Cocoa Prices Surge as El Nino Concerns Drive Global Commodity Market

Cocoa prices have risen for six consecutive months due to concerns over supply crunches in West Africa and the impact of El Nino. According to a report by Anadolu Ajansı, cocoa prices increased 25.5% per metric ton in August to $6,771 on global markets.

Other commodity prices also rose last month, with wheat increasing 21%, corn up 16%, soybeans rising 8.5%, and rice jumping 9.2%. Sugar surged 21.5% due to rising oil prices, while cotton rose 13.9% due to hot weather in the US.

However, coffee prices fell 1% per pound as increased rainfall forecasts in Brazil improved prospects for a larger crop. Daniela Corsini, senior economist at Intesa Sanpaolo, attributed the rise in cocoa prices to the Middle East war driving up energy costs and climate change affecting harvests.

Analysts have trimmed their forecasts for a global surplus in 2026-27 due to strengthening demand, especially in Asia. Oran van Dort, commodities analyst at Rabobank, cautioned that speculation may be fueling bullishness on cocoa prices.