Hershey seeks permission for large cocoa futures purchase, Bloomberg says

Hershey (HSY) is asking the Commodity Futures Trading Commission for permission to buy a sizeable amount of cocoa through the New York exchange after global shortages sent prices to a record, Lydia Beyoud and Isis Almeida of Bloomberg report, citing people familiar with the matter. The company wants to take a position that will allow it to purchase more than 90,000 metric tons of cocoa on ICE Futures US, sources told Bloomberg. The request equates to about 5,000 20-foot containers and is more than nine times the amount the exchange currently allows, Bloomberg points out. A spokesperson for Hershey told Bloomberg the company has a “rigorous” procurement process and that it is “well covered” on its cocoa needs for 2025.