There is still sufficient cocoa available on the market, despite political turmoil in the Ivory Coast situation, the International Cocoa Organization (ICCO) said yesterday, although there are concerns over cocoa damage over long storage periods.
Leading cocoa processor and exporter, Archer Daniels Midland (ADM), said it has suspended cocoa plant operations in the Ivory Coast and is shifting production elsewhere, due to heightened political tensions in the West African producer country.
Cocoa prices have remained stable over the past two weeks despite the Ivory Coast export ban with industry analysts citing good industry supply cover and access to plentiful crop from Ghana as factors for the lack of price volatility.
Leading cocoa supplier, Archer Daniel Midlands (ADM), has confirmed that it is keeping its cocoa processing plant in Kumasi, Ghana open in spite of challenges related to acquiring light crop beans for processing.
Leading maker of bulk chocolate, Barry Callebaut, has bought and exported the cocoa beans it needs to fulfill its processing needs, said a company spokesperson in reaction to the suspension of Ivory Coast exports.
Lack of clarity on the implications for the cocoa industry of the financial penalities imposed by the EU on the Ivory Coast has prompted trade representatives in the bloc to seek additional information from the Commission.
Blommer Chocolate, Petra Foods, and Cemoi Chocolatier have created a joint venture that will establish 30 fermentation centres to improve the supply of high quality, fermented cocoa from the Ivory Coast.