Source: markettimes.vn
Cocoa prices hit a record high on April 18, according to the Financial Times, after an industry report said crop failures in West Africa in the first quarter had worsened a shortage of cocoa beans. chocolate globally.
Futures in London rose as much as 9.6% to an all-time high of 9,477 pounds a ton, extending gains since the start of the year on weak harvests in the world’s main growing regions in West Africa has made the shortage worse. Cocoa beans are now worth more than some precious metals and are increasing in price faster than Bitcoin.
According to the European Cocoa Association, the number of crushed cocoa beans – the beans processed by the industry to eventually turn into chocolate – fell 2.5% in the first three months of the year compared with the same period last year. The trade body collated data from 19 cocoa processors and chocolate manufacturers operating in Europe.
Global cocoa prices have more than doubled this year as investors worry that shortages will continue. Years of low prices have left farmers short of cash and unable to invest in improving aging plantations.
The number of crushed beans is used as a measure of chocolate demand but analysts and industry insiders say the current figures reflect the difficulty traders, processors and manufacturers face in Find enough cocoa beans.
“The low grinding data reflects the fact that there are no cocoa beans available,” said Fuad Mohammed Abubakar, head of the Ghana Cocoa Marketing Company, which is responsible for setting prices purchased directly from the farm. knows the problem is not demand for chocolate, he adds, in West Africa, factories are operating at less than 30% of installed capacity.
The amount of crushed grain could put further pressure on prices, which in New York were up 7% from $10,800/ton on April 18, up from about $3,000/ton this time last year.
Cocoa prices begin to increase since the beginning of 2024
Farmers in Ghana and Ivory Coast, which produce about two-thirds of the global cocoa supply, have faced crop disease outbreaks, adverse weather due to climate change and Caused by El Niño. This has reduced output by more than a quarter in Ivory Coast, the world’s largest producer.
Both countries were forced to renegotiate contracts with traders to postpone deliveries.
Last week, the Ghana Cocoa Board, the government body that regulates cocoa futures sales, began negotiations with traders to carry over to the next crop, starting in October, up to 250,000 tonnes of beans. cocoa.
Earlier this month, Ivory Coast’s partner also asked traders to wait for delivery of 130,000 tons.
In an effort to encourage farmers to invest in plantations and increase productivity, both Ghanaian and Ivory Coast regulators this month increased the prices set to be paid to farmers. Ivory Coast increased prices by 50% to 2.48 USD/kg. Three days later, Ghana made a similar increase, bringing prices to 2,481 USD/ton.
“In the longer term, higher cocoa bean prices could encourage planting, extending from 3 to 5 years, to meet global consumption trends expected to increase by about 2% per year until 2030.
With a cocoa growing area of more than 600,000 hectares and an output of more than 1.6 million tons, Vietnam is the 10th largest cocoa producing country in the world by 2023. The Central Highlands is the largest cocoa growing region in Vietnam. , accounting for about 60% of the area and output. Dak Lak, Dak Nong, Lam Dong are the three provinces with the largest cocoa growing area.
Cocoa is one of Vietnam’s important export products. In 2022, Vietnam’s cocoa exports will reach 3.2 billion USD, an increase of 17.5% compared to 2021. The Netherlands, the US, Belgium and Germany are Vietnam’s major cocoa import markets.
