Cocoa commodity news

Here are some recent news and updates on the cocoa commodity market:

Market Trends:

• The global cocoa market is expected to experience a surplus in the 2022/23 crop year, according to the International Cocoa Organization (ICCO). This is due to a projected increase in production and a decrease in demand.
• The cocoa price has been volatile in recent months, influenced by factors such as weather conditions, disease outbreaks, and global economic uncertainty.
• The European Union's (EU) cocoa market is expected to experience a shortage in the coming years, driven by a decline in production and a rise in demand.

Production and Supply:

• Côte d'Ivoire, the world's largest cocoa producer, has reported a decline in production due to a combination of factors including disease, pests, and weather conditions.
• Ghana, the second-largest producer, has also experienced a decline in production due to similar factors.
• The ICCO has reported that global cocoa production is expected to increase by 2.5% in the 2022/23 crop year, driven by an increase in production in countries such as Indonesia and Ecuador.

Demand and Consumption:

• The global demand for cocoa is expected to increase by 2.5% in the 2022/23 crop year, driven by growth in the confectionery and food industries.
• The EU is expected to experience a rise in cocoa demand, driven by a growing demand for premium and specialty chocolate products.
• The United States is also expected to experience a rise in cocoa demand, driven by a growing demand for chocolate products and a increasing popularity of dark chocolate.

Trade and Policy:

• The EU has implemented a new cocoa sustainability scheme, which aims to improve the sustainability of the cocoa supply chain and reduce deforestation.
• The US has also implemented a new cocoa sustainability scheme, which aims to promote sustainable cocoa production and reduce child labor.
• The World Trade Organization (WTO) has reported that the global cocoa trade is expected to increase by 3.5% in the 2022/23 crop year, driven by an increase in exports from countries such as Indonesia and Ecuador.

Disease and Pests:

• The cocoa industry is facing a number of challenges, including the spread of diseases such as cocoa swollen shoot virus (CSSV) and pests such as the cocoa pod borer (CPB).
• The ICCO has reported that the CSSV has affected over 100,000 hectares of cocoa in West Africa, resulting in significant losses for farmers.
• The CPB has also affected cocoa production in West Africa, resulting in significant losses for farmers.

Other News:

• The cocoa industry is facing a number of challenges, including climate change, which is expected to impact cocoa production and quality.
• The industry is also facing challenges related to child labor and forced labor, which are being addressed through initiatives such as the International Labor Organization's (ILO) Cocoa Initiative.
• The industry is also facing challenges related to deforestation and land degradation, which are being addressed through initiatives such as the Forest Stewardship Council's (FSC) Cocoa Initiative.

I hope this information is helpful.