“Coca leaf prices are down and cocoa prices are up.” It’s as simple as that, says cocoa farmer Óscar Gómez, who close to the Sierra Nevada de Santa Marta, an isolated mountain range near Colombia’s Caribbean coast. The story begins thousands of miles north at the New York Mercantile Exchange, the commodities market where the price of cocoa recently hit a record high of $10,000 per ton. This marks a significant increase of over 150% since January 2023.

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