Commodities

Chocolate lovers in the US are pushing up cocoa prices. Pic: GettyImages

Commodities

US demand for chocolate drives up cocoa prices

By Anthony Myers

Record surge for chocolate by American consumers has pushed sales to $29bn, with retail chocolate sales climbing more than 5% a quarter, according to data from Chicago-based researcher IRI.

Ghana's cocoa carriers began their industrial action on 5 January. Pic: CN

Agribusiness

Ghana’s cocoa carriers end strike after management increases pay

By Anthony Myers

Ghana’s cocoa carriers have announced they have called off their strike after meeting with the licensed buying companies and officials from COCOBOD, the government-controlled body that fixes the buying price for the country’s cocoa exports.

The ICCO said that even though grindings increased year-on-year it was not sufficient to absorb excess production. Pic: ConfectioneryNews

Grindings

ICCO expects 10% increase in world cocoa output

By Anthony Myers

The International Cocoa Organisation (ICCO) forecasts a 10% increase in the world cocoa production and a 25% increase in the cocoa price in the next decade. Based on the forecast, the total cocoa production will be approximately 4,700,000 tonnes in 2022-2023.

Climate change and extreme weather conditions will threaten Fairtrade farmers' livelihoods. Pic: GettyImages

Enviornment

Fairtrade Farmers issue urgent warning on climate change to COP26

By Anthony Myers

As the 2021 United Nations Climate Change Conference (also known as COP26) gets underway today in a rainy Glasgow, a new Fairtrade study has revealed findings that ‘paints a bleak picture’ of the future for cocoa and other commodities.

China's first crop of cocoa pods. Pic: Chinese Academy of Tropical Agricultural Sciences

Spotlight on cocoa Asia

China – the next cocoa superpower?

By Anthony Myers

News that China's small batch of cocoa beans has been recognised by the Bioversity International’s 2021 Cocoa of Excellence competition is seen as another indicator of the rise of Asia’s cocoa sector.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer DMCC. Pic: DMCC

Cocoa

Dubai set to become a global hub for cocoa trade

By Anthony Myers

Announced earlier in the year, The Dubai Multi Commodities Centre's (DMCC) Cacao Centre is set to launch in summer with plans to make the Emirati city a global hub for trade in cocoa beans.

'Much of the challenge of reducing deforestation in 2021 comes down to accountability'. Pic: Satelligence

Guest article

The road to 0% deforestation for confectionery FMCGs

By Alan Kroeger

Over the past three decades, the rate of deforestation around the world has noticeably declined. This comes against an ever-increasing societal pressure from consumers and governments for more sustainable food products, which applies to everything from...

Cocoa futures have been performing poorly since the beginning of the year. Pic: ConfectioneryNews

Commodities

Production surplus could weigh down cocoa futures in Q2

By Anthony Myers

Increased output from Cote d’Ivoire and Ghana, along with decline in European cocoa bean usage due to the resurgence of COVID-19 infections means a production surplus projected in the 2020-21 season, with cocoa futures on the commodities market underperforming...

Olam expects a more favourable market condition in 2021, after posting a strong set of results. Pic Olam International

Financial results

Olam reports robust 2020 performance

By Anthony Myers

Olam has reported a strong operating performance across its new structure, which includes its cocoa business in Olam Food Ingredients (OFI).

Analysts are predicting a large surplus of cocoa on the market, even after a global vaccination roll-out. Pic: ConfectioneryNews

Special Report: Post Pandemic Trends 2021

Downward trend in cocoa prices continues, despite COVID-19 vaccinations

By Anthony Myers

In its latest Monthly Cocoa Market Report, the International Cocoa Organization (ICCO) has revealed that anticipations of a production surplus compounded with low levels of demand have contributed to the decline in prices in cocoa from January 2021 on...