Closing post
Time to wrap up… here’s today’s main stories so far:
Cocoa and coffee prices at new record
The price of cocoa has hit a new record high today, pushed up by escalating worries over shrinking supplies due to crop failures in west Africa.
The London cocoa price hit £9,477 per ton today, as industry data showed a drop in production.
“Grindings” — beans processed by the industry to eventually be turned into chocolate — fell by 2.5% in the first three months of the year. That could show that weaker production is resulting in fewer beans reaching the market.
Coffee also hit new highs, with the robusta coffee price climbing to a record $4,292 per ton.
Gareth Redmond-King, head of international programme at the Energy and Climate Intelligence Unit (ECIU) says:
“The cost of our morning coffee is soaring as climate change hits crops in Brazil and Vietnam. The UK imported a billion pounds worth of coffee in 2023; just over half in raw coffee beans, and the rest as roasted coffee.
“But 97% of all coffee globally is grown in countries vulnerable to climate impacts. More than half the coffee beans we imported last year came from Brazil and Vietnam - worth £198m and £87m respectively. Between them they also supply half the beans imported by EU nations to make roasted coffee we also import.
