North American cocoa grindings rose 1.98 percent in the first quarter of 2019 from the previous year, exceeding the expectations of many market participants, data from the National Confectioners Association (NCA) showed on Thursday.
Companies in the United States, Canada and Mexico reported grinding 121,129 tonnes of cocoa in the three-month period, the strongest first-quarter data since 2015. Last year, companies reported grinding 118,778 tonnes in the first quarter.
Forecasts from market participants had ranged from a decrease of about 1 percent to an increase of about 1 percent.
Cocoa grindings reflect demand for chocolate's key ingredient, and the North American figures are the latest indicator of robust global demand.
Grindings in Europe rose 3.3 percent year on year, while processing in Asia rose 9.5 percent, data showed earlier this week.
Grindings in top producer Ivory Coast rose 7 percent in the period between Oct. 1 and Feb. 28, data from an exporters' association showed on Thursday. An increasing share of cocoa is processed in producing countries.
The nine companies listed by the NCA as taking part in the North American survey are: Barry Callebaut AG, Blommer Chocolate Co, Cargill Cocoa & Chocolate Co, ECOM, Ghirardelli Chocolate Co, Guittard Chocolate Co, Hershey Co, Mars Wrigley Confectionery, and Swiss food group Nestle SA.
Comments
Comments are closed.