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On November 18, the price of nearby cocoa futures on the Intercontinental Exchange rose to the highest price since May 2018. Since mid-August, the price of the soft commodity has been climbing. At the most recent peak on November 18, the nearby futures contract was almost $700 per ton higher than three months ago in August.
Cocoa is a commodity that thrives in climates around the equator. Therefore, the West African nations of the Ivory Coast and Ghana supply over 60% of the cocoa beans to the world each year. As crude oil is the