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LONDON, Aug 31 (Reuters) – The Worldwide Cocoa Group on Tuesday forecast a worldwide cocoa surplus of 230,000 tonnes within the 2020/21 season (October/September), up from a earlier projection of 165,000 tonnes.
The inter-governmental physique, in a quarterly replace, noticed manufacturing rising by a higher-than-previously-expected 8% within the season to five.14 million tonnes whereas grindings have been seen climbing by 3.3% to 4.86 million.
The ICCO stated the rise in manufacturing was totally on the again of file provides from the West African area.
The manufacturing forecast was 117,000 tonnes above the ICCO’s earlier projection primarily reflecting an upward revision for Ghana of 90,000 tonnes to 1.04 million.
Cocoa manufacturing in prime grower Ivory Coast was seen at 2.225 million tonnes, unchanged from the ICCO’s earlier forecast.
The impression was partially offset by a 51,000-tonne upward revision within the forecast for 2020/21 international grindings.
“Present prospects for world grindings level to a yr of progress…The expansion stems from an upturn in financial exercise as cocoa demand is recovering from the decline brought on by the COVID-19 pandemic in 2020,” the report stated.
The ICCO estimated there was marginal cocoa surplus of 9,000 tonnes within the 2019/20 season.
(Reporting by Nigel Hunt Modifying by Peter Graff and Lisa Shumaker)
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