[ 2019-03-01 ]

Global cocoa surplus hits 71,000 tonnes in 2018/19
A global cocoa surplus is expected in the 2018/19
season, Informa’s Agribusiness intelligence
has said, with record production driven by
favourable weather in West Africa.

Global cocoa production was seen hitting a record
high of 4.85 million tonnes, leading to a surplus
of 71,000 tonnes for the October/September season,
it said in a report.

The projected surplus was slightly higher than the
median forecast of 30,000 tonnes in a Reuters poll
earlier this month. The ICCO’s most recent
estimate for the 2017/2018 season was a small
surplus of 22,000 tonnes.

“Massive cocoa production is almost certain
this year and as a result we may expect a very
volatile market in 2019 as higher-than-expected
production pressures cocoa prices,”
Agribusiness intelligence analyst Sergey
Chetvertakov said.

Top producer Ivory Coast was projected to have a
crop of 2.12 million tonnes, up from the prior
season’s 1.96 million with number two Ghana
predicted to produce 950,000 tonnes, up by 47,000
tonnes.

The report also noted that Europe and North
America face saturated local markets and the
growth rate of grinding was slowing down compared
to the two previous seasons.

Source - Reuters

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