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

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.

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 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

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 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.

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

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.

DURATION:
 Five months
LOCATION:
Abidjan, Côte d’Ivoire
NATURE OF PROJECT:
Sustainable cocoa production
ESTIMATED TOTAL COST:
US$ 201,930
FINANCING COMMITED BY CFC:
 US$ 107,993
CO-FINANCING:
 US$ 86,688
COUNTERPART FINANCING:
 US$ 5,250
PROJECT EXECUTING AGENCY (PEA):
 CABI International
PROJECT SUPERVISORY BODY:
International Cocoa Organization (ICCO)
PROJECT STARTING DATE:
 July 2007
COMPLETION DATE:
 December 2007

 

Brief Description

The international workshop discussed the lessons learned from the results of the Witches’ broom project. It reviewed the current status and the spread of major cocoa pests and pathogens. Finally, the workshop formulated the bases for a worldwide strategy and contingency plan to prevent the introduction of and/or management of major cocoa pests and pathogens. The outputs of the project provided the inputs for a major project global project to minimise losses from the spread of pests and pathogens through the establishment of “early warning” and “early action” systems.

 

Project Objectives

The main objective of the project was to organize an international workshop to present the results of the Witches’ Broom project and to build consensus on the approach and contents of a worldwide initiative to address the threat and impact of the further spread of cocoa pests and pathogens.

 

Project Results

The international workshop agreed on a strategy that outlined actions to be carried out to prevent the globalization of cocoa pests and pathogens and to manage the situation in the worst case scenario of an outbreak of pests and pathogens. Key action points that would form the basis of a global project were also identified.

Click here to download the Workshop Report

 

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.