Cocoa prices have skyrocketed this year due to a combination of factors. Production in West Africa, which accounts for 70% of the world's cocoa supply, has been impacted by difficult weather conditions and disease. This shortage has driven up prices, with futures for May delivery reaching a record high of $10,030 per metric ton. The rise has even affected companies like Hershey, which forecast flat earnings growth for the year due to rising cocoa prices.
