Cocoa Prices Hit Record Highs, Shrinking Chocolate Supplies As Poor Crops Extend Deficits

Cocoa futures hit an unprecedented $10,000 per ton, extending a historic rally that has seen prices double this year
Poor crops in West Africa have led to a third straight year of global cocoa supply deficits
Higher cocoa prices are raising costs for chocolate makers, which may mean pricier or smaller chocolate bars
Attention is turning to the smaller West African mid-crop harvest, which is expected to shrink further
Other cocoa producers like Brazil and Ecuador are trying to ramp up output but it will take years for new trees to bear fruit