What's New

Cocoa bean prices have been rising since the last quarter of 2023, hitting a record high of $10.97 per kilogram on April 19 (Figure 1). The price spike is due to a significant drop in bean production by major global suppliers—four key producing nations in West and Central Africa account for more than 60% of the world's supply of cocoa beans: Cote d’Ivoire (with 38% of the global production in 2022), Ghana (19%), Nigeria (5%), and Cameroon (5%).1

With climate change impacts, deforestation, and land use changes accelerating around the world, the need for mapping croplands—which cover 1.2 billion hectares, approximately 12% of Earth’s surface—is growing more urgent.

The FAO Food Price Index rose marginally in April but remained 7.4 percent below its April 2023 level. The slight increase was driven by rising meat, vegetable oil, and cereal prices.

Hunger continues to rise across the globe, with nearly 282 million people facing acute food insecurity in 2023, according to the 2024 Global Report on Food Crises (GRFC).  This number is up by 24 million from 2022, marking the fifth consecutive year that food insecurity has risen.

Russia’s invasion of Ukraine in February 2022 sent a shock through global fertilizer markets. All agricultural trade in the region was disrupted for a time, and a number of countries imposed economic sanctions on major fertilizer producers Russia and its ally Belarus (the latter already targeted pre-invasion by European Union fertilizer export sanctions). Prices spiked, resulting in fears of widespread impacts on agricultural production. Since then, fertilizer prices have fallen from those initial highs and new trade routes and patterns have emerged.