According to CNBC, a U.S. consumer news and business channel, due to factors such as El Niño, orange juice, coffee and other goods** soared, and consumers may spend more money on related products in the coming months.
CNBC reported that Rabobank said in its "2024 outlook,"This year, drought in much of Southeast Asia, India, Australia and parts of Africa has boosted commodities such as sugar, coffee and cocoa
Extreme weather events and pests and diseases have led to a decline in citrus yields, an iconic crop in Florida, with orange juice*** reaching an all-time high at the end of November. Orange juice*** has soared by 80% so far this year. West Africa, the main cocoa-producing region, has been hit hard by heavy rains and fungal diseases, resulting in a severe decline in production. Cocoa, an important ingredient in chocolate, has grown by 64% so far this year, the highest level in 46 years. In the middle of the month, Robusta Coffee** reached its highest level in 15 years. Sugar, which is up 13% year-to-date, is now down from its 12-year high set in September.
Rabobank's agricultural commodity market analysts say El Niño causes sugar*** because this weather pattern tends to make weather conditions drier than normal in major sugar exporters such as Thailand, India and Australia. However, chocolate's ** may not be significant until next year, mainly due to the fact that Côte d'Ivoire and Ghana, the world's two largest cocoa producers, tend to sell a year earlier.
*: CCTV Finance & Economics.
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