Market Briefing: Cocoa – 11 Dec
– Global exports of cocoa beans and semi-finished products rose to 1.6 million tonnes in Q3 of 2020/21
– Ivorian cocoa port arrivals reach 747,000 tonnes by December 5, down 10% y/y
– Cocoa powder prices stable at 134.3 cents per pound, butter prices rose to 261 cents in November
– Ivory Coast’s cocoa port arrivals continue to be around 10% lower in year-ago comparisons, exporters estimated. The world’s top grower saw arrivals reach 747,000 tonnes by December 5, down from 831,000 tonnes over the same period last season; 10.1% lower y/y. In weekly volumes, about 37,000 tonnes of beans were delivered to Abidjan port and 43,000 tonnes to San Pedro between November 29-December 5, for a total of 80,000 tonnes. This is lower than last week’s and this time last year’s 91,000 tonnes.
– Dutch ethical chocolate brand Tony’s Chocolonely, has surpassed the €100 million revenue mark, partly due to a successful UK launch in 2019. Demand for its premium 100% sustainable Belgian chocolate has soared in recent years, with Tony’s global business growing by 24%. In this financial year, the company reported net revenues rose from €88.4 million to €109.6 million. Gross margin also exceeded target and increased from 42.4% to 46.2%, its Annual FAIR report showed.
– Global exports of cocoa beans and semi-finished products rose to 1.6 million tonnes during Q3 of the 2020/21 season (April-June 2021), up from the previous season’s 1.4 million tonnes, outlined the ICCO. Of this total, 46% (777,630 tonnes) cocoa beans; 23% (378,227 tonnes) cocoa powder and cake; 17% (287,368 tonnes) cocoa butter; and 14% (242,464 tonnes) cocoa paste. Separately, exports of chocolate and it chocolate products reached 1.4 million tonnes April-June 2021, up 16% from 1.2 million tonnes the same period last season.
– Cocoa futures were mixed this week, posting some losses on concern the rapid spread of the omicron Covid variant, could lead to lockdown measures and travel restrictions that curb demand for chocolate. By Thursday’s close (December 9), March New York cocoa closed down 0.7% ($19) at $2,451 a tonne, while March London cocoa fell 0.3% (£5) to £1,677 a tonne. Mid-week, New York cocoa climbing to a 1½-week high of $2,485/tonne as optimism, about the variant may not be as severe as initially feared, rose.
– Cocoa powder prices stayed almost unchanged in November at 134.3 cents per pound, while butter prices rose to 261 cents per pound, up 5.2 cents from the October average, according to IHS Markit.