Hershey CEO Warns ‘Earnings Limited’ As Cocoa Prices Hyperinflate

Cocoa futures in New York soared to a new record high this morning as fears of a global bean shortage worsened. Hyperinflating cocoa prices used mainly in candy could pressure companies like Hershey Co. to raise chocolate and other confectionery items at the supermarket.

Bloomberg reports the most active cocoa futures jumped to a new record high of $5,423 a ton on Thursday, surpassing a 1977 peak of $5,379. That puts most-active futures at the highest level ever, with data compiled by Bloomberg spanning nearly seven decades. Prices have jumped 165% since September 2022