ICCO Reduces Global Cocoa Shortage Forecast by 39% This Year
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The global cocoa shortage for the 2011-12 season started in October will be 39 percent smaller than initially estimated, according to the London-based International Cocoa Organization.
Cocoa demand will outpace supplies by 43,000 metric tons from a February forecast of 71,000 tons, the ICCO said in a report e-mailed today. This season’s shortage follows a surplus of 343,000 tons in 2010-11, according to the group.