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Does Hershey’s Trigger Another Chocolate Squeeze?
SUMMARY
- Does Hershey’s Trigger Another Chocolate Squeeze? During last week, cocoa prices surged again after Hershey’s reportedly asked the US commodity regulator for permission to buy a huge amount (more than currently allowed) of cocoa through the New York exchange in the midst of high prices and an ongoing cocoa deficit in the market.
- Bloomberg reported that the maker of Reese’s Peanut Butter Cups wants to take a position that will allow it to purchase more than 90,000 metric tons of cocoa on ICE Futures US, citing people familiar with the matter.
- This is an order that equates to about 5,000 20-foot containers.
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