Olam Raises Cocoa Shortage Forecast After Poor Africa Harvest
- World’s third-largest processor sees deficit of 350,000 tons
- Supply crunch to worsen through 2016, last into first quarter
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Chocolate makers aren’t getting a break anytime soon.
A smaller-than-forecast cocoa harvest is expected to increase a global shortage, which is the worst in decades, according to Olam International Ltd., the world’s third-largest cocoa processor. Supplies will fall short of demand by 350,000 metric tons in the season ending Sept. 30, 14 percent more than a previous estimate, said Amit Suri, Olam’s chief operating officer of cocoa.