Cocoa
Rising cocoa demand, leading to shortfall in supplies, is likely to lead to a price surge, a three year high, for chocolates this year.. Last week, prices were up nearly three per cent, touching a two-and-a-half year high. The commodity, the main ingredient for making chocolates, has increased some seven per cent in a month and over 30 per cent in the last 12 months. Though the crops in West Africa, the main global suppliers, are reported to be good, the deficit is seen arising mainly due to higher off-take.
Rapeseed
Australian rapeseed exports are making a strong start to 2013-14 thanks to the logistical hiccups in Canada, the top shipper of the oilseed. While Canada has prioritised canola and wheat among its crop exports – after record harvests of both – shipments have still fallen due to the inability of its rail and port systems, choked by strong oil volumes and hampered by cold weather. Canada’s exports of canola, the rapeseed variant, have dropped 19% to 3.2m tonnes so far in 2013-14, starting in August, according to the International Grains Council.
Wheat
The dramatic growth in India’s status as a wheat shipper, with its exports soaring to 6.82m tonnes in 2013-14 from 72,000 tonnes two years before, has attracted worldwide attention. The US, Canada and Pakistan have questioned India’s export of wheat and rice, suggesting that subsidized grains have been shipped out providing gains to local traders. It is claimed that poor government policies were behind a rise in India’s status as a wheat producer, and exporter, which has prompted official forecasts of the country achieving its first 100m-tonne harvest this year.