The American chocolatier records a $460 million pretax gain on commodity derivatives as cocoa futures hit record highs last year.

The Oreo maker warned of “unprecedented” inflation for the commodity that would reduce its earnings, while the Kisses giant cautioned of a disconnect between fundamentals and market price.

Hershey (HSY -1.90%) is struggling today. One of the biggest problems is inflation, but not the kind that consumers dealt with coming out of the coronavirus pandemic. Cocoa prices