Oil gushed to $39 per barrel on Friday morning, the highest price in over three months. Prices gained after the International Energy Agency suggested that "black gold" may have bottomed out. The agency pointed to potential deals between major oil producers to cap production as a factor that could further boost prices.
Gasoline has climbed alongside oil, gaining over thirty cents per gallon during the last month.
Longer term, the global oil market is still oversupplied, which could cap price rallies unless there is a further cutback in drilling.
Hogs go Wild
Hog prices surged this week to five-month highs as fears spread about a potential summer pork shortage. USDA data suggested 2% fewer slaughter-ready animals this summer and also showed that the animals were lighter than last year, resulting in less meat.
Meanwhile, US exports of pork and beef have climbed over the past year, another factor that could limit availability of ribs, roasts, and chops for the summer grilling season.
Friday's price of 72 cents per pound still makes pork a cheap alternative to beef, but prices could continue rising if supplies tighten further, especially with strong seasonal demand for Easter hams.
Chocolate Market gets Rich
Prices for chocolate bunnies could be rising this year. The cocoa and sugar markets have been rallying sharply, adding to the cost of making chocolate.
Prices for cocoa jumped to a two-month high as dry weather threatened to shrink crops in Ghana and Ivory Coast, two African nations that produce 60% of the world's cocoa.
Meanwhile, sugar hit a three month high as El Niņo-induced weather disruptions could lead to the smallest sugarcane crop since 2012. Sugar is grown around the world, in the form of sugarcane or sugar beets. Widespread production usually makes the market resilient, but numerous nations are being hit by unusual weather, including Guatemala, Thailand, and India, three of the world's major sugar producers.
As of midday Friday, May cocoa was worth $3050 per metric ton, and May sugar traded over 15 cents per pound.