Strengthening El Niño event sends cocoa, coffee prices soaring on supply fears

A powerful El Niño weather pattern is fueling a rally in agricultural commodities, with traders anticipating widespread harvest disruptions. Since the beginning of June, cocoa prices have surged 37% on drought threats in West Africa, while arabica coffee has climbed 26% amid concerns for Brazil's crop. The US National Oceanic and Atmospheric Administration sees an over 80% probability the event will become 'very strong', raising risks for global food supplies and trade logistics.