The ICCO Consultative Board on the World Cocoa Ecocnomy met on 10 September and discussed several issues including the use of vegetable fats other than cocoa butter in chocolate.  Members were also updated on the preparations for the Roundtable on sustainability to be held in Accra, Ghana from 3 to 6 October 2007.

The meetings of the International Cocoa Council, Executive Committee, Market Committee and Promotion Committee took place at the offices of the European Bank for Reconstruction and Development (EBRD) from 11-14 September.  Members deliberated on personnel, administrative, budgetary and relocation matters.

Decisions included approval of the budget and work programme for 2007/2008 and; review and approval of new project proposals for financing.  Members also contributed to a first discussion of a major policy document on cocoa prices and incomes of cocoa farmers.

Mr Askley Delgado (Ecuador), outgoing Chair of the Council, hosted a cocktail party for members in which he was presented with the golden cocoa pod by the Executive Director.  Four (4) chocolatiers, Academy of Chocolate, William Curley, Paul Young and Chantal Coady, mounted a display and offered samples of their products which were well received.

Mrs Irina Medvedeva (Russian Federation) was elected as the new Council Chair and Mr Victor Iyama (Nigeria) as Chair of the Executive Committee for the 2007/2008 cocoa year.

The Review shows graphically the evolution of ICCO daily prices from 1-30 August 2007.

It also illustrates price movements on the London (LIFFE) and New York (NYBOT) markets as well as the ICCO daily prices for the period June-August 2007.

The latest QBCS contains revised forecasts for the current 2006/07 cocoa year of world production, grindings and stocks of cocoa beans. The data published in issue No. 3 – Volume XXXIII – Cocoa year 2006/07 of the Quarterly Bulletin of Cocoa Statistics, reflect the most information available to the Secretariat as at the beginning of August 2007.

Summary of forecasts and revised estimates

Cocoa year (Oct-Sep) 2006/2007 2007/08 Year-on-year change
 Previous estimates a/  Revised estimates  Forecasts
(thousand tonnes)  (Per cent)
World production 3 716  3 444 3 435 -281  -7.6%
World grindings 3 495  3 555  3 557  +62 +1.8%
Surplus/deficit b/ +184  – 145 -156
End-of-season stocks 1 864  1 737  1 708 -156 -8.4%
Stocks/Grindings ratio 53.3%  48.9% 48.0%

a/ Forecasts published in Quarterly Bulletin of Cocoa Statistics, Vol. XXXIII – No. 2 – Cocoa year 2006/07
b/ Surplus/deficit: net world crop (gross crop adjusted loss in weight) minus grindings
Totals and differences may differ due to rounding.

This issue of the Bulletin contains the Secretariat’s revised forecasts for the 2006/2007 cocoa year as well as data for the past four years of production and grindings of cocoa beans, detailed by country.  The main features of the global cocoa market are illustrated in colour charts.  In addition, it includes comments on crop and demand prospects in the leading countries for the current season, and a review of price developments in international markets for cocoa beans during the April-June quarter of 2007.

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition covers annual data from 2003/04 to 2005/06 and quarterly statistics for the period April-June 2005 to October-December 2006.  Details of origin of imports and destination of exports for leading cocoa-importing countries are also provided.  Historical statistics on cocoa trade and consumption, by country and by region, for the period 1997/98 to 2005/06 are presented for reference.

Copies of the Quarterly Bulletin of Cocoa Statistics, including Microsoft Excel files and Adobe PDF format can be ordered from the ICCO Secretariat at the address below:

International Cocoa Organization
Commonwealth House
1-19 New Oxford Street
London WC1A 1NU
Tel:  +44 (0)20 7400 5050
Fax: +44 (0)20 7421 5500