World 2011/12 cocoa output seen lower
London, July 6, 2011
Commodities brokerage Marex estimates world 2011/12 cocoa production will fall to 3.844 million tonnes, after favourable weather in West Africa led to record output the previous year, it said in a report on Wednesday.
Global 2010/11 production was estimated at 4.031 million tonnes.
"Rainfall has been close to the long-term average during early development of the new West African main crops, but early reports suggest that development has not been as good as last year," Marex said.
World cocoa supply and demand is expected to be balanced in 2011/12, following a surplus estimated at 286,000 tonnes, Marex said.
Global 2011/12 cocoa grindings, an indicator of demand, are expected to rise to 3.847 million tonnes, from 3.745 million tonnes the previous year. – Reuters
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