LONDON: The International Cocoa Organization (ICCO), citing favourable growing conditions, on Monday forecast a global cocoa surplus of 165,000 tonnes in the 2020/21 season (October/September), up from a previous projection of 102,000 tonnes.
The inter-governmental body, in a quarterly update, projected production rising by a higher than previously expected 6.3% in the season to 5.02 million tonnes, while grindings were seen climbing by 3% to 4.81 million.
"The 2020/21 season has so far generally witnessed favourable growing conditions that bode well for cocoa production. As a result, a global record production is envisaged," the Abidjan-based ICCO said.
Top grower Ivory Coast was seen producing a record 2.225 million tonnes, up 75,000 tonnes from the ICCO's previous forecast issued in February.
The organisation estimated there was a marginal global cocoa surplus of 10,000 tonnes in 2019/20.