ICCO TO EXAMINE BUFFER STOCK PROPOSAL TOMORRROW
The International Cocoa Organization,
ICCO, council adjourned after presenting divergent producer and
consumer views on buffer stock rules and agreeing to examine a
draft compromise proposal on the buffer stock issue tomorrow,
delegates said.
    ICCO Executive Director Kobena Erbynn will draw up what
some delegates called a "pre-compromise" and present it to the
buffer stock working group at 1130 hrs GMT Tuesday, they said.
    While consumer and producer member nations disagree how a
buffer stock should be implemented, both sides reiterated they
were willing to compromise to come to agreement, they said.
    "I am optimistic we will be able to come to an agreement --
maybe not tomorrow or the next day, but some time later in the
session," a consumer delegate said.
    Producers say they want the buffer stock to consist only of
ICCO member cocoa, comprise a representative basket of various
grade cocoas and pay different prices for different grades,
delegates said.
    Some consumers would rather the buffer stock manager be
able to buy non-member cocoa also, and pay a single price for
the buffer stock cocoa without respect to origin.
    Consumer members were not unified in their views on how the
buffer stock should operate, with several countries backing
different aspects of the producer stance, delegates said.
    The semi-annual council meeting is scheduled to run until
March 27. Consideration of the buffer stock rules is the most
controversial topic on the agenda, delegates said.
 Reuter
