Cocoa Market Report for July 2023

Abidjan, 18 August 2023 – The International Cocoa Organization releases the Cocoa Market Report for July 2023. The current report highlights the following insights:

  • Grindings published by the main regional cocoa associations for the second quarter of 2023 indicated an overall plunge in cocoa processing activities in the traditional consuming regions, namely, Europe, North America, and Southeast Asia.
  • The increase in cocoa processing in Côte d’Ivoire absorbed a large part of the reduction (59,794 tonnes) in grindings of the three main regional cocoa associations.
  • Despite the currently low level of arrivals in Côte d’Ivoire, historical information outlined that the weekly arrivals in the country are regularly subject to revisions, and should this occur for the 2022/23 arrivals figures, production in Côte d’Ivoire for 2022/23 might end up being higher year-on-year.
  • In July, prices of the front-month contract averaged US$3,425 per tonne and ranged between US$3,221 and US$3,628 per tonne in London while in New York, they averaged US$3,391 per tonne and oscillated between US$3,230 and US$3,559 per tonne.
  • Compared to the average prices recorded a year ago (US$2,061 per tonne in London and US$2,315 per tonne in New York), the average prices seen in July 2023 represented significant increases of 66% and 46% respectively.

You can download the complete report by clicking here.

 

Call for bids to host the 3rd edition of the International Symposium on Cocoa Research, 2025

Abidjan, Côte d’Ivoire, 31 July 2023. The Executive Director of the International Cocoa Organization (ICCO) is pleased  to announce that the ICCO Members will select the country hosting the 3rd edition of the International Symposium on Cocoa Research (ISCR), scheduled for the second semester of 2025, during the 108th regular session of the International Cocoa Council in Abidjan, Côte d’Ivoire, in October 2023.

The International Symposium on Cocoa Research (ISCR), organised by the ICCO, is a 4-day event during which cocoa scientists from different academic disciplines exchange their latest findings and agree on priorities for collective actions. A Scientific Committee, to be established by the ICCO, will be in charge of the programme and the selection of abstracts to be presented at the Symposium under the guidance of the ICCO Secretariat. The 1st edition of the ISCR was held in Lima, Peru in November 2017; and the 2nd edition was held in Montpellier, France in December 2022.

To ensure equal representation as ISCR hosts between exporting and importing ICCO Members and within each group of Members, the Secretariat is inviting exporting ICCO Members from Africa or Asia to send to the Secretariat their official bids to host this event by 01 September 2023, close of business.

For further information or enquiries about bidding for the 3rd International Symposium on Cocoa Research, please contact Mr José Jiménez Puerta, Economist, International Cocoa Organization; tel: +225 27 22 51 49 60; email: jose.jimenez-puerta@icco.org

Cocoa Market Report for June 2023

Abidjan, 17 July 2023 – The International Cocoa Organization releases the Cocoa Market Report for June 2023. The current report highlights the following insights:

  • In Europe, cocoa beans originating from Ghana and Côte d’Ivoire traded with the highest premium followed by Ecuadorian and Nigerian cocoa beans; while in the United States African origins received a higher premium compared to Ecuador.
  • In the course of June 2023, the global cocoa market was bullish and prices of the front-month contract were substantially higher year-on-year, generally above the symbolic threshold of US$3,000 per tonne, on both the London and New York markets.
  • The market was mostly constrained by the uncertainties surrounding the supply side due in part to the adverse meteorological conditions that prevailed in Côte d’Ivoire.

You can download the complete report by clicking here.

 

Cocoa Market Report for May 2023

Abidjan, 20 June 2023 – The International Cocoa Organization releases the Cocoa Market Report for May 2023. The current report highlights the following insights:

  • Cocoa futures prices are currently hovering above US$3,000 and £2,300 per tonne in New York and London respectively.
  • Recent heavy downpours have been reported in major producing countries and have led to heightened fears of disease outbreaks as well as over the quality of the mid-crop cocoa beans.
  • The growing concern over an El Niño climatic phenomenon developing later in the year has been making the headlines.
  • though fertilizer prices are progressively declining, historically they are still significantly high and this could deter farmers from its usage, which could in turn affect cocoa production.

You can download the complete report by clicking here.

 

May 2023 Quarterly Bulletin of Cocoa Statistics

Abidjan, 31 May 2023 – The International Cocoa Organization today releases its revised forecasts for the 2022/23 cocoa year and revised estimates of world production, grindings and stocks of cocoa beans for the 2021/22 cocoa year. The data published in Issue No. 2 – Volume XLIX – Cocoa year 2022/23 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of May 2023.

One certainty for the ongoing 2022/23 season is the occurrence of a supply deficit, although compared to the 2021/22 season, the 2022/23 global production is projected to increase by 3.4% to 4.980 million tonnes. Grindings are expected to rise by 1.5% to 5.072 million tonnes.

Although a positive growth in cocoa production is underway for the season under review, yields are likely to be impacted by the weather such as the looming El Niño as well as other factors including diseases, fertilizer inputs, husbandry practices among others.

With regards to the increase in cocoa grindings, the commentary of the Bulletin highlights the recent efforts by top producing countries to move towards the downstream products instead of exporting raw cocoa beans. Indeed, cocoa processing has held up well at origin and this may have caused unintended adverse consequences such as low exports of cocoa beans from top producing countries to importing countries.

Another market development pointed out in the Bulletin is the build-up of cocoa inventories at the exchange, despite the assurance of a supply deficit for the 2022/23 season. Certain possibilities alluded to the relatively high level of stocks at the exchange are mentioned.

A review of price developments on international markets for cocoa beans during the January-March quarter of 2023 is also presented.

Summary of forecasts and revised estimates

 

Cocoa year
(Oct-Sep)		 2020/2021 2021/2022 Year-on-year change
Revised
estimates		 Previous
forecasts a/		 Revised
forecasts
(thousand tonnes) (Per cent)
World gross production 4 818 5 017 4 980 + 162 + 3.4%
World grindings 4 995 5 027 5 072 + 77 + 1.5%
Surplus/deficit b/ – 225 – 60 – 142
 
End-of-season stocks 1 774 1 652 1 632 – 142 – 8.0%
Stocks/Grindings ratio 35.5% 32.9% 32.2%

Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XLIX – No. 1 – Cocoa year 2022/23
b/  Surplus/deficit: net world crop (gross crop adjusted for loss in weight) minus grindings. Totals may differ due to rounding

 

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers annual data from 2019/20 to 2021/22 and quarterly statistics for the period April-June 2021 to October-December 2022. Details on destinations of exports and origins of imports for leading cocoa exporting countries are also provided.

Copies of the Quarterly Bulletin of Cocoa Statistics, in Microsoft Excel and Adobe PDF formats, can be ordered from the new ICCO e-Shop: www.icco.org/shop or by email: statistics.section@icco.org

Release of new edition of manual on Pesticide Use in Cocoa

Abidjan, 23 May 2023 – The International Cocoa Organization (ICCO) in collaboration with the European Cocoa Association (ECA), the Association of Chocolate, Biscuit and Confectionery Industries of Europe (CAOBISCO), and the Joint Cocoa Research Fund (JRF) has released the fourth edition of the manual of Pesticide Use in Cocoa. This latest edition provides more guidelines on the safe and effective use of pesticides in cocoa production.

Chocolate and other cocoa products are delicacies that people all over the world love and enjoy. The key ingredient in these delicacies is derived from cocoa beans, also known as the “food of the gods”, and popularly renowned for its ancient history as well as its health and nutritional attributes.

The use of chemical control measures to manage cocoa pests and diseases could cause food safety concerns if pesticide application is not done in the prescribed manner, leading to residues above maximum prescribed levels for chemical compounds that are dangerous to the health of the consumers.

Our priority is the production of wholesome cocoa beans, which are safe for consumption. In this respect, the International Cocoa Organization (ICCO), in close cooperation with the cocoa industry, publishes a manual of Pesticide Use in Cocoa providing broad guidelines on the choice and application of pesticides used in the cocoa supply chain. The first, second and third editions of the manual were published in 2008, 2010 and 2015 respectively.

The past decade has witnessed a significant change in the food safety and environmental sustainability landscape, calling for greater focus from policy makers on protecting people and the environment. This and other considerations prompted the publication of the fourth edition of the manual to meet the challenges of the times.

We are happy to inform the public, and particularly our stakeholders, of the release of the fourth edition of the manual. This edition is packed with more information on the science and application of pesticides. In addition, there are new sections on policy changes in traceability schemes, EU Green Deal on sustainable use of pesticides, bio-alternatives to chemical control and an analysis of emerging pest threats.

The manual is intuitively designed to be user-friendly, particularly for cocoa farmers and cocoa traders. The manual is also a training guide for agricultural extension agents, agricultural students and staff of cocoa institutions and bodies. The manual will be very useful for cocoa warehouse managers, pesticide manufacturers, pesticide sellers and any other party that desires to know more about the safety of cocoa for consumption.

We encourage wide distribution of this free downloadable manual among stakeholders in cocoa production and trade.  The manual is available for download in digital format from the ICCO website: https://www.icco.org/icco-documentation/pesticide-use-in-cocoa-practial-manual-fourth-edition/

Let us all collaborate to ensure safe cocoa production for consumption and for the pleasure of consumers of chocolate and other cocoa products.

Cocoa Market Report for April 2023

Abidjan, 16 May 2023 – The International Cocoa Organization releases the Cocoa Market Report for April 2023. The current report highlights the following insights:

  • In April, cocoa grindings data published by the main regional cocoa associations for the second quarter of the 2022/23 season indicated an overall increase in major cocoa-consuming markets.
  • Available information on crop sizes in main cocoa-origin countries in West Africa suggests that compared to the 2021/22 cocoa year, the 2022/23 cocoa season is heading towards a supply deficit due to a reduction in production.
  • The global cocoa market was generally bullish in April with prices of the front-month cocoa futures contract reaching a 6-year high on both the London and New York markets at US$2,831 per tonne and US$3,218 per tonne respectively.

You can download the complete report by clicking here.

 

Michel Arrion reelegido director ejecutivo de la ICCO

Abidjan, 30 abril 2023 – La Organización Internacional del Cacao (ICCO) se complace en anunciar la confirmación de la renovación del nombramiento de Michel Arrion como Director Ejecutivo por un periodo de 5 años, hasta el 30 de septiembre de 2028. La confirmación se adoptó durante la 107ª reunión del Consejo Internacional del Cacao, que se celebró en Abiyán, Côte d’Ivoire, del 25 al 28 de abril.

Michel Arrion ocupa el cargo de Director Ejecutivo de la ICCO desde 2019 y ha desempeñado un papel decisivo en el avance de la misión de la organización para promover una Economía Cacaotera Mundial sostenible. Bajo su liderazgo, la ICCO ha logrado avances significativos en la promoción de la transparencia y la cooperación dentro del sector del cacao. Durante su mandato, el Sr. Arrion ha supervisado una serie de iniciativas significativas, incluido el establecimiento de un plan estratégico quinquenal que sitúa los ingresos de los agricultores en el centro de los objetivos de la organización, la mejora de la información estadística de la ICCO y el fortalecimiento de las relaciones con las principales actores del sector del cacao.

El Sr. Arrion expresó su gratitud al Consejo Internacional del Cacao por la oportunidad de seguir sirviendo al sector cacaotero y destacó la necesidad de seguir colaborando e innovando para afrontar los retos del sector.

“La cadena de valor del cacao se enfrenta a una serie de retos complejos, desde la desigualdad económica y social hasta el cambio climático”, afirmó el Sr. Arrion. “Me comprometo a trabajar con nuestros Miembros y socios para desarrollar soluciones innovadoras que promuevan una economía cacaotera sostenible y equitativa.”

Clausura de la 107ª reunión ordinaria del Consejo de la ICCO en Abidjan (Côte d’Ivoire)

Abidjan, 30 abril 2023 – La Organización Internacional del Cacao (ICCO) celebró la 107a reunión de su Consejo y Órganos Subsidiarios del 25 al 28 de abril de 2023 en Abiyán, Côte d’Ivoire, bajo la presidencia del Sr. Abel Fernández, de la República Dominicana.

Durante esta sesión celebrada en formato híbrido, nuestros Miembros tuvieron la oportunidad de intercambiar opiniones y realizar valiosas aportaciones sobre los últimos acontecimientos en la Economía Cacaotera Mundial.  Durante los cuatro días de reuniones, se debatieron varios temas relevantes, entre otros:

  • Confirmación de la renovación del nombramiento de Michel Arrion como Director Ejecutivo por un período de 5 años, hasta el 30 de septiembre de 2028.
  • Información actualizada sobre la próxima Conferencia Mundial del Cacao, que se celebrará en The Square, Bruselas, del 21 al 24 de abril de 2024.
  • Presentación de un estudio sobre las implicaciones para el sector del cacao de los nuevos marcos reguladores de los productos ecológicos en la Unión Europea y Estados Unidos.
  • Presentación de la esperada cuarte edición del manual “Uso de plaguicidas en el cacao”, editado conjuntamente por la ICCO, ECA, CAOBISCO y el JOINT COCOA RESEARCH FUND, que estará disponible próximamente en línea.
  • Aprobación de la creación de un Grupo de Trabajo de Expertos de la ICCO sobre Seguridad Alimentaria.
  • Preparativos para la próxima edición del Panel Ad Hoc sobre Cacao Fino que tendrá lugar en Antananarivo, Madagascar, los días 13 y 14 de junio.

El próximo 108º Consejo Internacional del Cacao se celebrará del 2 al 6 de octubre de 2023 en Abiyán e incluirá la celebración del 50º aniversario de la ICCO y el 10º aniversario de la Declaración de Abiyán sobre la Agenda Cacaotera Global.

Michel Arrion reconduit dans ses fonctions de Directeur exécutif de l’ICCO

Abidjan, 30 avril 2023 – L’Organisation internationale du cacao (ICCO) a le plaisir d’annoncer la confirmation du renouvellement du mandat de Michel Arrion en tant que Directeur exécutif pour une période de 5 ans jusqu’au 30 septembre 2028. Cette confirmation a été adoptée lors de la 107ème session ordinaire du Conseil international du cacao, qui s’est tenu à Abidjan, en Côte d’Ivoire, du 25 au 28 avril 2023.

Michel Arrion est le directeur exécutif de l’ICCO depuis 2019 et a joué un rôle déterminant dans l’avancement de la mission de l’organisation visant à promouvoir une économie cacaoyère mondiale durable. Sous sa direction, l’ICCO a réalisé des progrès significatifs dans la promotion de la transparence et de la coopération au sein du secteur du cacao. Au cours de son mandat, M. Arrion a supervisé un certain nombre d’initiatives importantes, notamment la mise en place d’un plan stratégique quinquennal plaçant le revenu des agriculteurs au cœur des objectifs de l’organisation, l’amélioration des informations statistiques de l’ICCO et le renforcement des relations avec les principaux acteurs du secteur du cacao.

Arrion a exprimé sa gratitude au Conseil international du cacao pour l’opportunité qu’il lui offre de continuer à servir le secteur du cacao et a souligné la nécessité de poursuivre la collaboration et l’innovation pour relever les défis du secteur.

“La chaîne de valeur du cacao est confrontée à un certain nombre de défis complexes, allant de l’inégalité économique et sociale au changement climatique”, a déclaré M. Arrion. “Je m’engage à travailler avec nos membres et nos partenaires pour développer des solutions innovantes qui favorisent une économie cacaoyère durable et équitable”.