Cocoa prices have surged to their highest level in seven months, causing concern on the global market. The main reason for this increase was adverse weather conditions in West Africa, a region that supplies more than 60% of the world’s production of the crop.

In New York, cocoa futures rose 4.6% to $10,305 a tonne, while in London the price rose 4.4%. The most active contract in New York even exceeded $10,380 a tonne, its highest level since April this year.

The main cocoa-producing countries are Ivory Coast and Ghana, which account for most of the world’s exports. However, severe weather conditions, including the seasonal dry period of Harmattan, are making it much more difficult to grow the crop. Harmattan is characterized by strong dry winds, lack of rainfall and soil depletion, which creates an unfavorable environment for crops.

Experts note that the further development of the situation depends on climatic conditions in the coming months. "The yield forecast has worsened in recent weeks. The next three months will be decisive in determining the scale of the decline in yields," said Steve Wateridge, head of research at TRS by Expana.

In addition to cocoa, instability in global markets has also affected other agricultural commodities. For example, prices for Arabica coffee have reached their highest level in the past 40 years. On the New York Stock Exchange, Wednesday was a record: the price of coffee beans of this variety increased by 3.1%, to $ 3.1715 per pound. This is the highest figure since 1977.

The sharp rise in prices of major agricultural crops is already causing concern among producers and consumers. Supply constraints caused by climate change could lead to further price fluctuations and affect the global agricultural sector in the near term.