North American cocoa grindings fell more than expected in the second quarter of 2018, marking the weakest processing volumes for the April-to-June period in six years, according to data from the National Confectioners Association (NCA) on Thursday.
Companies in Canada, the United States and Mexico reported grinding 119,301 tonnes of cocoa in the three-month period, down 3.11 percent from the second quarter 2017 and the weakest for that period since 2012. However, it was up 0.4 percent from the first quarter, NCA data showed.
This was below expectations that ranged from 1 percent below to 1 percent above the second quarter 2017. The weak grindings took place as New York cocoa futures surged to a premium of more than $200 over the London market, marking a 41-year high.
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