Cocoa price soars near $10,000 amid global shortage

Cocoa prices in New York have surged to nearly $10,000 per ton due to a global shortage and poor crops in key West African growers, pushing the market into a third consecutive annual supply deficit. The surge is attributed to the historical low returns for cocoa farmers and concerns regarding the sourcing of enough beans. This has raised fears about the cost of chocolate and the ability to meet demand, reflecting the challenging state of the cocoa market.