Cocoa imports by Indonesia may more than double next year, transforming the third-largest grower into a net buyer, as companies process more beans for chocolate, said the Indonesian Cocoa Association. Futures climbed for the first time in five days.
A bear market in palm is poised to deepen in 2013 as the most-used cooking oil slumps to less than 2,000 ringgit ($644) a metric ton on increased global supplies of vegetable oils, according to Dorab Mistry.
Palm oil probably will drop this year after Asian producers boosted acreage and global oilseed supplies rose, said Dorab Mistry, a Godrej International Ltd. director who’s traded the commodity for more than 30 years. Prices fell, erasing this year’s gain.
Sugar output may exceed demand for a second year after farmers boosted planting as futures surged, pushing prices lower, Standard Chartered Bank said. That may lower costs for drinks makers like units of Coca-Cola Co.
Japan, the biggest corn buyer, may increase grain imports to guarantee food supplies after the nation’s strongest earthquake on record and a tsunami devastated the northeast coastal region, said Standard Chartered Plc.
The six-month bear market in palm may be ending as declining output in Malaysia curbs a record glut, with Sime Darby Bhd., the largest producer, forecasting a rally in the world’s most-used cooking oil.
Palm-oil stockpiles in Malaysia, the world’s second-largest producer, jumped to a record as a surge in output and an economic slowdown in China and Europe weakened demand for the commodity used in food and biofuel.