Cocoa Gets Cheaper But Chocolate Makers Are Still Holding Back

Cocoa processing remains under pressure around the world, highlighting continued demand destruction and struggles for the chocolate industry in the wake of record prices a year ago.

The amount of beans ground into butter and powder for confectionery in Europe — the top consuming region — likely fell about 3% in the fourth quarter from a year earlier, the average of 11 analysts and traders surveyed by Bloomberg show. That would be the lowest for a fourth quarter in 11 years. Grindings probably slid to a 10-year low in Asia, while rising slightly in North America.