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september cocoa supply crunch thrown into doubt
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"the market is definitely pricing in that there's going to be a big crop," a european trader said. after commodities firm armajaro scooped up nearly all available tenderable cocoa at the july futures contract's expiry, industry players were concerned that the stockpiling could be a precursor to an even more daring speculative play on september. the july and september futures contracts are regularly vulnerable to a shortage of fresh cocoa supplies prior to the harvest in the largest producing region, west africa, in september/october. september, liffe's front month cocoa contract, has dipped to a 15 pound discount to december, from a premium which peaked as wide as nearly 200 pounds, indicating supply concerns have eased. forecasts for 2010/11 west african cocoa production have improved in recent months with olam international, the largest player in the cocoa industry in terms of origination and supply, forecasting a record crop. "you could assume there will be shipments arriving (in europe) in october... harvest's starting on time and looks good," said one european trader, adding that if it had been a late crop there could have been panic in the market. the cocoa market's return to a contango structure, where contracts become more expensive the further out they are dated, also makes carrying cocoa more affordable as the costs of storage and financing are at least partly covered by the cocoa holder receiving higher prices for later dated contracts. premium possible again dealers did not rule out the possibility of the discount on september returning to a premium, pointing out that if funds were short of the september contract they would need to cover positions over the coming weeks. "i wouldn't count against it going back to a premium," a london-based broker said. most funds cannot take delivery of cocoa beans and will have to either close out short positions or roll them forward before the contract expires on sept. 15. volume on the september contract has been low as many of the traditional market participants avoided the contract, reluctant to second-guess what armajaro's next move might be, dealers said. "the lack of volume indicates traditional players such as trade houses and processors have made their decisions and moved forward," a london-based broker said. nyse liffe cocoa prices have fallen over 20 percent since the july contract expired, as improving supply prospects from west africa weighed.
Source :flex-news-food.com
Date :
2
September
2010
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the agency has updated its list of product ranges that do not contain the six food colours associated with possible hyperactivity in young children. another three manufacturers producing product lines free of the colours have been added to the list: mrc, pertwood organic cereals co.
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italian researchers have optimised the extraction of the mushroom flavour compound 1-octen-3-ol from a flower, highlighting the potential of a natural alternative. the new study, published in food chemistry, suggests 1-octen-3-ol - a compound with a ‘musty’ mushroom aroma - can be efficiently extracted from the flowering plant melittis melissophyllum subsp. melissophyllum.
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review of performance turnover of the group increased to rm19.917 million for the current quarter which represents 13.08% increase over that of rm17.614 million achieved in the preceding year corresponding quarter. the current quarter result reported a profit before income tax of rm489,000 as compared to the result of the same period last year of profit before income tax of rm911,000. the group achieved a higher turnover of rm19.
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the correct mix of rain and sunshine is vital to the development of the cocoa crop. cocoa trees need very wet weather, but they suffer when it is too overcast, because it deprives them of the sunlight they need for photosynthesis. good rains have boosted cocoa arrivals to figures to beyond last season\'s levels. they are also expected to facilitate an early harvest next season, which officially starts in october but which farmers expect to start by mid-september.
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\"the outlook for (cocoa) crops is rather good and from next year we should not have more grindings than crops, which should have a stabilising effect on speculative investments,\" tanner said in an interview. \"next year, there will be around 80,000 to 100,000 tonnes surplus,\" he added..
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this compares with a net loss of $2,916,000, or $0.18 in diluted loss per share, for the fourth quarter of fiscal 2009. total sales in the fourth quarter of fiscal 2010 were $54,359,000, a 4 percent increase above sales of $52,233,000 for the same period one year ago. the sales improvement was principally due to higher sales of high quality food grade alcohol that resulted from increased output from the company\'s previously announced joint venture, illinois corn processing (icp), llc.
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Coca.Cola
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PEPSI
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Mcdonald
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Nestle
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Mars
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Baskin & Robins
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Nutrika
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Mumika
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Chika
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