Global durum wheat production is down 12% to 33.3 million tonnes, a 13-year low, as a result of heavy rainfall in Canada, the world’s largest producer. This has driven prices up a sixth in the past month, and 40% year on year. Milling wheat prices have risen slightly following forecasts of reduced planting area for next year’s crop.
Cocoa butter prices have fallen on the month and year after an upward revision of global production of cocoa beans. Global forecasts for grinding production of cocoa butter have also increased by 3.7%, to 4.2 million tonnes. Meanwhile, demand for cocoa powder from emerging markets has risen due to its low cost compared with cocoa butter, which has pushed up prices.