Commodities

Pic: Olam Group

Financial results

Olam Group shares rally as ofi delivers solid earnings growth

By Anthony Myers

Agribusiness group Olam, which includes ofi cocoa, has reported a significant improvement in its second-half full-year results with earnings of Singapore $230.8 million ($171.47m) for its 2HFY2023 ended December, up 15.5% y-o-y.

Predictions are for a global deficit of cocoa beans around 500,000 metric tons for the the current 2023-24 season. Pic: CN

Markets

ICCO urges major rethink as cocoa futures hit another record high

By Anthony Myers

Cocoa futures in London and New York rose to fresh record highs on trading platform ICE on Monday this week as increasing concern about supply shortages in Cote d’Ivoire and Ghana, the world's top two producers, left buyers scrambling for beans from...

Roel van Poppel. Pic: ofi

Appointments

ofi appoints new chief sustainability officer

By Anthony Myers

Leading commodities supplier ofi has announced Roel van Poppel as its chief sustainability officer (CSO), taking responsibility for scaling the group’s ability to drive positive impact across its five leading product platforms - cocoa, coffee, dairy,...

Tate & Lyle hits the sweet spot

Tate & Lyle hits the sweet spot

By Danielle Masterson

Ingredient solutions firm Tate & Lyle continues to build its sweetener portfolio as consumers shift from full-sugar to reduced-sugar offerings.

Image source: pierivb

Strengthening vanilla's supply chain through its farmers

By Deniz Ataman

While the vanilla industry is seeing low prices and low demand this year, Virginia Dare’s partnerships with 1,300 growers in Madagascar are focused on fortifying communities’ livelihoods through social, environmental and economic initiatives that help...

The rally of cocoa prices on the markets should mean farmers are paid more for beans. Pic: CN

Commodities

Tight cocoa supplies push up prices to meet strong global demand

By Anthony Myers

Cocoa prices climbed this week as the result of stronger global cocoa demand, with barchart.com reporting that Gepex, an exporter group that includes six of the world's biggest cocoa grinders, said that its Q3 cocoa processing was 183,731 MT, up...

A Brazilian court has found 'unlawful' working conditions in Cargill's cocoa supply chain. Pic: Cargill

Sustainabilty

Cargill accused of child labour practices on Brazilian cocoa farms

By Anthony Myers

Cargill, one of the world’s largest cocoa suppliers, has been ordered by a Brazilian court to pay 600,000 reais ($120,185) as indemnity for allegedly buying cocoa from farms where child labour or forced work has been identified.

Cameroon cocoa farmers are benefitting from better production facilities for their premium beans. Pic: The African Development Fund (ADF)

Cameroon raises cocoa farmgate price and sees uplift in output

By Anthony Myers

Cameroon has announced a significant increase in cocoa production over the past two seasons, with figures showing that the crop in the 2022-23 season was 681 tonnes, almost four times higher than the 182 tonnes recorded in 2020-21.

Olam Group Limited has guaranteed the sustainability loan to its ofi division. Pic: Olam Group

Finance

ofi secures $1,750m sustainability-linked loan

By Anthony Myers

The Olam Group Limited has announced that its wholly owned subsidiary, olam food ingredients (ofi), which includes its cocoa division, has secured a multi-tranche sustainability-linked facility aggregating $1,750 million.

Cocoa prices hit record highs on the international markets this week. Pic: CN

Commodities

El Niño and consumer demand from China pushes up cocoa prices

By Anthony Myers

Cocoa traded on ICE Futures in New York hit a 12-year high of $3,640.50 per tonne on Wednesday (30 August), as analysts reacted to a consumer surge in chocolate, as well as the adverse impacts of the El Niño weather phenomenon on West Africa’s cocoa crop.

Olam Group continues to invest in 'future growth engines'. Pic: Olam Group

Financial results

Olam Group reports profits of $136 million for first half of 2023

By Anthony Myers

The Singapore-based agri business (which includes ofi - its cocoa and ingredients division) has reported Operational PATMI (profit after tax and minority interest) of S$184.0 million ($136 million) so far this year.

Pic: CN

Commodities

Weather variations hit cocoa supplies, pushing up prices

By Anthony Myers

In latest market news reduced cocoa supplies from Cote d’Ivoire after recent heavy rains saw ICE NY cocoa on Monday close +7 (+0.21%), and Sep ICE London cocoa #7 closed +16 (+0.74%).

Pic: CN

Commodities

Cocoa prices pulled down by ICE inventories

By Anthony Myers

After consolidating recent gains, cocoa prices posted modest losses earlier this week after an increase in cocoa inventories weighed on prices.

The two West African countries produce over 60% of the world's cocoa Pic: Getty Images

Commodities

Cote d’Ivoire and Ghana await approval for IMF loans

By Anthony Myers

Both countries’ economies have been ‘hit hard by the triple shock of the Covid-19 pandemic, global financial tightening, and adverse spillovers from Russia’s war in Ukraine’.

Gerald Manley. Pic: ofi

Business

Gerard Manley announces retirement as ofi Cocoa CEO

By Anthony Myers

Gerard Manley, CEO of ofi’s Cocoa business and the group’s Chief Sustainability Officer (CSO), has announced he will will retire at the end of June 2023 after 25 years with the company.

The Olam Group reported 'steady 2022 performance'. Pic: Olam Group

Olam Group remains optimistic, despite drop in earnings

By Anthony Myers

The Singapore-based agribusiness said it remains ‘cautiously optimistic' about its prospects for 2023’ despite reporting 24.5% lower earnings of S$200.0 million (US$148.52m) for the year ending 31 December 2022.