Cocoa prices hit $10,000 per metric ton for the first time ever

Difficult weather conditions and disease have affected production in West Africa, which produces about 70% of the world’s cocoa. The two largest producers, Ivory Coast and Ghana, have been hit by a combination of heavy rain, dry heat and disease recently.

Late last year, heavy rain and the spread of black pod disease in the two countries affected farming, according to a November report from the International Cocoa Organization. Poor road conditions also made it difficult to bring the available beans to port, according to the report.