Surging cocoa supplies did little to prevent front month prices for cocoa (cocoa futures) creeping up by 4 per cent throughout August, according to Euromonitor. “The big surprise has been that this rise has taken place on the back of strong supply projections,”...
Ivory Coast’s cocoa trade has been normalised, but uncertainly remains about the mid-crop, and and all eyes are now on the weather for the main crop, to be harvested this autumn, notes commodities specialist Rabobank it its latest review.
Ivory Coast cocoa exports are unlikely to resume by this week, said Mintel, in response to reports that the country will start shipping the commodity from the beginning of May.
The food industry and cocoa traders have welcomed the EU decision to lift sanctions on the Ivory Coast ports and other Ivorian entities following an end to the crisis in the cocoa growing country.
Fears that almost 500,000 tonnes of cocoa beans stored in warehouses in the Ivory Coast would deteriorate are now subsiding with the perception that a political resolution is imminent in the cocoa growing country, according to Rabobank
There is still sufficient cocoa available on the market, despite political turmoil in the Ivory Coast situation, the International Cocoa Organization (ICCO) said yesterday, although there are concerns over cocoa damage over long storage periods.
Barry Callebaut has a contingency plan in place in light of ongoing Ivory Coast turmoil and has stepped up production at its cocoa processing facilities elsewhere to meet its customers’ needs.
Cocoa prices have remained stable over the past two weeks despite the Ivory Coast export ban with industry analysts citing good industry supply cover and access to plentiful crop from Ghana as factors for the lack of price volatility.
Lack of clarity on the implications for the cocoa industry of the financial penalities imposed by the EU on the Ivory Coast has prompted trade representatives in the bloc to seek additional information from the Commission.
Delivery of cocoa bean supplies to ports in the Ivory Coast appears to be unaffected by the recent political turmoil following last month’s election in the West African country.
Olam International is planning to invest $43.5m to build its first, large greenfield cocoa processing plant in the Ivory Coast as well as additional primary processing and warehouse facilities.
Recent cocoa bean price volatility is due in large part to hedge funds attracted by quick returns taking short-term positions on the commodity, according to a leading analyst.
Cargill Cocoa and Chocolate is aiming to have 10,000 tonnes of UTZ-certified cocoa available for the market in 2010, as the first two Ivory Coast cooperatives achieve certification and others are expected to get there soon.
London cocoa prices hit a 23-year high at the end of December, but emerging questions about consumer demand could see prices fall in 2009, according to the International Cocoa Organisation (ICCO).
Troubles for West African cocoa supplies look set to continue following reports that the harmattan, a harsh, crop-damaging wind, has begun to sweep in from the Sahara.
Democrats Tom Harkin and Eliot L. Engel wrote a hard-hitting piece
in the LA Times on Monday about the human cost of the chocolate
trade, but the cocoa industry has hit back by reaffirming its
commitment to responsible farming.
Prices remain steady for cocoa, despite news that the start of the
new cocoa harvesting season from the world's biggest producer,
Ivory Coast, has been delayed due to a dispute.
Hanging as a persistent threat to the chocolate industry witches'
broom disease is capable of wiping out entire cacao crops and
sending the price of chocolate rocketing. Despite ongoing research
into the threat confirmed by the...
War and disease have marked volatile prices for cocoa in the past
three years, peaking at 17 year highs in 2002 when the Ivory Coast
?source of two fifths of the world cocoa crop ?endured civil war.
Research into genomes could contribute...
The long term outlook for cocoa production in the world's biggest
producing country - the Ivory Coast - will be badly affected by the
current, and deepening, crisis in the country.