Last week, New York cocoa futures reached $3,500 per ton. This was the highest since 2011. Typically, this comes amid falling production in West Africa, which accounts for two-thirds of the world's cocoa beans. Roschaikof predicts that the rise in price of this product will also affect Russia.
Bloomberg reports that Cote d'Ivoire, the world's largest cocoa producer, is forecast to shrink by about one-fifth this year. In Ghana, which is the second largest producer of cocoa, production is expected to fall below the historical average.
As for the reasons for what is happening, then, as the agency writes, it's all about problems with the harvest in West Africa due to heavy rains. A sharp reduction in the processing of cocoa beans also played a role, which led to problems with the purchase of the required volumes of raw materials.
In a conversation with Vedomosti, the general director of the Roschaikofe association, Ramaz Chanturia, expressed confidence that the rise in the price of cocoa beans would also affect Russia. However, he did not specify exactly how. At the same time, according to him, the more processed products are produced in Russia, the less dependence on price fluctuations will be.