It's also a season when demand for lobster and beef generally rise, as consumers dine out during the Valentine's season.
Cocoa prices soared to all-time highs last week as deteriorating weather conditions and disease challenges hammered crop yields in Ghana and the Ivory Coast.
Cocoa prices soared to all-time highs last week as deteriorating weather conditions and disease challenges hammered crop yields in Ghana and the Ivory Coast, home to 60% of the world's production. "What's really driving all of this is basically this El Nino that's in place right now. It's really affecting the crop," said David Branch, senior vice president at Wells Fargo Agri-Food Institute.to Southeast Asia, India and parts of Africa, which drove a rally in soft commodities like sugar and cocoa last year.Product manufacturers are just raising the margins and telling the retailers to eat it, and they have to try to sell it at a higher price.
"There is still plenty of enthusiasm for treats around Valentine's Day," the National Confectioners Association told CNBC via email, adding that 92% of Americans surveyed said they planned to share chocolates and candies for Valentine's Day this year. "Besides capitalism… I think it also could be because it's easier — like, it's more affordable than going out for dinner or buying gifts," she said. "Usually the trope is, you give a card and chocolates.
, which tracks prices of common Valentine's Day staples such as chocolates, lobster tails, beef loins and potatoes, surged 13.8% year-on-year in January. The jump was driven by higher lobster tail prices, the report stated, which noted that the January average of lobster tails are 40% higher than last year's as a result of production shortfall in key areas such as Maine and Canada.
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