World cocoa surplus forecast lifted
The International Cocoa Organisation (ICCO) has released its revised forecasts for the current 2016/2017 cocoa year, predicting a larger than previously expected global cocoa surplus.
According to the organisation, there will likely be a global cocoa surplus of 382,000 tonnes, up significantly from its earlier forecast of 264,000 tonnes.
World production is now expected to reach 4.7m tonnes, up from its earlier forecast of 4.6m tonnes, while global grindings is set to reach 4.3m, up from its earlier estimation of 4.2m tonnes. End of season stocks are set to total 1.8m, up from its earlier 1.7m tonnes prediction, and stocks/grindings ratio is predicted to reach 41.8%, up from its earlier 39.3% forecast.
The organisation has also revised estimates of world production, grindings and stocks of cocoa beans for 2015/2016. Global production is set to total 4m tonnes, world grindings at 4.1m tonnes, a cocoa deficit of 197,000 tonnes, with end of season stocks forecast to reach 1.4m tonnes.
