Wisconsin Chocolatiers Hope the Higher Chocolate Prices Won't Effect Easter Sales

Thursday, March 28th, 2024 -- 10:00 AM

(Colleen Kottke, Wisconsin State Farmer) As Wisconsin chocolatiers rush to fill their shelves with sweet treats, they hope that higher chocolate prices won’t sour customers’ desires to fill Easter baskets this year.

According to Colleen Kottke with the Wisconsin State Farmer, Cocoa prices have more than doubled since last year, driving up the price of chocolate bunnies and fudge eggs. In two months, the global price for cocoa has jumped over 75%, from $4,094 per metric ton on Jan. 8 to $7,170.

Bloomberg reported on March 25 that cocoa gained more than $700 per ton in a single day and surpassed $9,000 for the first time. The price increase has been driven by the impact of climate change on the cocoa trees. The heavier rainfall last crop season caused an increase in diseases and pests among the trees.

Now cocoa tree farmers in West Africa are facing dry temperatures and extreme winds from this year's El Niño, according to a recent report from Wells Fargo. Limited availability has resulted in an uncertain market with rapidly increasing prices.

According to CoBank, cocoa has recorded one of the biggest price gains of all commodities traded in the U.S.

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