bullish
Cocoa Demand Destruction Ahead - All Eyes on Fall Harvest
SUMMARY
- While the 2023-24 cocoa crop in West Africa declined, growth in other global regions and actions in West Africa should improve supply, Hershey’s CEO Michele Buck, one of the largest chocolate producers in the world, said in the Q2 earnings call last week.
- “Today’s operating environment remains dynamic, with consumers pulling back on discretionary spending,” Buck stated.
- Meanwhile it seems like the chocolate maker is really focusing on the cocoa harvest detail in West Africa this fall before making any new major decisions in terms of their cocoa price hedging strategy for next year.
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