Hershey is behind the big cocoa trade that upended N.Y. markets

Chocolate bars are displayed for sale at the Hershey Co. Chocolate World store in Hershey, Pa., on July 13, 2018. Foto: Bloomberg/Angus Mordant

One of America's top chocolate makers is upending the New York cocoa market.

Hershey Co. is taking the unusual step of directly sourcing a large amount of cocoa through the ICE Futures U.S. exchange instead of buying beans in the physical market, according to people familiar with the matter who asked not to be named because the deal is private. The massive trade has sent December-delivery futures to a record premium over the next contract. The purchases were so large that they required special permission from the exchange, the people said...

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