It looks like a case of too much of a good thing at the moment, as oversupplies of the sweet stuff melt cocoa prices.
Cocoa output from the world's four main producers - Ivory Coast, Ghana, Nigeria and Cameroon - hit records in the 2010-2011 season of more than 3.2 million tonnes, because of ideal weather and improved husbandry techniques.
The bumper crop is now contributing to a slide in global futures prices. It does not look like it is going to change any time soon.
"This year it looks like its going to be a big crop," said Victor Casas, the director for cocoa trades at the cocoa trader Olam International.
Ivory Coast, the world's biggest cocoa producer, has said output of the chocolate ingredient will decline slightly this year.
But Ghana expects its cocoa production this season will rival last year's record 1 million tonne crop due to improved weather and farming techniques.
Guinea is developing a plan to boost production in cocoa and coffee, including regulating prices for the country's more than 13,000 growers. Now Jamaica has announced plans to renew commercial interest in its cocoa farming.
In the United States, cocoa stocks have risen, and many chocolate makers have already bought supplies ahead of the Easter peak demand period. Hedge-fund managers cut their net-short position in New York cocoa futures in the week ended last Tuesday , according to the US commodity futures trading commission data.
But speculative short positions, or bets prices will fall, still outnumbered long positions by 3,830 contracts on ICE Futures US, the commission said. Prices have risen by as much as 21 per cent over the past two months. But these are expected to drop - with some analysts saying by as much as 10 per cent to US$2,000 a tonne by July.
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Results
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7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
Ticket prices
- Golden circle - Dh995
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- Lower Bowl Platinum - Dh95
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- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Squid Game season two
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Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Killing of Qassem Suleimani
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
Company%20Profile
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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Rating: 3/5
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
