Cocoa powder prices continue to rise following stocks at certified warehouses in London dropping from 149,800 tonnes in January to 145,090 last month. Cocoa is mostly traded in US dollars, and a 6% weakening of sterling against the dollar has made exports more expensive.
Cocoa butter prices are also continuing to increase month on month after worse than expected Harmattan winds between November and March prompted forecasts for lower cocoa bean production in the current season. However, year-on-year prices remain down due to signs of lower demand.
Milling wheat prices are down following forecasts for a record harvest in 2014/15, with EU production tipped to increase 8% year on year.