A farmer carefully dries cocoa beans on a sunny day in an African agricultural setting, promoting sustainable farming practices.
Cocoa prices have risen remarkably in recent months, doubling since the beginning of the year, the International Cocoa Organisation (ICCO) said. Poor harvests in West African countries where the crop is most common have been blamed on adverse El Niño weather conditions. The price per tonne cooled to $9,624 at the end of trading on Tuesday, but the new high illustrates the challenges being faced by chocolate makers ahead of the Easter holiday season. The ICCO expects cocoa production to fall by nearly 11% this year.