Fewer trick-or-treats a blow to cocoa growers
Data this week showed cocoa processing in Europe fell 4.7% in the third quarter, to the lowest for that period in four years
Fewer Americans will trick-or-treat this Halloween as Covid-19 infection numbers climb. While kids may be disappointed, the worst effects will be felt in Africa, where the world's top cocoa producers may struggle to keep paying farmers a premium. Cocoa is used to make chocolates.
Ivory Coast and Ghana raised the price they pay cocoa growers by more than 20% for the larger of two annual crops. But with the pandemic keeping people at home, hurting Halloween sales that account for 10% of Hershey's business, the West African nations may struggle to lure chocolate makers to buy beans at a high enough level to keep paying farmers the promised premium...