North America’s Q2 2018 grind was reported at 119,301 MT by NCA, down 3.1 percent from Q2 2017 grind and the lowest Q2 grind since 2012. This Q2 decline surpassed market expectations, which ran closer to the 1.3 percent and 1.1 percent declines shown by Q4 2017 and Q1 2018, respectively. For the marketing year to date, grind is down 1.9 percent YoY. Quiet speculation by some of a possible uptick in grind was proven well off base. Only two of the last six quarters have shown YoY growth, so it is unsurprising that total grind for the first nine months of the marketing year are the lowest since 2011/12. North America’s quarterly grind has been down YoY every quarter since October.

Conversely, Asian grind was up 8.6 percent for the marketing year to date. At anything close to this pace, Asia is on track to beat last marketing year’s total grind of 716,228 MT. Q2 2018 grind was reported at 185,394 MT, up an impressive 15.2 percent from Q2 2017 grind. This volume is a record for any Q2 grind in Asia and marks the 11th straight quarter of YoY growth.

Asia quarterly cocoa grind history

Source: CAA
Posted by: Information Services
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