Cocoa prices are soaring. Candy makers will need to get creative. [MSNBC.com]
The Hershey Company (HSY)
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Source: MSNBC.com
There’spricing pressure taking hold of a specific corner of global agriculturePrices of cocoa have more than tripled over the last year, creating a big headache for candy makers and other food companies that use the ingredient to make chocolate.In recent years, the price of cocoa had hovered at around $2,500 per metric ton. But reports of a weaker-than-expected crop set off concerns about supply, sparking the commodity’s run-up in recent months. Cocoa hit an all-time high of more than $11,000 per metric ton in April. The price surge has since eased off slightly, but the crop is still commanding well above what food companies are used to paying.For now, many of the largest candy companies —HersheyMondelez“This is absolutely impacting the ways in which these companies are managing their businesses, just because the cost impact is so incredibly significant,” said Steve Rosenstock, the consumer products lead at Clarkston Consulting, which advises clients on how to deal with problems such
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HSY
Earnings
- 5/3/24 - Beat
HSY
Sec Filings
- 6/25/24 - Form 4
- 6/24/24 - Form 144
- 6/21/24 - Form 4/A
- HSY's page on the SEC website