Growers

Outlook Bright

For Ng Cocoa

New Guinea cocoa growers

expect to produce 25,000 to

27,000 tons of cocoa beans in the 1967-68 season, due to end

on March 31, and present price

indications are that they should do well with their crop. A total of 30,000 tons has been pre dicted for 1968-69.

Preliminary figures reveal that 20,870 tons were exported in 1966-67.

These figures contrast markedly with the 1965-66 result, when severe drought in the rich cocoa-growing area around Rabaul, coupled with an outbreak of the fatal Dieback disease, pegged output to 16,781 tons.

This was almost 4,000 tons lower than the 1964-65 figure.

Ghana, the world’s biggest cocoa producer, on which cocoa prices are based, will produce slightly in excess of 400,000 tons in 1967-68 —a heavy production.

Her total to February 22 was 396,039 long tons.

The other big African producer, Nigeria, produced 208,000 long tons to the same date—about 30,000 tons below the figures for the previous year.

World cocoa prices in February were weaker because of profit-taking by speculators in London and New York and also the news that cocoa manufacturers in Holland had ground 19 per cent, less cocoa in January than in the same month of the previous year.

Speculators had earlier responded to forecasts of a shortfall in cocoa production and had bought at high prices. Recently, it appeared that the shortfall would be less serious when more cocoa appeared, and prices fell.

NG cocoa in demand

In mid-February, French West African cocoas were in short supply and European buyers showed better interest in alternative cocoas—par ticularly New Guinea produce.

Good demand also came from Australia, and New Guinea prices compared favourably with Ghana.

January exports from New Guinea totalled 2,196 tons—of which 434 tons went to Australian ports.