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The ICCO today released QBCS No 4 Vol XXXIII — Cocoa Year 2006/07 containing its revised estimates for the 2006/07 cocoa year of world production, grindings and stocks of cocoa beans.  The data published in this issue reflect the most recent information available to the Secretariat as at mid-November 2007.

Summary of forecasts and revised estimates

Notes:
a/ Forecasts published in Quarterly Bulletin of Cocoa Statistics, Vol. XXXIII – No. 3 – 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 contains the Secretariat’s latest estimates, detailed by country, for the 2006/07 year as well as data for the past 4 years of production and grindings of cocoa beans.  The main features of the global cocoa market are illustrated in colour charts.  In addition, it includes a review of price developments on international markets for cocoa beans during the 2006/07 cocoa year.

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and region, covers annual data from 2003/04 to 2005/06 and quarterly statistics for the period July-Sept 2005 to Jan-Mar 2007.  Details of destination of exports and origin of imports for leading cocoa-exporting countries are also provided.  Historical ststistics on cocoa trade and consumption, by country and region, for the period 1997/98 to 2005/06, are presented for reference.

Copies of the Bulletin, including Microsoft Excel files and Adobe PDF format can be ordered from the Secretariat:

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 reports on price movements on the international markets during the month of September 2007.  Chart I shows the evolution of the ICCO daily prices in September; Chart II illustrates price movements on the London and New York markets as well as the ICCO daily prices from July to September 2007;

Chart III shows end-of-month stocks in licensed warehouses in the US and the arbitrage spread between the LIFFE and the ICE futures markets.

NOTE:  in January 2007, the Intercontinental Exchange (ICE) acquired the New York Board of Trade (NYBOT), which is now known as “ICE Futures U.S.”.

The ICCO Consultative Board on the World Cocoa Ecocnomy met on 10 September and discussed several issues including the use of vegetable fats other than cocoa butter in chocolate.  Members were also updated on the preparations for the Roundtable on sustainability to be held in Accra, Ghana from 3 to 6 October 2007.

The meetings of the International Cocoa Council, Executive Committee, Market Committee and Promotion Committee took place at the offices of the European Bank for Reconstruction and Development (EBRD) from 11-14 September.  Members deliberated on personnel, administrative, budgetary and relocation matters.

Decisions included approval of the budget and work programme for 2007/2008 and; review and approval of new project proposals for financing.  Members also contributed to a first discussion of a major policy document on cocoa prices and incomes of cocoa farmers.

Mr Askley Delgado (Ecuador), outgoing Chair of the Council, hosted a cocktail party for members in which he was presented with the golden cocoa pod by the Executive Director.  Four (4) chocolatiers, Academy of Chocolate, William Curley, Paul Young and Chantal Coady, mounted a display and offered samples of their products which were well received.

Mrs Irina Medvedeva (Russian Federation) was elected as the new Council Chair and Mr Victor Iyama (Nigeria) as Chair of the Executive Committee for the 2007/2008 cocoa year.

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 issue No. 3 – Volume XXXIII – Cocoa year 2006/07 of the Quarterly Bulletin of Cocoa Statistics, reflect the most information available to the Secretariat as at the beginning of August 2007.

Summary of forecasts and revised estimates

Notes:
a/ Forecasts published in Quarterly Bulletin of Cocoa Statistics, Vol. XXXIII – No. 2 – 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 of the Bulletin contains the Secretariat’s revised forecasts for the 2006/2007 cocoa year as well as data for the past four years of production and grindings of cocoa beans, detailed by country.  The main features of the global cocoa market are illustrated in colour charts.  In addition, it includes comments on crop and demand prospects in the leading countries for the current season, and a review of price developments in international markets for cocoa beans during the April-June quarter of 2007.

Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and by region, published in this edition covers annual data from 2003/04 to 2005/06 and quarterly statistics for the period April-June 2005 to October-December 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 by region, for the period 1997/98 to 2005/06 are presented for reference.

Copies of the Quarterly Bulletin of Cocoa Statistics, including Microsoft Excel files and Adobe PDF format can be ordered from the ICCO Secretariat at the address below:

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 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.