bullish
Surging Soft Commodities
SUMMARY
As per the International Cocoa Organization, there was a deficit of 216kt in the global market during 2021/22 and 99kt in 2022/23.
With a significant decline in West African output in the ongoing 2023/24 season, it is anticipated that the market will experience a substantial third deficit, nearing 400kt.
This would result in stocks reaching their lowest levels in at least a decade.
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