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Hershey Catapults Cocoa Market To Record High By Cutting Out Middleman

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The cocoa market hit record highs in mid-November, and it's all down to one company's novel method of sourcing cocoa beans. Markets Insider reports the chocolate manufacturer bought cocoa beans through the ICE Futures exchange instead of from physical suppliers. The trade allows Hershey to obtain cocoa at lower prices, as chocolate producers typically buy from vendors who charge various premiums. The trade was so big it lifted December-delivery contracts as much as 13.4% from November 13 to November 16. A Hershey spokesperson says the company continues its 'substantial cocoa sustainability works' to combat poverty and deforestation. The spokesperson added Hershey continues to pay the Living Income Differential and invest in training for farmers to diversify their crops.

Added on the 23/11/2020 17:24:59 - Copyright : Wochit

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