LONDON, May 31 (Reuters) - The International Cocoa Organization (ICCO) on Friday revised up its global cocoa deficit forecast for this season, citing much lower cocoa supplies from leading producing countries and still steady demand for the bean.

In a quarterly update, the inter-governmental body predicted a global deficit of 439,000 metric tons in the current 2023/24 season (October-September), up from a previous forecast of 374,000 tons.

The ICCO forecast that global production would fall by 11.7% to 4.461 million metric tons with grindings, a measure of demand, declining by just 4.3% to 4.855 million.

The group also slightly revised up its global deficit forecast for the 2022/23 season to 76,000 tons from 74,000.

"Though at the start of the season, there was uncertainty regarding cocoa demand due to increasing cocoa prices, current data reveal that cocoa grinding activities have so far been unrelenting in importing countries," said the ICCO.

It pointed out however that grindings in producing countries have slowed down due to a lack of beans.

The ICCO forecast that stocks at the end of the 2023/24 season would fall to 1.328 million tons, which is equivalent to 27.4% of projected annual grindings, a level not witnessed in the last 45 years. (Reporting by Maytaal Angel; Editing by Jan Harvey, Kirsten Donovan)