in the near future.
