An agreement to revive cocoa price supports...

An agreement to revive cocoa price supports in the face of a world glut has been reached, according to the International Cocoa Organization. Under the agreement between producers and consumers, the ICCO will step in when prices slump to buy as much as 75,000 tons, roughly the surplus predicted for this season, and hold it until prices recover. Already the ICCO holds 175,000 tons. Experts believe the accord will lift the March cocoa futures price. It closed in London at $2,018 Friday after reaching a five-year low last month of $1,770. However, the agreement failed to address worldwide overproduction. Cocoa consumption this year is projected to rise only about 3%, not enough to absorb high stocks and expanding production.