Cocoa Market Report for April 2022

Abidjan, 16 May 2022 – The International Cocoa Organization releases the Cocoa Market Report for April 2022. The current report highlights the following insights:

  • The first half of the 2021/22 cocoa season has so far witnessed a rebound in cocoa demand. Factors that have contributed to the increase in cocoa demand include the resumption of the air travel sector as well as the recommencement of seasonal festivities.
  • Available information on crop sizes in main cocoa origin countries in West Africa suggests that the 2021/22 cocoa season is heading towards a deficit of approximately 181,000 tonnes due to a shortfall in production as compared to the 2020/21 cocoa year coupled with the improvement in demand.
  • The global cocoa market was generally bearish in April with prices of the nearby cocoa futures contract reaching a 4-month low at US$2,179 per tonne in London and a 3-month low at US$2,430 per tonne in New York. A contributing factor has been the 4% appreciation of the US dollar.

You can download the complete report by clicking here.

 

Cocoa Market Report for March 2022

Abidjan, 20 April 2022 – The International Cocoa Organization releases the Cocoa Market Report for March 2022. The current report highlights the following insights:

  • Amid global economic uncertainties, cocoa prices have virtually not witnessed any significant price movements in March 2022. The ICCO average monthly prices for March 2021 and March 2022 were virtually at par at US$2,462 per tonne and US$2,461 per tonne respectively.
  • In Côte d’Ivoire, the 2021/22 mid-crop started in April with the Government’s decision to maintain the farm gate price at XOF 825 per kilogram of cocoa beans; identical to the farm gate price set for the main crop.
  • In Ghana, the latest information indicates that purchases of graded and sealed cocoa beans were very low year-on-year (down by 34% to 524,000 tonnes as at 31 March 2022) mainly due to unfavourable weather conditions that occurred in the country’s main cocoa growing regions

You can download the complete report by clicking here.

 

Webinar on food safety in the cocoa sector

REPORT FOOD SAFETY WEBINAR_ICCO ECA CAOBISCO_Current and upcoming EU regulations and impacts_ Executive Summary

On 22 March 2022, The International Cocoa Organization (ICCO), the Joint Cocoa Research Fund (JRF), the European Cocoa Association (ECA) and the Association of the Chocolate, Biscuits and Confectionery Industries of Europe (CAOBISCO) jointly organised a webinar on food safety in the cocoa sector, focusing on the  current and upcoming regulations in the European Union and their impact on the cocoa supply chain.

Click here to see the Executive Summary.

Brussels chosen as the venue for the World Cocoa Conference 2024

Abidjan, Côte d’Ivoire, 08 April 2022. – The World Cocoa Conference (WCC) is a ground-breaking networking event created by the International Cocoa Organization (ICCO) and launched in 2012 in Abidjan, Côte d’Ivoire. Organized every two years to assess the status of the world cocoa economy, review current challenges and agree on measures to address these issues, it has now been established as the leading forum for the global cocoa sector, with over 1,500 delegates of governments, trade and industry, producers and civil society attending the last edition in Berlin, Germany in 2018.

It is the only event in the cocoa sector to bring together a diverse range of decision-makers and other stakeholders in the cocoa and chocolate value chain, from all over the world in one place, representing a unique opportunity to encourage discussion of challenges and opportunities, to gather intelligence, to make new contacts and to do business.

After four successful editions held in Africa, Europe and Latin America, and following the cancellation of the fifth edition of the Conference to be held in Bali (Indonesia) due to issues arising from the COVID-19 pandemic, the International Cocoa Organization is pleased to announce that the next edition of the World Cocoa Conference 2024 will be hosted by the Government of Belgium in Brussels, from 21 to 24 April 2024.

More details about the World Cocoa Conference 2024, including information about the venue, programme, sponsorship, exhibition opportunities and registration, are available here: www.worldcocoaconference.org

For more information, please contact Carlos Follana, Marketing and Communication Coordinator, International Cocoa Organization, ICCO Building, II Plateaux ENA – Avenue Boga Doudou, Abidjan, Côte d’Ivoire; Tel: +225 27 22 51 49 50/51 | Fax: +225 27 22 51 49 79 | E-mail: Carlos.Follana@icco.org 

Cocoa Market Report for February 2022

Abidjan, 18 March 2022 – The International Cocoa Organization releases the Cocoa Market Report for February 2022. The current report highlights the following insights:

  • The importation of cocoa beans and cocoa semi-finished products to Ukraine (40,000 tonnes in cocoa beans equivalent in 2020/21) and to the Russian Federation (165,000 tonnes in cocoa beans equivalent) are expected to decline in the rest of 2021/22 season in the midst the ongoing military drama.
  • Trade disruption in Russia could affect global fertilizer availability and consequently global agriculture including cocoa production. Fertilizer trade will be affected as sanctions imposed on the Russian Federation and Belarus such as banking restrictions would hamper the payment of fertilizer sales. Thus, should this situation persist, cocoa smallholders who are already struggling with high prices of fertilizers will be unable to afford them.
  • Notwithstanding the upward trend observed in prices during the first ten days of February 2022, the global cocoa market was bearish during February in reaction to concerns that the war in Ukraine and the subsequent economic sanctions announced by the West could cause a strong increase in prices of Russian-led commodities, including crude oil and gas, which in turn could negatively affect the global economy.

You can download the complete report by clicking here.

 

ICCO Secures Funding from the WTO and EU to Address Cadmium Contamination in Cocoa Beans

Abidjan, 18 March 2022. The International Cocoa Organization is pleased to announce the commencement of the implementation of the project on “Improving capacity building and knowledge sharing to support management of cadmium levels in cocoa in Latin America and the Caribbean”. This has been made possible through financial contribution from the World Trade Organization (WTO) and the European Union (EU).

Cadmium, a naturally occurring chemical element, can have adverse health effects when consumed in contaminated foodstuffs. The European Commission Regulation No. 488/2014, which came into force in January 2019, sets ‘Maximum Residue Levels’ (MRLs) for cadmium in foodstuffs, including specific cocoa and chocolate products.

The project will be implemented in Colombia, Ecuador, Peru and Trinidad and Tobago for a total cost of US$551,000, with a grant of out of US$382,000 from the WTO’s Standard and Trade Development Facility (STDF) and €60,000 in co-financing from the European Union. Participating countries will provide the remainder of the financing requirements as their counterpart contribution.

“This milestone project brings together national and international institutions, academic bodies, cocoa producers and other key stakeholders to provide substantive contributions in knowledge and expertise, innovative methodologies and effective communication platforms to share and reinforce best practices to mitigate cadmium contamination in cocoa beans for the ultimate benefit of all stakeholders”, said Michel Arrion, Executive Director of the International Cocoa Organization

Project implementation will commence in March 2022 and will last for two years. Expected results include:

  1. The creation of a platform or network to share information and establish continuous dialogue among research institutes to build consensus on standardized testing protocols and best practices for cadmium mitigation and remediation.
  2. Capacity building and enhanced expertise of cocoa producers/stakeholders in the application of standardized protocols.
  3. Improved knowledge and better understanding of possible sources of cadmium presence in cocoa growing areas through analysis and mapping of hotspots and recommended best practices for mitigation and remediation; and
  4. Development of a training curriculum and training of master trainers who will lead the transfer of knowledge on cadmium mitigation and remediation to cocoa farmers and traders in the region.

This project is one among other efforts from the ICCO to ensure that cocoa beans produced and exported meet food safety standards worldwide.

The ICCO Secretariat is grateful to the Standard and Development Facility (STDF) and the European Union for the financial support to the project that will ensure continued access to the European market for cocoa produced in Latin America and the Caribbean.

VACANCY NOTICE – ECONOMIST

Abidjan, 11 March 2022. Vacancy notice – Economist

Title: Economist

Category/ Grade: Internationally recruited staff, P1/P2 on the UN salary scale

Duty station: Abidjan

Type of contract: Fixed Term (5 years with 6-month probationary period)

Deadline for application: 12/04/2022 (Midnight Abidjan Time)

Indicative starting date: 01/09/2022 (date when the selected candidate is expected to be available to take up her/his position in Abidjan)

Recruitment open to: nationals of ICCO Member countries (please see full list on https://www.icco.org/who-we-are/membership/)

Applications (only CV & Covering letter) to be sent to: recruitment@icco.org copy to ExecDir.Office@icco.org

 

VACANCY NOTICE FULL DESCRIPTION – ENGLISH

ANUNCIO DE VACANTE DESCRIPCIÓN COMPLETA – ESPAÑOL

February 2022 Quarterly Bulletin of Cocoa Statistics

Abidjan, 28 February 2022 – The International Cocoa Organization today releases its first forecasts for the 2021/22 cocoa year and revised estimates of world production, grindings, and stocks of cocoa beans for 2020/21 cocoa year. The data published in Issue No. 1 – Volume XLVIII – Cocoa year 2021/22 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of February 2022.

Compared to the 2020/21 season, cocoa supply is anticipated to drop by 5% to 4.955 million tonnes. The current season witnessed a slow start and despite the mild Harmattan, severe dryness is being experienced in the main producing countries of West Africa. Although it is anticipated that the weather will turn around for the better to support the mid-crop, global production for the season under review will still be lower compared to the historic level recorded for the preceding crop year.

Global cocoa demand is projected to increase and register a jump of almost 3% from 4.959 million tonnes during 2020/21 to 5.086 million tonnes for the season under review. Thanks to progress in vaccinations, economies have opened, and this boosted demand for most commodities including cocoa. Nevertheless, uncertainties remain over the long term. COVID-19 remains a concern as for the past years, outbreaks of COVID-19 variants led to restrictions on people’s movements and consequently demand. Indeed, supply chain bottlenecks, inflationary pressures, freight charges amongst others are key unknown factors that could derail the rebound of commodities including cocoa.

Summary of forecasts and revised estimates

 

 Cocoa year 

(Oct-Sept)

 2020/21 2021/22 Year-on-year change
Previous estimates a/ Revised estimates Forecasts
(thousand tonnes) (Per cent)
World gross production 5 175 5 226 4 955 – 271 – 5.2%
World grindings 4 911 4 959 5 086 + 127 + 2.6%
Surplus/deficit   b/ + 212 + 215 – 181
End-of-season stocks 1 924 1 928 1 747 – 181 – 9.4%
Stocks/Grindings ratio 39.2% 38.9% 34.3%

Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XLVII – No. 4 – Cocoa year 2020/21
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 2018/19 to 2020/21 and quarterly statistics for the period January-March 2020 to July-September 2021. 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

International Symposium on Cocoa Research ISCR 2022 in December 2022

Abidjan, Côte d’Ivoire, 16 February 2022. The International Cocoa Organization (ICCO) in partnership with the French Agricultural Research Centre for International Development (CIRAD) is pleased to announce that the second edition of the International Symposium on Cocoa Research will be taking place on 05-07 December 2022 in Montpellier, France.

The International Symposium on Cocoa Research is on the cusp of becoming a well-established event in the sector. The first edition of the symposium previously attracted over 500 participants, from the scientific community as well as the entire cocoa value chain (producers / traders / processors / manufacturers / policymakers/etc.), making it a must-attend event for anyone concerned with the future of cocoa.

The Symposium is a unique opportunity for participants to interact with cocoa industry leaders and high-profile speakers, who will present their most recent studies and point the way forward for the cocoa sector. The main theme for this edition of the symposium is “Innovations to support market development and promote the sustainability of cocoa farming for better farmer income”. We anticipate this edition to be a success thanks to the broad range of selected topics to be discussed.

In order to streamline the submission of papers and presentations (different thematic areas, conditions and requirements to submit scientific papers) as well as registrations to attend the event, a website providing all necessary information related to the event can be consulted: www.iscrsymposium.org. Submission of papers is open until 15 March 2022.

Delegates wishing to attend the event, which will comply with the strictest health and safety measures in light of the COVID-19 pandemic, can take advantage of the reduced rates available until 30 April 2022. Additionally, there are several discounts applicable for students and organizations from ICCO Member and non-ICCO Member countries.

Press accreditations to attend the event can be requested by emailing events@icco.org or congrescacao2021@cirad.fr

Cocoa Market Report for January 2022

Abidjan, 11 February 2022 – The International Cocoa Organization today releases the Cocoa Market Report for January 2022. The current report highlights the following insights:

  • Grindings data published by the main regional cocoa associations for the first quarter of the 2021/22 cocoa year signalled that cocoa demand for the season started on a strong note.
  • Cocoa production in Côte d’Ivoire since the start of the 2021/22 cocoa year is reported to have overtaken last season’s level at 1.340 million tonnes as at 30 January, slightly up by 1.5% compared with the 1.320 million tonnes recorded at the same period of the 2020/21 season. On the contrary in Ghana, the latest available data on purchases of graded and sealed cocoa beans were lower year-on-year.
  • During January 2022, prices of the front-month cocoa futures contract oscillated between US$2,238 and US$2,428 per tonne in London and averaged US$2,324 per tonne, slightly lower compared to the average price of US$2,343 per tonne for the nearby contract recorded at the same period of the 2020/21 cocoa year. In New York, the average price of the MAR-22 contract settled at US$2,547 per tonne, up from US$2,528 per tonne recorded in January 2021 and ranged between US$2,420 and US$2,663 per tonne.

You can download the complete report by clicking here.