Global Commodity Markets See Record Highs in Cocoa, Coffee, and Beef Prices

Global commodity markets are experiencing unprecedented price surges across key agricultural products, with cocoa, coffee, and beef reaching record highs. This trend, highlighted by social media user "tic toc" on October 23, 2025, reflects a complex interplay of adverse weather conditions, supply chain disruptions, and shifting global demand. Consumers worldwide are bracing for continued elevated costs for these staples.

Cocoa prices have seen a dramatic increase, reaching nearly $12,000 per metric ton in the first half of 2024 and hitting record highs in December 2024 and February 2025. The International Cocoa Organization (ICCO) reported a significant 14.2% drop in global cocoa production for the 2023/24 season, leading to a deficit of approximately 462,000 metric tons—the lowest stock levels in 22 years. This "cocoa crisis" is primarily attributed to disappointing harvests in West Africa, which accounts for 70% of the world's cocoa, due to extreme weather, disease, and aging farms. Rabobank analysts predict that "significantly higher chocolate prices will likely hit shelves over the coming months and going into 2025," as manufacturers pass on increased costs.

Similarly, coffee prices have soared, with Arabica beans reaching a 47-year high of over $3.30 per pound in mid-December 2024, and Robusta prices also hitting record levels. The sustained increase is a result of global logistics disruptions, rising fertilizer costs, and particularly, extreme weather conditions in major producing regions like Brazil and Vietnam. Brazil, the world's largest Arabica producer, faced severe drought and frosts, while Vietnam, a top Robusta supplier, experienced droughts and heavy rains, leading to a 20% fall in its 2024 production. Analysts anticipate prices to remain high well into 2025 due to ongoing climate and supply chain issues.

Beef prices have also contributed to the rising cost of commodities, with all-fresh beef reaching a record high of $7.55 per pound in July 2023. This upward trend is largely driven by a shrinking cattle herd in the United States, which has reached its smallest size in over 50 years due to drought conditions, high feed costs, and increased culling. The reduced supply, coupled with steady consumer demand, has pushed prices higher. Experts forecast that beef prices will remain elevated through 2024 and into 2025, as it takes time to rebuild cattle inventories.