Meetings of the International Cocoa Council and subsidiary bodies. London 15-18 January, 2008

At its 31st Special Session, the International Cocoa Council, chaired by Ms. Irina Medvedeva, took five important decisions on the future of the Organization related to the extension of the International Cocoa Agreement 2001, the extension of the mandate of the Executive Director, the establishment of a Working Group for the negotiation of a future International Cocoa Agreement, the extension of the lease of the offices of the Secretariat in London and relocation (more information will follow on this website).

Members of the Executive Committee deliberated on personnel, administrative, projects and budgetary matters. The next ICCO meetings will take place in Berlin from 26-30 May 2008. During the meetings, the German delegates informed members of details and logistics for the May meetings.

The Expert Group on Stocks thanked the Secretariat for presenting the results of the annual ICCO survey of cocoa beans stocks in warehouses and the assessment of the level of world stocks of cocoa beans as at 30 September 2007. Ms. Pamela Thornton (CMAA) made a presentation on data on warehouse stocks and Mr. Robin Dand (LIFFE) on the development of the new LIFFE Guardian commodity management system.

The ICCO Consultative Board on the World Cocoa Economy met on 14 January 2008 and discussed several issues, including the outcome and the follow-up of the Round Table in Accra, the use of cocoa butter substitutes, optimal export taxes, and best known practices in cocoa production.

A Panel of experts on Fine and Flavour Cocoa, chaired by Mr. Edward Seguine of Guittard Chocolate , took place on 17 January 2008 to review the Annex “C” of the International Cocoa Agreement, 2001 (more information will follow on this website).

Monthly Review of the Cocoa Market Situation, December 2007

The current review reports on price movements on the international markets for the month of December 2007.  Chart I illustrates price movements on the London (LIFFE) and New York (ICE Futures U.S.) markets.

Chart II shows the evolution of the ICCO daily prices denominated in U.S. dollars and SDRs for the period from October to December 2007.  Chart III illustrates the link between New York futures prices and the exchange rate of the U.S. dollar against the Pound Sterling.  Chart IV shows the end-of-month stocks in licensed warehouses in the United States and the arbitrage spread between the LIFFE and ICE futures markets.

Monthly Review of the Cocoa Market Situation, November 2007

The current review reports on price movements on the international markets for the month of November 2007.  Chart I shows the evolution of the ICCO daily prices in November, in US dollars and SDRs.

Chart II illustrates price movements on the London and New York markets as well as the ICCO daily prices from September to November 2007.  Chart III illustrates the link between New York futures prices and the exchange rate of the US dollar against the pound sterling.  Chart IV shows end-of-month stocks in licensed warehouse in the US and the arbitrage spread between the LIFFE and ICE futures markets.

December 2007 Quarterly Bulletin of Cocoa Statistics

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

Cocoa year (Oct-Sep) 2006/2007 2007/08 Year-on-year change
 Previous estimates a/  Revised estimates  Forecasts
(thousand tonnes)  (Per cent)
World production 3 724 3 435 3 400  -324  -8.7%
World grindings  3 520 3 557  3 608 + 88 +2.5%
Surplus/deficit b/  + 167  – 156 – 242
End-of-season stocks 1 840 1 708 1 598 -242 -13.2%
Stocks/Grindings ratio 52.3% 48.0% 44.3%

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

Monthly Review of the Cocoa Market Situation, Oct 2007

The current review reports on price movements on the international markets for the month of October 2007.  Chart I shows the evolution of the ICCO daily prices in October, in US dollars and SDRs.

Chart II illustrates price movements on the London and New York markets as well as the ICCO daily prices from August to October 2007.  Chart III illustrates the link between New York futures prices and the exchange rate of the US dollar against the pound sterling.  Chart IV shows end-of-month stocks in licensed warehouse in the US and the arbitrage spread between the LIFFE and ICE futures markets.

Monthly Review of the Cocoa Market Situation, Sept 2007

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.”.

OUTCOME of the Round Table meeting: The “ACCRA AGENDA”

The Round Table meeting, facilitated by ICCO, and generously sponsored by the Ghana Cocoa Board and the Dutch Ministry of Agriculture, Nature and Food Quality, brought together a unique mix of over 200 participants from 25 countries, representing a broad range of perspectives.

The views of all participants were engaged through a series of Focus Group meetings, dedicated to a review of the actions through which farmers (Group 1), governments (Group 2) and private sector bodies (Group 3) can improve sustainability in their individual sector, including cocoa growing, processing, and manufacturing.  An active and open exchange of ideas in plenary sessions led to the achievement of consensus on what has become known as the “ACCRA AGENDA”.

Presentations made during the Focus Group meetings and Plenary sessions can be found at the end of the page.

The Accra agenda covers a large number of priority areas for action in relation to sustainability, under the following key headings:

  • Institutional Framework
  • Sustainable Production
  • Sustainable Commercialization
  • Sustainable Processing and Manufacturing
  • Sustainable Consumption
  • International Dimension
  • NEXT STEPS

Participants agreed that the next Round Table meeting would take place in another cocoa producing country in approximately 12 months, to maintain the momentum.

We would like to thank the Ghana Cocoa Board and the Dutch Ministry of Agriculture, Nature and Food Quality for their generous sponsorship of the Round Table, and all participants for their active contribution to this successful meeting.

Please note that the documents and presentations are no longer available.

Documents

Report of the Round table (English, French , Spanish)
ACCRA AGENDA (English, French, Spanish)
ICCO Press Relase (English)

PRESENTATIONS

Highlights of ICCO September meetings

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.

Monthly Review of the Cocoa Market Situation, Aug 2007

The Review shows graphically the evolution of ICCO daily prices from 1-30 August 2007.

It also illustrates price movements on the London (LIFFE) and New York (NYBOT) markets as well as the ICCO daily prices for the period June-August 2007.

Aug 2007 Quarterly Bulletin of Cocoa Statistics

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

Cocoa year (Oct-Sep) 2006/2007 2007/08 Year-on-year change
 Previous estimates a/  Revised estimates  Forecasts
(thousand tonnes)  (Per cent)
World production 3 716  3 444 3 435 -281  -7.6%
World grindings 3 495  3 555  3 557  +62 +1.8%
Surplus/deficit b/ +184  – 145 -156
End-of-season stocks 1 864  1 737  1 708 -156 -8.4%
Stocks/Grindings ratio 53.3%  48.9% 48.0%

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