Dive Summary:

• New research from the Public Ledger shows cocoa production unable to keep up with grindings for the next two years.
• The current 2012/12 season will face a deficit of 74,000 metric tons, with production of 2.965 million metric tons versus grindings of 4.039 million metric tons, and the shortfall is expected to increase to 178,000 metric tons in 2013/14.
• The last two seasons saw a surplus, which helped lower prices from 2010's 33-year high of $4,080 per metric ton, but recovering demand will likely support futures in the coming seasons.

From the article:

... "I expect the global price of cocoa to increase compared to 2012/13 levels," said a Ghana-based analyst. "Demand in Europe and the US is expected to increase due to an anticipated recovery of their economies." ...