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The cocoa futures market rose to its highest level since August 2016 during the week of February 10 when the price reached $2998 per ton on the nearby ICE futures contract. The price ran out of upside steam at just below the $3000 per ton level.
Cocoa is the primary ingredient in the chocolate confectionery products enjoyed all over the world. As with all agricultural products, the weather in critical growing regions around the globe determines the supplies of cocoa each year. Since cocoa thrives in equatorial climates, the lion's share of annual production comes