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.
The implementation of stricter regulations for palm oil, one of the food sector’s most essential commodities, will lead to major supply and cost implications in APAC and beyond, says the Roundtable on Sustainable Palm Oil (RSPO).
International soft commodities exchange has announced it has launched a new Traceability Service to support cocoa suppliers and other commodities, such as coffee and sugar, affected by the EU Deforestation Regulation.
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.
Ghana has announced a state-guaranteed cocoa price paid to its farmers of 20,943 Ghana cedi ($1,837) per tonne for the new 2023-2024 season – an increase of more than 63% in a bid to boost their income and prevent beans from being smuggled to neighbouring...
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 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.
The Federal Association of the German Confectionery Industry (BDSI) has called for the European Union to reform high external sugar tariffs to keep medium-sized companies competitive – while candy makers in the US grapple with US agricultural policy.
Cocoa grindings in Europe, North America and Asia fell for the second quarter of 2023, according to latest figures released by the International Cocoa Organization (ICCO), sending cocoa prices soaring on the markets as consumers look for cheaper chocolate.
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.
Alarm bells have been raised in the United States over a potential sugar shortage that could affect confectionery and candy production ahead of the important Halloween holiday season.
Cote d’Ivoire’s main cocoa crop (October to March) has been buoyed by above-average rain, with farmers pleased by the number of cherelles, or pods, already on the trees.
Cocoa bean processing in North America has slumped almost 12% in the second quarter, according to figures released by the National Confectioners Association, the lowest in almost 15 years for that period, while in Europe and Asia, factories ground the...
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%).
Barry Callebaut has reported lower nine-month sales volumes in its 9-Month Key Sales Figures for Fiscal Year 2022-23 after being hit by growing global inflationary pressures and the high price of cocoa on the commodity market that pushes up the price...
Recent bad weather in West Africa has threatened cocoa production resulting in record-high prices for the commodity on the Intercontinental Exchange in London.
With supply concerns heightened by recent flooding in some of Cote d’Ivoire’s cocoa farms, there are concerns it could affect the start of the next October-to-March main crop, farmers told local media at the beginning of the week, while NY cocoa prices...
Rising costs of cocoa on the commodity markets could push up the cost of chocolate in the coming months, according to data from the consumer intelligence database NielsenIQ
The International Cocoa Organization (ICCO) has widened its deficit forecast for the current 2022-23 (October-September) season to 142,000 tonnes, up from 60,000 tonnes previously.
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’.
The Federal Association of the German Confectionery Industry (BDSI) has called for its government to prioritise strengthening the domestic economy after a decline in sales in the first quarter of 2023.
The International Cocoa Organization (ICCO) has reported cocoa prices at the halfway mark of the year (2022-23) of the first position of cocoa futures were broadly higher year-on-year on both the London and New York markets.
In the week that the European Parliament adopted a new law to fight global deforestation and ahead of Earth Day (22 April), Satelligence has announced results of a collaboration with Swedish sustainable ingredients supplier AAK on helping it verify its...
The European Parliament has formally adopted a new law to fight global deforestation with cocoa, coffee, palm-oil, soya, wood, rubber, charcoal printed paper products and cattle covered by the new rules, which obliges companies to ensure products sold...
The European Cocoa Organisation (ECA) has reported that 375,375 tonnes of raw cocoa were ground for the 1st quarter of 2023. This corresponds to a slight increase of 0.5% compared to the same quarter of the previous year.
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.
Cocoa prices posted moderate losses on the New York and London ICE exchanges at the end of last week. May ICE NY cocoa (CCK23) closed down -51 (-1.80%), and May ICE London cocoa #7 (CAK23) closed down -26 (-1.20%) as a stronger dollar sparked long liquidation...
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.
ASEAN consumer confidence in regional trade relations with the European Union have plummeted on the back of the latter’s recently-passed deforestation law and its impacts on various food commodities, as major palm oil producing countries in the region...
Brazilian cocoa farmers are putting pressure on the government to suspend imports from Cote d’Ivoire over a fear the cargo will also include insects and weed seeds such as Striga weed, putting local cocoa farms at risk.
Nigeria’s cocoa exporters say they are also struggling to honour contracts, and many are suspending activities due to challenges, including a shortfall of cash to pay labourers and transporters.
Conseil du Café-Cacao (CCC), Cote d’Ivoire’s cocoa regulator, has issued a statement that it expects the country’s cocoa exporters to fulfill their contracts despite supply chain issues at ports.
Cocoa exporters in Cote d’Ivoire are reportedly close to defaulting on their contracts due to a lack of beans and urgently need up to 150,000 tonnes to honour their commitments.
Digital payments are increasingly accepted in cocoa-growing origins and after decades of farmer-level cash transactions, cocoa farmers in Brazil and Ecuador were the first in Barry Callebaut’s supply chain to go digital with payments.
Weakness in global cocoa demand weighed on cocoa prices, barchart.com reported, as modest losses at the end of last week were posted with NY cocoa falling to a 1-month low and London cocoa falling to a five-week low.
The European Union has agreed a new law to prevent companies from selling cocoa and other commodities into the EU market that can be traced back to deforestation around the world.
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.
Cote d’Ivoire’s cocoa farmers have confirmed that soil moisture on their lands should be sufficient to support the main crop over the next two months, despite the world’s top cocoa producer entering its dry season that lasts until March.
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...
Analysts and traders are keeping a close eye on an ongoing strike by dock workers at San Pedro, one of Cote d’Ivoire’s two main ports, while ICE NY cocoa closed up +72 (+2.96%), and December ICE London cocoa closed up +9 (+0.44%).
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 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.
The Association of the German Confectionery Industry (BDSI) has confirmed the third-quarter 2022 cocoa grind fell 4.7% on the year to 100,149 tonnes, following a 3.7% increase in the second quarter.
The EU’s recent approval of its controversial deforestation regulation is expected to drive up the cost of palm oil and other affected commodities, and thus food and beverage prices, amid ongoing inflationary pressures that have already affected a majority...
The Ghanaian Government has increased the producer price of Cocoa by 21% for the 2022-2023 crop season – and said it will be ready for new EU rules on cocoa imports.
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.
