Record cocoa prices heading into Valentine's Day proves to be a headache for sweets king Hershey
FILE - A mixture of Hershey's chocolates is displayed in the company's Times Square store, March 1, 2017, in New York. Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs that are leading to higher prices for chocolate. Cocoa futures prices have doubled over the past year and hit an unprecedented $5,874 per metric ton Friday, Feb. 9, 2024, in intraday trading. (AP Photo/Mark Lennihan, File)
Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs that are leading to higher prices for chocolate.
Cocoa futures prices have doubled over the past year and hit an all-time high of $5,874 per metric ton on Friday. Bad weather in West Africa is being blamed for damaging crop yields, which is pushing cocoa prices higher.
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