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UPDATE 1-North American cocoa grind falls to 4-year low

Published 2016-04-14, 04:38 p/m
© Reuters. UPDATE 1-North American cocoa grind falls to 4-year low

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NEW YORK, April 14 (Reuters) - North American cocoa
grindings fell in the first three months of 2016, data from the
National Confectioners Association (NCA) showed on Thursday, the
region's sixth straight weak quarter and the lowest level in
nearly four years.
The drop in processing was below expectations of 1 percent
lower to 4 percent higher.
Cocoa grindings, a measure of demand for the key ingredient
in chocolate, fell to 118,790 tonnes, down 2.24 percent from the
same period a year earlier and the lowest volume since the
second quarter of 2012, NCA data showed.
The fall in grindings came after chocolate makers responded
to soaring commodity costs by raising prices while weak
processing margins deterred grinders from building up
inventories.
ADM Cocoa ADM.N , which reported grindings in the first
quarter of 2015, shut down its Pennsylvania facility amid
acquisitions.
The weaker-than-expected data followed a Wednesday report
showing Europe's grind for the same period unexpectedly fell by
a slight 0.2 percent. Cocoa grinding in Europe is nearly three
times that in North America.
The nine companies that took part in the North American
survey are: Barry Callebaut, Blommer Chocolate Co, Cargill Cocoa
& Chocolate Co, ECOM, Ghirardelli Chocolate Co, Guittard
Chocolate Co, Hershey Co HSY.N , Mars Chocolate North America
and Nestle Chocolate & Confections NESN.VX .

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