Barry Callebaut CEO Warns El Niño May Cut Cocoa Output in Ecuador, West Africa on June 2

According to Bloomberg, Barry Callebaut CEO Hein Schumacher warned on June 2 that El Niño could reduce cocoa production in Ecuador and West Africa, regions accounting for 60% of global output. Schumacher stated that the climate phenomenon may cause cocoa prices to surge by thousands per ton. London cocoa futures currently trade at 2,944 pounds per ton (approximately $3,964), down from a peak of over 9,000 pounds per ton in April 2024.
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