Cocoa Steady on ICCO Outlook

N.Y. Cocoa is trading steady on Monday. Market talk about a tight supply continues to bring in buyers. The ICCO (International Cocoa Organization) has made it's forecast for the 2014/15 season. They are predicting a global supply deficit of 17,000 tonnes. The organization lowered the 2013/14 surplus down to 30,000 tonnes from 53,000. The organization also projected that global production for 2014/2015 would drop by 123,000 tonnes. Ghana led the decline in production. The Ivory Coast production was little changed down by about 26,000 tonnes. Much of the forecast had been anticipated by traders. Last check N.Y. May Cocoa was trading down 1 at 3015.