The current review of the cocoa market situation reports on price movements on the international markets during the month of July 2007.
The current 2006/07 season is expected to experience a significant production deficit. The ICCO Secretariat will soon release its revised forecasts for the 2006/07 season in the next issue of the Quarterly Bulletin of Cocoa Statistics.
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.
The current review reports on price movements on the international markets during the month of May 2007.
In May, the ICCO daily price averaged US$2 005, up by US$28 compared to the average price recorded in the previous month (US$1 977) and ranged between US$1 921 and US$2 070.
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 this issue, Vol. XXXIII No. 2, Cocoa year 2006/07, reflect the most recent information available to the ICCO Secretariat as at the beginning of May 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 | 3 721 | 3 472 | 3 444 | -277 | -7.4% |
| World grindings | 3 492 | 3 540 | 3 555 | +63 | +1.8% |
| Surplus/deficit b/ | +192 | -103 | -145 | ||
| End-of-season stocks | 1 882 | 1 757 | 1 737 | -145 | -7.7% |
| Stocks/Grindings ratio | 53.9% | 49.6% | 48.9% | ||
Notes:
a/ Forecasts published in Quarterly Bulletin of Cocoa Statistics, Vol. XXXIII – No. 1 – 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 also contains:
Current and back issues of the Bulletin, including Microsoft Excel files and Adobe PDF format for Windows operating system can be ordered from the Secretariat or by clicking on the order form.
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 of the cocoa market situation reports on cocoa price movements on the international markets during the month of April 2007.
Chart I shows the evolution of the ICCO daily prices in US dollars and in SDRs. Chart II illustrates ICCO daily prices and cocoa bean prices on the London and New York futures markets from February to April 2007. Chart III shows the level of volatility of ICCO daily prices since the beginning of the 2005/2006 cocoa season.
We are pleased to announce that the review of the cocoa market situation for March 2007 is currently available.
The International Cocoa Organization released its first forecasts for 2006/07 and revised estimates for the 2005/2006 cocoa year of world production grindings and stocks of cocoa beans. The data, summarized below, are published in issue No. 1 – Volume XXXIII – Cocoa year 2006/07 of the Quarterly Bulletin of Cocoa Statistics and reflect the most recent information available to the Secretariat as at end January 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 | 3 592 | 3 675 | 3 472 | -203 | -5.5% |
| World grindings | 3 476 | 3 462 | 3 540 | +78 | +2.3% |
| Surplus/deficit b/ | +80 | +176 | -103 | ||
| End-of-season stocks | 1 767 | 1 860 | 1 757 | -103 | -5.5% |
| Stocks/Grindings ratio | 50.8% | 53.7% | 49.6% | ||
Notes:
a/ Estimates published in Quarterly Bulletin of Cocoa Statistics, Vol. XXXII – No. 4 – Cocoa year 2005/06
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 also contains statistical information for the past four years of production and grindings of cocoa beans, detailed by country. In addition, it comments on crop and demand prospects in the leading countries for the current season and provides a review of the price developments in international markets for cocoa beans during the October – December quarter of 2006.
Statistical information on trade in cocoa beans, cocoa products and chocolate, by country and region, published in this edition covers annual data from 2002/03 to 2004/05 and quarterly statistics for the period October – December 2004 to April – June 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 region, for the period 1996/97 to 2004/05 are presented for reference.
Copies of the Quarterly Bulletin of Cocoa Statistics, including Microsoft Excel files and Adobe PDF format for Windows operating system can be ordered from the ICCO secretariat at the address below or by clicking on the order form.
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
We are pleased to announce you that the review of the cocoa market situation for February 2007 is currently available. As from now, the ICCO Secretariat will be releasing monthly reports on cocoa price movements on international markets.
We are pleased to announce you that the review of the cocoa market situation for January 2007 is currently available. As from now, the ICCO Secretariat will be releasing monthly reports on cocoa price movements on international markets.
DURATION: |
Seven years including a two year extension. |
LOCATION: |
CAMEROON, COTE D’IVOIRE, NIGERIA |
NATURE OF PROJECT: |
Marketing and Trade |
ESTIMATED TOTAL COST: |
US$ 6,509,171 |
FINANCING COMMITED BY CFC: |
US$ 3,573,266 |
CO-FINANCING: |
US$ 1,056,195 |
COUNTERPART FINANCING: |
US$ 1,879,710 |
PROJECT EXECUTING AGENCY (PEA): |
United Nations Office for Project Services (UNOPS), Senegal |
PROJECT SUPERVISORY BODY: |
International Cocoa Organization (ICCO) |
PROJECT STARTING DATE: |
October 1999 |
COMPLETION DATE: |
September 2005 |
Brief DescriptionThe main activities carried out under the project were promotion of privately-run warehousing systems; development of a cocoa marketing information system (MIS); development of a quality assurance and certification system; and development of a system of commodity trade finances.
|
Project ObjectivesThe overall objective of the project was to improve the functioning of the supply chain in cocoa-producing countries engaged in the process of liberalization of their cocoa sectors, and to ensure full participation of local operators in the physical trading of cocoa, while reducing trade and price risks.
|
Project ResultsThe project established and improved market information systems, warehousing up-country, quality assurance and quality enhancement, and a system of structured trade financing as indispensable components of a viable, efficient and transparent cocoa trade and marketing chain.
|
The International Cocoa Organization (ICCO) is an inter-governmental organization established in 1973 under the auspices of the United Nations and operating within the framework of successive International Cocoa Agreements.
ICCO Secretariat
International Cocoa Organization
ICCO Building – II Plateaux – Vallon
ENA – Avenue Boga Doudou
06 BP 1166 Abidjan 06
Côte d’Ivoire
Tel: +225 27 22 51 49 50/51
Fax: +225 27 22 51 49 79
E-mail: info@icco.org
