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Brazil & Southern Cone - August 2010 (ISSN 1741-4431)
BRAZIL: The cocoa squeeze
Brazil, along with Ecuador, is the region's main cocoa producer and
thus its producers stand to benefit from the recent run-up in cocoa prices on
the London futures market. A British trader, Anthony Ward, who heads the trading
house Armajaro, surprised the market by taking delivery of over 240,000t of
cocoa, or 7% of the world's annual production, in July. Commodity analysts fear
that he could create further shortages by taking delivery of more cocoa in
September, when the next futures contract expires. Ward's cocoa stock is already
worth US$1bn at current prices.
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