Cocoa Prices Climb for Sixth Straight Month Amid El Niño Concerns
Cocoa prices have risen for the sixth consecutive month, driven by concerns over El Niño's impact on global supplies. According to Daniela Corsini, a senior economist at Intesa Sanpaolo, energy costs are up due to the war in the Middle East, while record temperatures and climate-related problems exacerbated by El Niño are affecting harvests.
The price increase came amid broader gains across agricultural commodities, with wheat prices rising 21% per bushel due to tensions between Russia and Ukraine. Corn, soybeans, rice, sugar, and cotton also saw significant increases in recent months.
Cocoa prices have staged a sharp recovery this year after plummeting 48.1% in 2025, their steepest annual decline. The ongoing El Niño event is expected to worsen supply disruptions in West Africa, where the Harmattan winds threaten cocoa trees.