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The price of cocoa beans has been steadily increasing for months, with one ton now costing over $10,000. This rise is due to disappointing harvests, and there is no sign of stabilization on the horizon. Despite these challenges, investing in cocoa could prove to be profitable as the price has reached unprecedented heights in recent months.

On the New York futures market, a ton of cocoa beans sold for $10,047 on Tuesday. This is a significant increase compared to a month ago when cocoa cost almost $6,000 per ton, and a year ago when it was just under $3,000. The 186 percent increase in the price of cocoa is even faster than that of Bitcoin, which has risen 150 percent.

The high price of cocoa can be attributed to poor harvests caused by older and diseased trees, as well as the weather phenomenon El Niño, which has led to drought in Africa. More than 60 percent of global cocoa production takes place in Ghana and the Ivory Coast, where extreme weather conditions have halved harvests. Efforts to increase cocoa production in Brazil and Ecuador are underway, but it will take years for these trees to bear fruit.

Belgian chocolate producers are facing a challenge in the coming years as the industry is worth 6.1 billion euros with exports accounting for 3.4 billion euros. Belgium is the world’s second largest exporter of chocolate representing 11 percent of the world market. The port of Antwerp is also the largest storage location for cocoa beans worldwide. As a result of the high prices of cocoa beans, chocolate will become more expensive for consumers

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