June 2021 Monthly Cocoa Market Report

Abidjan, 17 July 2021 – The International Cocoa Organization today releases the Cocoa Market Report for June 2021. The current report highlights the following insights:

  • Prices of the front-month cocoa futures contract declined by 4% in London whilst in New York, a 3% plunge was
    recorded.
  • Certified stocks in exchange licensed warehouses continued to increase in Europe and the United States.
  • Compared to 2019/20, cocoa graded on the exchange since the start of 2020/21 went up by 15,110 tonnes from
    104,270 tonnes in Europe and by 74,838 tonnes from 16,354 tonnes in the United States.
  • Origin differentials further waned year-over-year in June on both sides of the Atlantic.
  • Cocoa production in Côte d’Ivoire and Ghana is envisaged to reach unprecedent volumes.

You can download the complete report from our Statistics section

 

Prórroga del Convenio Internacional del Cacao 2010 hasta 2024 y buen progreso en su Enmienda.

Abidjan, 9 de julio de 2021. El Consejo Internacional del Cacao, en su reunión extraordinaria celebrada del 6 al 8 de julio de 2021, prorrogó la duración del séptimo Convenio Internacional del Cacao, 2010, por dos años, hasta el 30 de septiembre de 2024. El Convenio, que entró en vigor el 1 de octubre de 2012, tenía una duración inicial de diez años cacaoteros completos y habría llegado a su fin el 30 de septiembre de 2022, a menos que el Consejo lo prorrogara.

El Convenio Internacional del Cacao de 2010, que cumple ahora nueve años, ha sido la base de la cooperación internacional entre los países exportadores de cacao, los países importadores de cacao y muchas otras partes interesadas que trabajan juntas para lograr una economía mundial del cacao sostenible. La decisión de prorrogar el Convenio demuestra el compromiso inquebrantable de los 51 Miembros de la Organización Internacional del Cacao en seguir trabajando para fortalecer la economía cacaotera mundial y apoyar su desarrollo sostenible.
El Consejo Internacional del Cacao ha solicitado a su presidente, el Embajador Aly Toure de Côte d’Ivoire, que transmita la decisión de prorrogar la duración del Convenio Internacional 2010 al Secretario General de las Naciones Unidas, que actúa como depositario del Convenio.
El Consejo Internacional del Cacao también ha logrado avances significativos en la consecución de un consenso sobre las recomendaciones para enmendar el Convenio Internacional del Cacao, 2010. El Consejo ha llegado a un acuerdo sobre aproximadamente el 95% de las enmiendas recomendadas al Convenio. El Consejo finalizará la revisión de las recomendaciones de enmienda restantes en su próxima reunión de septiembre de 2021.
Las enmiendas propuestas aportarán más claridad y simplificación a una serie de artículos del Acuerdo y harán que su aplicación y puesta en práctica sean más significativas. Y lo que es más importante, las enmiendas propuestas lo harán más relevante para la evolución actual de la economía mundial del cacao, en particular al centrar las acciones en la consecución de unos mejores ingresos para los cacaocultores.

Prorogation de l’Accord International sur le Cacao jusque 2024, et de bons progrès dans sa révision

Abidjan, le 9 juillet 2021. Le Conseil International du Cacao, lors de sa session spéciale tenue du 6 au 8 juillet 2021, a prorogé la durée du 7ème Accord International sur le Cacao de 2 années, jusqu’au 30 septembre 2024. Cet Accord, entré en vigueur en 2012, avait une durée initiale de 10 ans, et aurait expiré le 30 septembre 2022, sans cette prorogation du Conseil.

Le 7ème Accord International sur le Cacao, maintenant dans sa neuvième année, a permis aux pays exportateurs et importateurs de cacao, ainsi qu’à de nombreuses autres parties prenantes, de coopérer au niveau international, dans le but d’atteindre une économie mondiale durable du cacao. Cette décision de proroger l’Accord démontre l’engagement résolu des 51 membres de l’Organisation Internationale du Cacao de continuer à travailler au renforcement de l’économie cacaoyère mondiale et à soutenir son développement durable.

Le Conseil International du Cacao a chargé son Président, l’Ambassadeur Aly Touré de Côte d’Ivoire, de transmettre la décision de prorogation du 7ème Accord International sur le Cacao au Secrétaire général des Nations Unies qui fait office de dépositaire de l’Accord.

Cette session du Conseil International du Cacao a également permis des progrès significatifs en vue d’atteindre un consensus sur les recommandations relatives à la révision de l’Accord International sur le Cacao. Le Conseil s’est mis d’accord sur environ 95% des amendementsrecommandés de l’Accord. Le Conseil procédera à la révision des derniers amendements lors de sa prochaine session de septembre 2021.

Les amendements proposés apporteront plus de clarté et de simplification à de nombreux articles de l’Accord afin de renforcer l’impact de leur application et de leur mise en œuvre. En outre, les amendements proposés rendront l’Accord plus pertinent par rapport aux développements actuels dans l’économie cacaoyère mondiale, en concentrant ses objectifs et ses actions en vue de l’obtention de meilleurs revenus pour les cacaoculteurs.

Extension of the International Cocoa Agreement until 2024 and good progress in its Amendment

Abidjan, 9 June 2021. The International Cocoa Council, at its special session held from 6 – 8 July 2021, extended the duration of the seventh International Cocoa Agreement by two years to 30 September 2024. The Agreement, which became operational from 1 October 2012, had an initial duration of ten full cocoa years and would have come to an end by 30 September 2022 unless extended by the Council.

The 7th International Cocoa Agreement, now in its nineth year, has been the basis of international cooperation among cocoa exporting countries, cocoa importing countries, and many other stakeholders working together toward achieving a sustainable world cocoa economy. The decision to extend the Agreement demonstrates the unwavering commitment of the 51 Members of the International Cocoa Organization to continue to work to strengthen the world cocoa economy and to support its sustainable development.

The International Cocoa Council has requested its chairman, Ambassador Aly Toure of Côte d’Ivoire to convey the decision to extend the duration of the 7th International Agreement to the Secretary General of the United Nations who acts as the depository of the Agreement.

The International Cocoa Council has also made significant progress in reaching consensus on the recommendations to amend the International Cocoa Agreement. The Council, agreed on about 95% of the recommended amendments to the Agreement. The Council will now finalize the review of the remaining recommendations for amendment at its next meeting in September 2021.

The proposed amendments will bring more clarity and simplification to a number of articles of the Agreement and to make their application and implementation more meaningful. More importantly, the proposed amendments will make it more relevant to the current developments in the world cocoa economy particularly by focusing objectives and actions towards achieving a better living income for cocoa farmers.

May 2021 Monthly Cocoa Market Report

Abidjan, 23 June 2021 – The International Cocoa Organization today releases the Cocoa Market Report for June 2021. The current report highlights the following insights:

  • Prices of the nearby cocoa futures contract on the London and New York markets went up by 6% and almost 4%
    respectively over May 2021.
  • 72,230 tonnes of cocoa beans were exchanged against the MAY-21 contract, up from 20,330 tonnes tendered against
    the MAY-20 contract.
  • Hedgers increased their net short positions from 8,494 contracts to 11,294 contracts in Europe while in the United
    States, they decreased their net short positions from 35,752 contracts to 31,866 contracts.
  • Certified stocks in exchange licensed warehouses continued to climb in May on both sides of the Atlantic.
  • Global forecast of cocoa supplies excess for 2020/21 perked at 165,000 tonnes at the end of May.

You can download the complete report from our Statistics section

 

ISCR 2021 postponed to 5-7 December 2022

Abidjan, Côte d’Ivoire, 19 June 2021. The International Cocoa Organization (ICCO) in partnership with the French institution Agricultural Research Centre for International Development (CIRAD) announce that, considering the evolution of the global health situation following the coronavirus outbreak (COVID-19), the International Symposium on Cocoa Research (ISCR 2021) that was scheduled for September 27-29, 2021, has been rescheduled for December 5-7, 2022, in Montpellier, France,

The International Cocoa Research Symposium is becoming a well-established event in the sector, having previously attracted 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 about the future of cocoa.

The Symposium represents a unique opportunity for participants to interact with cocoa industry leaders and high-level speakers, who will present their latest studies and point the way forward for the cocoa sector. The main theme of this edition of the symposium is “Innovations to Support Market Development and Promote Sustainability in Cocoa Farming to Improve Farmers’ Incomes“.

In order to facilitate the reception of papers and presentations, as well as the registration of participants , the organization has published a website www.iscrsymposium.org from which all the information related to the event, the different thematic areas, as well as the conditions and requirements to send the papers can be consulted. The deadline for submissions has been extended to March 15, 2022.

The event will comply with the strictest measures in terms of prevention of COVID. For those who wish to attend the event you are invited to consult the website for more information, including discounts applicable to 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

May 2021 Quarterly Bulletin of Cocoa Statistics

Abidjan, 31 May 2021 – The International Cocoa Organization today releases its revised forecasts for the 2020/21 cocoa year and revised estimates of world production, grindings, and stocks of cocoa beans for the 2019/20 cocoa year. The data published in Issue No. 2 – Volume XLVII – Cocoa year 2020/21 of the Quarterly Bulletin of Cocoa Statistics, reflect the most recent information available to the Secretariat as at the beginning of May 2021.

A global record production of 5.024 million tonnes is forecast for the 2020/21 season. This is the first time that the 5 million mark has been broken. Record productions are expected in Côte d’Ivoire (1st world producer) and Ecuador (3rd world producer) following conducive weather conditions in cocoa producing areas. Despite an expected increase in world grindings, a production surplus of 165,000 tonnes is currently anticipated for the crop year under review.

In terms of share of total world production, Africa is expected to remain by far the largest cocoa producing region, accounting for 77% of world cocoa output. The shares of the Americas and Asia and Oceania are likely to be 17% and 6% respectively.

Summary of forecasts and revised estimates

 

Cocoa year
(Oct-Sep)		 2019/2020 2020/2021 Year-on-year change
Revised
estimates		 Previous
forecasts a/		 Revised
forecasts
(thousand tonnes) (Per cent)
World gross production 4 728 4 843 5 024 + 296 + 6.30%
World grindings 4 671 4 693 4 809 + 138 + 3.00%
Surplus/deficit b/ – 10 + 102 + 165
 
End-of-season stocks 1 728 1 832 1 893 + 165 + 9.50%
Stocks/Grindings ratio 37.0% 39.0% 39.4%

Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XLVII – No. 1 – 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.

This issue of the Bulletin also contains data for the past four years production and grindings of cocoa beans details by country. The main features of the global market are illustrated in colour charts, maps, and Sankey diagrams. In addition, the Bulletin includes comments on the crop and demand prospects in leading countries for the current season, a review of price developments on international markets for cocoa beans during the January-March quarter of 2021 and the evolution of trade flow data estimated for major cocoa exporting and importing countries during the first quarter of the 2020/21 season.

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition, covers crop year data from 2017/18 to 2019/20 and quarterly statistics for the period April-June 2019 to October-December 2020. Details of destination of exports and origin of imports for leading cocoa exporting countries are also provided. Historical statistics on cocoa trade, by country and by region, for the period 2011/12 to 2019/20 are presented for reference.

Copies of the May 2021 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

April 2021 Monthly Cocoa Market Report

Abidjan, 19 May 2021 – The International Cocoa Organization today releases the Cocoa Market Report for April 2021. The current report highlights the following key facts:

  • Compared to the beginning of the 2020/21 cocoa year, prices of the front-month cocoa futures contract on the London and New York markets waned by 4% and 7% respectively as at end of April 2021.
  • Exchange certified stocks increased by 22% in Europe while a 13% rise was recorded in certified stocks in the United States, due to April grading operations.
  • Origin differentials started to fall again following their short-lived improvement observed during the preceding month.
  • Cocoa production levels in Côte d’Ivoire and Ghana remained higher than in the previous cocoa year.
  • Unlike in Europe, grindings data for the first quarter of 2021 showed a year-on-year increase in North America and
    Southeast Asia.

You can download the complete report from our Statistics section

 

March 2021 Monthly Cocoa Market Report

Abidjan, 15 April 2021 – The International Cocoa Organization today releases the Cocoa Market Report for March 2021. The current report highlights the following key facts:

  • Front-month cocoa contract prices in London and New York plunged by 13% and 14% respectively.
  • European certified stocks increased by 21% while a 31% rise was recorded in certified stocks in the United States, thanks to gradings that occurred during March on the Exchange.
  • Over 52,000 tonnes of cocoa beans were tendered against the March 2021 contract in Europe.
  • Origin differentials showed signs of halting from pronounced drops on both sides of the Atlantic.
  • 2020/21 crop sizes of Côte d’Ivoire and Ghana are currently higher year-on-year.

You can download the complete report from our Statistics section

 

February 2021 Monthly Cocoa Market Report

Abidjan, 18 March 2021 – The International Cocoa Organization today releases the Cocoa Market Report for February 2021. The current report contains:

  • a review of cocoa futures prices developments,
  • an outline of gradings activities and variations in cocoa beans stocks located in exchange licensed warehouses,
  • trends in origin differentials for selected countries,
  • an assessment of cocoa butter and powder price movements and,
  • a brief on cocoa production and grindings.

You can download the complete report from our Statistics section