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The weather phenomenon caused dried temperatures in West Africa, where three quarters of the world-wide supply of cocoa beans (pictured) - which are used to produce cocoa - are grown.
Cocoa prices surged to a 44-year high of $3,786 per metric ton on Monday, after hotter and drier weather attributed in part to El Nino disrupted production in West Africa.
Above average rains in most of Ivory Coast's main cocoa growing regions last week helped strengthen the development of small and average pods of the October-to-March main crop, farmers said on Monday,... -October 23, 2023 at 10:23 am EDT - MarketScreener