The current review of the cocoa market situation reports on price movements on the international markets during the month of July 2007.

The current 2006/07 season is expected to experience a significant production deficit. The ICCO Secretariat will soon release its revised forecasts for the 2006/07 season in the next issue of the Quarterly Bulletin of Cocoa Statistics.

The ICCO hosted the 13th meeting of the Consultative Board on the World Cocoa Economy at its London offices on 4 June 2007.  Under the Chairmanship of Mr Tony Lass, the Board deliberated on the Methodology for the Cocoa Value Chain Analysis Project; the document on Sustainable Cocoa Economy:  A Comprehensive and Participatory Approach; and preparations for the Round Table on a Sustainable World Cocoa Economy.

From 5-7 June, the meetings of the Executive Committee, Promotion Committee, Market Committee and the Expert Working Group on Quality were held in the Board Room of the European Bank for Reconstruction and Development.

At its 133rd meeting, chaired by Ms Irina Medvedeva, the Executive Committee discussed financial, administrative and budgetary matters.  Members also reviewed a progress report on projects and a report of the ICCO action plan on pesticide residues.  The Committee also approved a major project on supply chain management to be submitted to the Common Fund for financing.

Mr Steve Wateridge, chaired the Promotion Committee’s 11th meeting.  Discussions were held on consumption promotion in the Russian Federation and preparations for an international conference on the health and nutritional benefits of cocoa.

The 10th meeting of the Market Committee, under Chairman Mr Tano Kassi Kadio, discussed among other things, the world cocoa market situation, cocoa resources, and fine or flavour cocoa.

The current review reports on price movements on the international markets during the month of May 2007.

In May, the ICCO daily price averaged US$2 005, up by US$28 compared to the average price recorded in the previous month (US$1 977) and ranged between US$1 921 and US$2 070.

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 this issue, Vol. XXXIII No. 2, Cocoa year 2006/07, reflect the most recent information available to the ICCO Secretariat as at the beginning of May 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 3 721  3 472  3 444  -277  -7.4%
World grindings 3 492  3 540  3 555 +63  +1.8%
Surplus/deficit b/ +192 -103  -145
End-of-season stocks  1 882 1 757  1 737  -145  -7.7%
Stocks/Grindings ratio 53.9%  49.6% 48.9%

Notes:
a/ Forecasts published in Quarterly Bulletin of Cocoa Statistics, Vol. XXXIII – No. 1 – 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 also contains:

  • Data, by country, for the past four years of production and grindings of cocoa beans
  • Comments on crop and demand prospects in the leading countries for the current season
  • A review of price developments in international markets for cocoa beans during the January-March quarter of 2007
  • Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region. This covers annual data from 2003/04 to 2005/06 and quarterly statistics for the period January-March 2005 to July-September 2006
  • Details of destination of export and origin of imports for leading cocoa-exporting countries
  • Historical statistics on cocoa trade and consumption, by country and by region, for the period 1997/98 to 2005/06

Current and back issues of the Bulletin, including Microsoft Excel files and Adobe PDF format for Windows operating system can be ordered from the Secretariat or by clicking on the order form.

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
E-mail: info@icco.org

The current review of the cocoa market situation reports on cocoa price movements on the international markets during the month of April 2007.

Chart I shows the evolution of the ICCO daily prices in US dollars and in SDRs.  Chart II illustrates ICCO daily prices and cocoa bean prices on the London and New York futures markets from February to April 2007.  Chart III shows the level of volatility of ICCO daily prices since the beginning of the 2005/2006 cocoa season.

We are pleased to announce that the review of the cocoa market situation for March 2007 is currently available.

The International Cocoa Organization released its first forecasts for 2006/07 and revised estimates for the 2005/2006 cocoa year of world production grindings and stocks of cocoa beans. The data, summarized below, are published in issue No. 1 – Volume XXXIII – Cocoa year 2006/07 of the Quarterly Bulletin of Cocoa Statistics and reflect the most recent information available to the Secretariat as at end January 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 3 592 3 675  3 472 -203 -5.5%
World grindings  3 476 3 462 3 540 +78 +2.3%
Surplus/deficit b/ +80  +176  -103
End-of-season stocks 1 767 1 860 1 757  -103 -5.5%
Stocks/Grindings ratio 50.8% 53.7%  49.6%

Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XXXII – No. 4 – Cocoa year 2005/06
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 also contains statistical information for the past four years of production and grindings of cocoa beans, detailed by country. In addition, it comments on crop and demand prospects in the leading countries for the current season and provides a review of the price developments in international markets for cocoa beans during the October – December quarter of 2006.

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and region, published in this edition covers annual data from 2002/03 to 2004/05 and quarterly statistics for the period October – December 2004 to April – June 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 region, for the period 1996/97 to 2004/05 are presented for reference.

Copies of the Quarterly Bulletin of Cocoa Statistics, including Microsoft Excel files and Adobe PDF format for Windows operating system can be ordered from the ICCO secretariat at the address below or by clicking on the order form.

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
E-mail: info@icco.org

We are pleased to announce you that the review of the cocoa market situation for February 2007 is currently available.  As from now, the ICCO Secretariat will be releasing monthly reports on cocoa price movements on international markets.

We are pleased to announce you that the review of the cocoa market situation for January 2007 is currently available.  As from now, the ICCO Secretariat will be releasing monthly reports on cocoa price movements on international markets.

DURATION:
Seven years including a two year extension.
LOCATION:
CAMEROON,
COTE D’IVOIRE,
NIGERIA
NATURE OF PROJECT:
Marketing and Trade
ESTIMATED TOTAL COST:
US$ 6,509,171
FINANCING COMMITED BY CFC:
US$ 3,573,266
CO-FINANCING:
US$ 1,056,195
COUNTERPART FINANCING:
US$ 1,879,710
PROJECT EXECUTING AGENCY (PEA):
United Nations Office for Project Services (UNOPS), Senegal
PROJECT SUPERVISORY BODY:
International Cocoa Organization (ICCO)
PROJECT STARTING DATE:
October 1999
COMPLETION DATE:
September 2005

 

Brief Description

The main activities carried out under the project were promotion of privately-run warehousing systems; development of a cocoa marketing information system (MIS); development of a quality assurance and certification system; and development of a system of commodity trade finances.

 

Project Objectives

The overall objective of the project was to improve the functioning of the supply chain in cocoa-producing countries engaged in the process of liberalization of their cocoa sectors, and to ensure full participation of local operators in the physical trading of cocoa, while reducing trade and price risks.

 

Project Resutls

The project established and improved market information systems, warehousing up-country, quality assurance and quality enhancement, and a system of structured trade financing as indispensable components of a viable, efficient and transparent cocoa trade and marketing chain.

Click here to download the Project Completion Report (PCR)