Commodities

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.

Clean Food Group is fermenting yeast to develop a lab-grown, bio-equivalent alternative to palm oil, which has attracted the attention of ingredients major Doehler Group. Image credit: Laurie Lapworth: University of Bath

Doehler invests in lab-grown palm oil alternative

By Flora Southey

The German ingredients supplier is investing in UK-based Clean Food Group (CFG) – a start-up developing a bio-equivalent cultivated alternative to palm oil – via its investment arm, Doehler Ventures.

Ourput of West African cocoa beans fell last month. Pic: CN

Commodities

Uncertain supply and demand undercuts cocoa prices

By Anthony Myers

Recent flash flooding in West and Central Africa has hindered Cote d’Ivoire’s transportation of cocoa beans from the farms to the ports and could be the reason for the reduction of cocoa arrivals seen during the first few weeks of the main 2022-23 season...

Peter Boone, CEO of the Barry Callebaut Group, at the launch last month of its '2nd Generation Chocolate' innovation. Pic: Barry Callebaut

Financial results

Drop in profits at Barry Callebaut after factory shutdown earlier in year

By Anthony Myers

Barry Callebaut caught the market by surprise by rescheduling its Full-Year Results 2021-22 analysts and media call to Tuesday instead of today (Wednesday 2 November) after the figures were published early due to an ‘unforeseen event’. The world’s largest...

Cocoa and flower growers experienced the strongest rebounds in 2021, according to Fairtrade. Pic: Fairtrade

Sustainability

Fairtrade cocoa farmers see boost in earnings, according to new report

By Anthony Myers

Cocoa farmers, as well as workers in other commodities and crops, experienced a boost in Fairtrade Premium earnings thanks to a recovery in Fairtrade product sales throughout 2021, Fairtrade International’s latest annual report has revealed.

Pic: GettyImages

Economy

Sterling crisis will impact cocoa farmer incomes, Fairtrade warns

By Anthony Myers

After the pound hit a record low against the US dollar at the end of September, the Fairtrade Foundation is warning of the potential impact of the market volatility, both on farmers in low-income countries and the UK shoppers who buy the food they grow.

The trading community has encouraged the growth of cocoa production, the ECA Forum was told. Pic: CN

ECA Cocoa Forum 2022

Where’s the pay-off for price stability in cocoa?

By Anthony Myers

The ECA’s Cocoa Forum 2022 looked at the supply & demand functionality in the industry regarding the right package of policy actions in a fluctuating market.

Cadmium is a problem for cocoa farmers mainly in Central and South America. Pic: Republica del Cacao

Special report

How to reduce cadmium in cocoa

By Anthony Myers

The result of a three-year study by a multi-disciplinary panel of four experts into the sources of lead and cadmium in cocoa and chocolate - and how levels may be reduced in the future - has been published by the National Confectioners Association (NCA)...

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