Finally London went through 1100 Pounds and New York 2020 USD levels. In accordance with information, collected from main trading houses, for the second part of 2007 we should expect London corridor 1200-1300 Pounds with little chance to reach even 1400 Pounds.

Confirming the increase of the Funds presence, the New York raw materials market announced that the total volume during the month of June had been 5 million lots meaning an increase of 34% over the month of June 2006. We see a great interest to physical products from the world industry. Producers of cocoa beans prefer now to sell little parties of beans as they don’t have a lot of them and also plan to sell later, when price is expected to be higher. Some grinders of cocoa bean are only receiving now the beans, which should be delivered to them in April-May 2007.

The Sterling is strengthening it’s position against the Dollar. Today we see the level 2,03-2,04 with possibility to reach 2,10 in the end of 2007.

The Ivorian authorities announced that a new commercialization system will be implemented for the 07/08 crop. This system is based on establishing warehousing in the country’s interior, where the cocoa of the farmers can be received, cleaned and bagged for export (better quality?) before being sold through internet. What it all means at this stage is not yet quite clear, what could happen is that it will cause delay in the beginning of the crop if the system is not functioning perfectly and authorities block exports.