ICCO revises up 2023/24 global cocoa deficit forecast
LONDON, Nov 29 (Reuters) -The International Cocoa Organization (ICCO) on Friday raised its global cocoa deficit forecast for the 2023/24 season (October-September) just passed to 478,000 metric tons from 462,000 tons previously.
The inter-governmental body, in a quarterly update, raised its 2023/24 forecast for global production by 50,400 tons to 4.382 million tons, but the impact was more than offset by a higher forecast for grindings.
Grindings, a measure of demand, totalled 4.816 million tons last season, according to the ICCO forecast, up 65,000 tons from its previous forecast.
"Though, for the 2023/24 season, cocoa bean shortage and high cocoa prices slowed down processing activities, cocoa demand still outstripped supply," it said.
It also lowered its estimate for end-of-season stocks to 1.3 million tons from 1.324 million, bringing the stocks-to-grindings ratio to 27% from 27.9%.
Reporting by Maytaal Angel, Editing by Louise Heavens
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
