ED(MEM) 1229 – Information session on EU Regulation on Deforestation – English

ED(MEM) 1229 – Information session on EU Regulation on Deforestation – French

ED(MEM) 1229 – Information session on EU Regulation on Deforestation – Spanish

ED(MEM) 1229 – Information session on EU Regulation on Deforestation – Russian

ED(MEM) 1228 – Feasibility Study on African Cocoa Exchange (AfCX) Phase I Report – English

ED(MEM) 1228 – Feasibility Study on African Cocoa Exchange (AfCX) Phase I Report – French

ED(MEM) 1228 – Feasibility Study on African Cocoa Exchange (AfCX) Phase I Report – Spanish

ED(MEM) 1228 – Feasibility Study on African Cocoa Exchange (AfCX) Phase I Report – Russian

 

 

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Abidjan, December 2023 – An Africa Cocoa Exchange will revolutionize cocoa marketing in Africa and bring positive impact to achieving a sustainable world cocoa economy. Recognizing that a “commodity exchange is an inclusive but market-friendly and financially sustainable solution for imposing structure on Africa’s often fragmented agricultural value chain”, the International Cocoa Organization (ICCO) commissioned a study to assess the technical feasibility and financial viability of establishing an Africa Cocoa Exchange (AfCX).

The feasibility study was split into two phases (Phase I and Phase II) to allow for a constructive stakeholders’ engagement and a systematic and logical approach to identifying a suitable exchange model that is appropriate for Africa.

Phase I of the study involves:

  1. A detailed analysis of the cocoa value chain and sectoral regulations in Côte d’Ivoire, Ghana, Nigeria, and Cameroon
  2. A detailed assessment of the Africa commodity exchange experience through a survey of Africa’s currently operational commodity exchanges
  3. Identification of a limited set of institutional design options of a commodity exchange with three components of spot, derivative and finance
  4. Engaging stakeholders for selection of an appropriate model of an Africa Cocoa Exchange (AfCX) for a deep dive analysis in Phase II of the study

Phase II of the study involves:

  1. Defining the interfaces between spot, derivatives, and financing components of the AfCX
  2. Specifying the functional and infrastructural scope, resources, workflows, and frameworks of the AfCX
  3. Articulating the role of AfCX with respect to the wider environment (sectoral regulations, institutional regulations, physical markets, and terminal markets)
  4. Pilot testing of the AfCX to demonstrate proof of concept.

The Phase I of the study has been completed and the reports are now available to the public for download here. The main report of the feasibility study should be read together with its five appendixes.

Please contact yunusa.abubakar@icco.org for any enquiries on the reports. Work on Phase II of the feasibility study will commence as soon as funding has been secured.

Abidjan, 12 December 2023 – The International Cocoa Organization releases the Cocoa Market Report for November 2023. The current report highlights the following insights:

  • Cocoa prices continued to extend their rallies in November due to supply tightness. By the end of the month the nearby contract prices reached US$4,522 per tonne in London and US$4,458 per tonne in New York. Compared to prices at the official start of the 2023/24 season in October, this reflects an increase of 23% and 27% in London and New York, respectively.
  • Unconducive weather conditions in Côte d’Ivoire and Ghana have been the root cause for the current decline in supply. Heavy rains have affected farming activities, the spread of diseases and haulage operations in the two countries. As these two leading producing countries supply about two-thirds of global cocoa beans, any change in their production tends to have a significant impact on the cocoa market.
  • Climate related challenges have consequences not only for producers but for consumers as well. Similar to high cocoa prices, confectionary manufacturers are also faced with other expenses such as surging cost of sugar. Prices of sugar have also increased due to weather events that led to declining production in key sugar producing countries.
  • The high cost of key ingredients due to supply constraints will consequently raise production costs for chocolate manufacturers and eventually be reflected in the price rise of confectionery products.
  • The deficit expected for the current season and previous years’ deficits have been caused by unconducive weather conditions. As the season progresses and more information becomes available, it will become clearer how supply, demand and prices will play out. 

You can download the complete report by clicking here.

 

 

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Abidjan, 30 November 2023 – The International Cocoa Organization today releases its revised estimates for the 2021/22 and 2022/23 cocoa years for world production, grindings and stocks of cocoa beans, as summarized below. The data published in Issue No. 4 – Volume XLIX – Cocoa Year 2022/23 of the Quarterly Bulletin of Cocoa Statistics reflect the latest information available to the Secretariat as of early November 2023.

The commentary of this edition of the Bulletin points out that the 2022/23 season was mainly characterized by a decline in supply from the two main producing countries and ended with a global production deficit. As the current 2023/24 season is also expected to end with a global production deficit, market participants continue to weigh the situation of successive supply deficits.

In this regard, several revisions have been made to the 2022/23 cocoa balance sheet. On the supply side, the production estimate has been revised upwards by 15,000 tons to 4.953 million tons, compared to the 4.938 million tons estimated in the previous bulletin.

As cocoa bean grindings are an indicator of cocoa demand, the continuous decline in quarterly grindings data published by the major regional cocoa associations during the 2022/23 season, compared to the previous year, indicates a slowdown in cocoa demand. On the demand side, grindings were revised down to 5.002 million tons from 5.005 million tons in the previous Bulletin.

Summary of revised estimates

 

Cocoa year
(Oct-Sep)
2021/2022 2022/2023 Year-on-year change
Revised
estimates
Previous
estimates a/
Revised
estimates
(thousand tonnes) (Per cent)
World gross production 4 826 4 938 4 953 + 127 + 2.6%
World grindings 4 994 5 005 5 002 + 8 + 0.2%
Surplus/deficit b/ – 216 – 116 – 99
 
End-of-season stocks 1 843 1 727 1 744 – 99 – 5.4%
Stocks/Grindings ratio 36.9% 34.5% 34.9%

Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XLIX – No. 3 – 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 October-December 2021 to April-June 2023. Details on destinations of exports and origins of imports for leading cocoa exporting countries are also provided.

Caution should be exercised in the interpretation of the data in this issue of the Bulletin as they may be subject to revisions in subsequent Bulletins and reports from the Secretariat.

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

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

  • Two consecutive years of deficit in conjunction with the expectation of another deficit heats price rallies.
  • For October 2023, prices of the nearby cocoa futures contract averaged US$3,844 per tonne and US$3.604 per tonne in London and in New York respectively.
  • Weather was the major factor that affected supply. Unseasonal heavy rains have prevented the drying of beans and led to degraded bean quality. Black pod disease and swollen shoot virus due to the excess rains have been reported in cocoa-producing regions. Floods have also rendered major roads in some cocoa regions to be difficult to access. Should the weather revert to normal conditions for this time of the year, it is likely arrivals may improve as more beans may start to leave the farms for the ports.
  • Based on published grindings data from the European Cocoa Association (ECA), National Confectioners Association (NCA) and the Cocoa Association of Asia (CAA), total grindings for the 2022/23 season dropped by almost 4% from 2,844,132 tonnes in the 2021/22 season to 2,739,982 tonnes.
  • It is too early to know how demand is faring amid cocoa price increases and slowdown in cocoa production. The subsequent quarters’ grindings data publication will provide a better view of how cocoa demand unfolds.

You can download the complete report by clicking here.

 

Abidjan, Côte d’Ivoire, 02 November 2023. The ICCO Secretariat is pleased to announce the relaunching of the process for the selection of the host country for the 3rd edition of the International Symposium on Cocoa Research (ISCR), to take place during the last quarter of 2025 or the first quarter of 2026.

The International Symposium on Cocoa Research (ISCR), organised jointly by the ICCO and the host country, is a 4-day event during which cocoa scientists from different academic disciplines exchange their latest findings and agree on priorities for collective actions.

The Symposium offers host country institutions a unique opportunity to become a reference in cocoa research and to interact with cocoa industry leaders and high-level speakers, who will present their most recent studies and point the way forward for the cocoa sector.

The International Symposium on Cocoa Research is becoming a well-established event in the sector. The last edition held in Montpellier, France, jointly organized with CIRAD (French Agricultural Research Centre for International Development), has attracted relevant sponsors and over 500 participants, not only from the scientific community, but also from the entire cocoa value chain, making it a must-attend event for anyone concerned with the future of cocoa.

In view of the above, we invite all countries, ICCO Members and non-Members, wishing to host the next ISCR to consult the Terms of Reference below and to submit their candidatures before December 29, 2023.

 

TERMS OF REFERENCE

The ICCO International Symposium on Cocoa Research (ISCR) is a 4-day event during which cocoa scientists from different academic disciplines exchange their latest scientific findings and agree on priorities for collective actions. A scientific committee, to be established by the ICCO, will be in charge of the Symposium’s programme and the selection of abstracts under the guidance of the ICCO Secretariat.

Cocoa-exporting countries, preferably from the African or Asian continent, interested in hosting the 3rd ISCR are invited submit their bids to the ICCO Secretariat. Their expression of interest will indicate which of the following items they or their government will fully or partially finance and any other additional points that would enhance their bid to host the Symposium.

The applicant should commit to contribute to 50% of the total budget of the conference and include a written confirmation of this commitment in the bid. The other half of the budget will be covered by the ICCO. The projected budget for the 3rd ISCR, based on the final costs of the 2nd ISCR, is approximately 600,000 euros, therefore applicants should be prepared for a similar financial obligation (Draft budget available upon request).

Convention centres, tour operators and other private companies active in the hospitality and conference sector are kindly requested to provide evidence of the support (financial, and otherwise) of their public authorities.

  1. LOCATION. The venue should be in a city with easy access to an international airport.
  2. ACCOMMODATION. A number of hotels should be identified with preferential rates negotiated for participants. The hotels should include two to five-star hotels to cater for different budgets for participants.
  3. CONFERENCE ROOMS. The main conference room should have a minimum capacity for up to 500 participants. Two additional rooms are needed to hold breakout or parallel sessions. As an alternative, the main conference room could be partitioned into three conference rooms.
  4. RESEARCH DISPLAY/EXHIBITION SPACE. A Poster exhibition and another exhibition will take place during the conference. The conference venue should have enough space, adjacent to the conference rooms, to allow up to 50 standard 9 square metre exhibition stands.
  5. AUDIO-VISUAL AND OFFICE EQUIPMENT. AV, IT and office equipment (microphones, projectors, screens, laptops, printers, office supplies, etc.) are required for the three conference rooms.
  6. SIMULTANEOUS INTERPRETATION. Simultaneous interpretation into English, French and Spanish should be available throughout the symposium in all conference rooms. Relevant interpretation personnel and equipment (headphones and translation booths) are required.
  7. SMALL ROOMS. Three small rooms should be available at the conference venue. One room should serve as an office for the ICCO Secretariat and, therefore, be equipped with a number of computers, printers and a good internet connection. The other two should be available to allow for group meetings whenever these are required during the Symposium.
  8. REGISTRATION BOOTH STANDS AND SIGNAGE. Booths set up in order for participants to register and signage in the Symposium venue should be available.
  9. STAFF FOR REGISTRATION, HOSTESSES AND RAPPORTEURS. Under the guidance of the ICCO Secretariat, an adequate number of staff to handle Symposium registration and to direct delegates at all events throughout the period of the Symposium should be available. Rapporteurs should be available to assist the ICCO Secretariat in drafting the reports for each session.
  10. CATERING SERVICES. Participants at the Symposium will be provided with daily lunch at the Symposium venue. In addition, participants will be provided with cocoa drinks, coffee, tea and snacks during breaks. Arrangements should be made within the Symposium venue for an appropriate nearby space where participants can have their lunches and cocoa breaks.
  11. GALA DINNER. A gala dinner for all participants, to be held either at the Symposium venue or at an appropriate offsite venue with transportation provided, should be included in the bid. While participants to the gale dinner will have to pay their participation, bidders are encouraged to fully sponsor the gala dinner.
  12. CULTURAL/COCOA-RELATED EVENTS OR VISITS. Part of the hospitality to be provided by the host could include cultural events to showcase the rich culture of the host country and/or a cocoa/chocolate-related visit.
  13. VISA. Assistance to obtain entry visas for Symposium participants should be provided. This could include a personal invitation letter from the Host Government to be sent – on request – to participants following registration, information on visa procedures, etc.
    The deadline for the ICCO to receive a formal bid to host the International Symposium on Cocoa Research is 29 December 2023, close of business GMT.

Draft available upon request. Bids should be sent in digital format to Mr José JIMÉNEZ PUERTA, Economist, International Cocoa Organization, jose.jimenez-puerta@icco.org

The International Cocoa Council will consider all formal bids by May 2024 at the latest.

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

 

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