The International Cocoa Organization (ICCO) has slightly reduced its cocoa deficit forecast for the current crop year and says there are ample stocks for chocolate manufacturers, but a deficit next year could raise prices.
Cocoa futures in New York hit their lowest price since September yesterday on signs of increased production in Ivory Coast, which is the leading global supplier.
Barry Callebaut has successfully closed its acquisition of a 60 per
cent stake in Malaysia's KLK Cocoa - a strategic move expected to
give the Swiss firm leverage to expand in the high-potential
Asia-Pacific region.
PureCircle has secured an extension to its agreement with Cargill
to supply its stevia-derived Reb-A until mid-2010, helping to
ensure availability for what is tipped to be the next big thing in
sweeteners.
PureCircle has forged an exclusive supply agreement with an
undisclosed Korean company to supply its commodity Sweta sweetener
on an exclusive basis - a deal it expects to deliver good growth
prospects for its stevia-based portfolio.
Hazelnut prices remain at all time highs but the imminent crop from
key producer Turkey could offer some stability to snack makers and
confectioners impacted by the record highs.
Acquisitive US ingredients firm Cargill leapfrogs into a leading
pectin position as the Citrico acquisition clears allowing pectin
products to fall into Cargill's portfolio, reports Lindsey
Partos.
Cocoa prices have leapt in London, driven by fears that instability
in Ivory Coast, that produces some 40 per cent of global crops,
could impact supplies.
Wheat, corn and soybean prices will remain high for much of 2004,
warns the US agency Fitch Ratings, with the industry likely to see
a continual shifting of higher ingredients costs onto the food
manufacturer. But tough negotiations...
German sugar giant Suedzucker willl break ground on a new plant to
produce bioethanol fuel from wheat at Zeitz in East Germany.
Earmarked for completion by 2005, the plant will operate in
conjunction with the local sugar factory.
