European grind provided a more neutral tone at 373,625 MT in Q1 2020, up over 5% from Q4 2019 and up almost 1% YOY. This is a reversal from the previous three quarters, which all showed YOY declines.

Asian Q1 grind was reported at 207,356 MT, down nearly 9% from Q4 and down half a percent from grind in Q1 2019. This marks the first YOY decline for the region’s quarterly grind since Q4 2015.

North American Q1 2020 grind was 115,591 MT, up nearly 5% from the previous quarter but down 5% from Q1 2019 grind. The region’s grind has shown YOY declines in each of the last three quarters. Over the last five years, YOY change has averaged down 1.8%.

Grind for all three regions totaled 696,572 MT, up about 0.6% from the previous quarter but down 0.6% YOY.

Quarterly cocoa grind growth for main reporting region & eight-quarter moving average

Source: ECA, CAA, NCA, McKeany-Flavell
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