dry weather before the arrival of rains in late September.

"Should the mid-crops turn out to be normal, it would become increasingly hard to argue that the cocoa market is in structural deficit."

'Limited upside potential'

Furthermore, the group highlighted that world inventories ended 2011-12 at a record-high 2.12m tonnes, equivalent to 56% of demand.

This is the highest stocks-to-use ratio – a key pricing metric – since 1989-1991, "when nominal International Cocoa Organization indicator prices were roughly half current levels".

And, "given the proximity of year end", speculators looked unlikely to lift their net long position, already at a historically high 29,686 lots for New York cocoa futures and options.

The dynamics "suggest a limited upside potential for the remainder of this year", Marex said, forecasting prices were "likely to fall" to asugar such as dextrose, an amino acid source such as whey solids, a dough conditioner to prevent dough shrinkage and a leavening agent to enhance browning and to provide a puffy crust. Pies made with this bottom crust are placed into a tray which is composed of a microwave-interactive material. Maillard-type browning reactions occur upon exposure of the bottom crust dough to microwave energy which causes water in the dough to become heated which in turn causes the dough to become heated. Caramelization browning reactions occur due to heat conducted from the tray into the bottom crust dough, which additionally gives the dough a crispier texture. A pie made with this bottom crust may also comprise a top crust dough. The top crust dough preferably has a laminate