Mondelez faces unprecedented cocoa cost inflation with futures at multi-decade highs eroding chocolate category margins. Pricing actions are causing elasticity in European chocolate where consumer pushback is visible at retailer level. Biscuits portfolio more defensive. Hedging program provides 12-month protection but rolling forward at higher prices. Risk-reward skewed negative until cocoa supply normalizes (likely 2027+).
Signals scoped to US · Company-specific tagging coming soon.