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Number 3, Cocoa powder. Cocoa powder is a good example of why a lower futures price does not always mean the shelf problem is over. Cocoa prices fell hard after the extreme highs of late 2024, but the crop situation behind cocoa is still fragile. In Ivory Coast, the world’s biggest cocoa producer, a Reuters farmer survey reported in April 2026 that 73 percent of surveyed farmers had not bought fertilizer for the next two crop cycles. A related projection said 2026 output could fall 4.8 percent.

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