May News Roundup & AMA | #PodSaveChocolate

May News Roundup & AMA | #PodSaveChocolate

Episode 42 of #PodSaveChocolate is my monthly News Roundup and AMA – Ask Me Anything – episode. This month’s topics will also include “Cocoa Futures and the Future of Cocoa.”

When and Where to Watch

This episode airs live from 10:00 PDT/MST (11:00 MDT, 12:00 CDT, 13:00 EDT) on Friday, May 10th, 2024.
Cocoa Futures and the Future of Cocoa | #PodSaveChocolate
Episode 42 OverviewThis is the monthly News Roundup and AMA episode of #PodSaveChocolate. This month’s episode will feature discussion of recent price volati…

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Episode 42 Overview

This is the monthly News Roundup and AMA episode of #PodSaveChocolate. This month’s episode will feature discussion of recent price volatility in the cocoa futures market, a follow-up to my High Cost of Expensive Cocoa episodes.

Cocoa futures have declined in recent weeks:

  • Is this a good thing?
  • A bad thing?
  • Or is it a mixed “blessing?”
  • What role should government cocoa boards play when it comes to futures volatility? Do they cause more harm than good?
  • What about Fairtrade pricing schemes and the current industry darling, Living Income?

Cocoa Futures and the Future of Cocoa

Cocoa futures fall nearly 10pc
NEW YORK: Cocoa futures prices on ICE lost nearly 10% this week, as failure to go higher drove the market to some…
Cocoa - Price - Chart - Historical Data - News
Cocoa increased 4,249.49 USD/MT or 101.27% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Cocoa - values, historical data, forecasts and news - updated on May of 2024.
Cocoa Prices and Cocoa Futures Prices -
Today’s Cocoa prices with latest Cocoa charts, news and Cocoa futures quotes.
Chocolate Industry Giants Bullish on Business Despite Soaring Cocoa Prices
Cocoa prices have nearly tripled in value this year. The previous high of $4,854/MT for cocoa bean futures was set in July 1977 on the spot ICE New York exchange. This was surpassed in February 2024, and spot prices have continued their meteoric rise to trade at around $8,400/MT as of the beginning of May, according to Mintec Analytics. On the ICE London spot futures contract, prices traded at around £7,800/MT as of the beginning of May, marking a 220% increase year-on-year.
Cocoa industry must become adaptable
An op­por­tu­ni­ty from the past agri­cul­tur­al-based econ­o­my has arisen in the present. The price of raw co­coa on the in­ter­na­tion­al mar­ket has in­creased. Con­se­quent­ly, and nat­u­ral­ly, so too the prices for the fin­ished prod­ucts de­rived from co­coa, choco­late, choco­late-based drinks, ice cream and oth­er forms in­to which co­coa is processed.
The Power of Data: How a standardized method for collecting data on cocoa farmer incomes will improve lives
Across the entire cocoa sector, there are broad-based efforts underway to help cocoa-farming households achieve a living income. But how do we know which ones will work the best?
Cocoa household income study methodology
New methodology for measuring cocoa farmer household income promises to serve as a strong standard for the sector.
Cocoa household income study approach - KIT
A sector-wide approach to assessing the living income status of households in the cocoa sector The cocoa sector has been working to deliver living incomes for cocoa farming households since 2015, but learning at the sector level aimed at achieving living incomes has been hampered by challenges in data collection and sharing. To address these […]
Demystifying the Cocoa Sector in Ghana and Côte d’Ivoire - KIT
This major study aims to contribute to the cocoa sector’s body of knowledge and provide a solid evidence base to test common assumptions and beliefs. The research covers issues such as household demographics, food security and nutrition, and crop choices and crop diversification. Specific to cocoa, the study investigates why households grow cocoa, and analyses […]
Analysis of the income gap of cocoa producing households in Côte d’Ivoire - KIT
The Living Income Community of Practice, co-hosted by GIZ, ISEAL and the Sustainable Food Lab and the GIZ Programme “Sustainable Supply Chains and Standards” are currently calculating ‘Living Income’ Benchmarks for the cocoa producing regions in Ghana and Côte d’Ivoire. The Living Income Benchmark studies estimate the net income required for a decent standard of […]
A Living Income for Cocoa Producers in Côte d’Ivoire and Ghana?
It is often claimed that cocoa producers are poor, but the extent of their poverty is rarely defined. We analyzed six data sets derived from household questionnaires of 385–88,896 cocoa producers in Côte d’Ivoire and Ghana. Across all data sets, many households (30–58%) earn a gross income below the World Bank extreme poverty line and the majority (73–90%) do not earn a Living Income. Households with less income per person per day generally achieve lower cocoa yields, consist of more household members, have a smaller land size available, and rely more on cocoa income than households with higher incomes. When comparing the effects of increasing prices and yields on gross income, yield increases lead to larger benefits especially for the poorest households. Doubling the cocoa price would leave 15–25% of households with a gross income below the extreme poverty line and 53–65% below the Living Income benchmark. At yields of 600 kg/ha, against current yields around 300 kg/ha, these percentages are reduced to 7–11 and 48–62%, respectively, while at yields of 1,500 kg/ha only 1–2% of households remain below the extreme poverty line and 13–20% below the Living Income benchmark. If we assume that the production costs of achieving a yield of 1,500 kg/ha are 30% of revenue, still only 2–4% of households earn a net income below the extreme poverty line and 25–32% below the Living Income benchmark. Whilst sustainable intensification of cocoa production is undoubtedly a strong approach…
4 startups taking the cocoa out of chocolate
With cocoa prices rising and sourcing scarce, companies are looking to alternatives and raising more than $110 million in equity funding, according to a recent report.
Beyond Meat CEO sees 2024 as a ‘pivotal year’ despite grim Q1 results
The plant-based pioneer had its eighth straight quarter of revenue declines, but Ethan Brown is confident sales will pick up in the second half of the year.
Free webinar: Is there a crisis in cocoa supply chains?
With the new European Union Deforestation Regulation on the horizon, should the industry adopt a more responsible approach to procurement when sourcing cocoa beans and other ingredients? Sign up for our free webinar to discuss!
Nestlé claims cocoa farmers reaping rewards of its income accelerator programme
In a major update, Nestlé says its income accelerator programme is helping cocoa farmers substantially improve cocoa productivity and increase their net income.

Prior PSC Episodes on The High Cost of Expensive Cocoa

The High Co$t of Expen$ive Cocoa: Part 1 | #PodSaveChocolate
Episode 35 of #PodSaveChocolate is a discussion about the current high cost of cocoa focusing more on why and how, than what.
The High Co$t of Expen$ive Cocoa: Part 2 | #PodSaveChocolate
Episode 36 of #PodSaveChocolate is a continuation of the discussion about the current high cost of cocoa focusing more on why and how, than what begun in Episode 35.

Other News (if we get to it)

Cocoa-Free Chocolate Maker Voyage Foods Raises $52 Million
A California startup that’s making cocoa-free chocolate in a bid to sidestep the volatility of commodities markets has raised $52 million in a funding round.

Florida has just banned lab-grown/cultivated meats. While what Voyage makes does not fit into that category, California Cultured is pursuing cell-cultured chocolate. Will Florida than that as well?

Endangered Species Chocolate threatens to disrupt Sweets & Snacks Expo with innovative new bar
Endangered Species Chocolate (ESC) is set to captivate the snacking world by unveiling Dip ’n Joy - a one-of-a-kind, interactive chocolate experience at the Sweets & Snacks Expo 2024 in Indianapolis.

Is disruption the new innovation? Setting the expectations bar (pun intended) very low.

Winners - Good Food Foundation
Tasty, Authentic, Responsible
Chocolate Covered Raw Honeycomb
Enjoy Raw Honey harvested in the US and covered with Organic Haitian Cacao! Our honeycomb currently comes from hives in Georgia from Pure Southern Honey. Bees pollinate primarily on Gallberry, Tupelo, Blackgum, and Palmetto.All cacao used is transparently sourced at a $2.20/kg farmgate price point from the PISA co-oper
Investigation Reveals European Cocoa Companies’ Role in Liberian Deforestation, Urges EU Action - FrontPageAfrica
Brussels — During an event held in Brussels in April, an investigation unveiled that companies procuring cocoa from Côte d’Ivoire are contributing to the deforestation of forests in neighboring Liberia. The findings of the on-site investigation, presented by Bakary Traoré, a representative of IDEF, highlight that the traceability mechanisms employed by these companies are flawed
Malaysia can seize the global cocoa market, says Johari
Plantation and commodities minister Johari Ghani says the Malaysian Cocoa Board will invest RM9.5 million in the cocoa plantation and rehabilitation projects.


If you have a question, you can ask it live during the episode or, if you are a ChocolateLife member you can ask it in the Comments below in advance of the livestream on Friday.

#News #AMA #AskMeAnything
#cocoa #cacao #cacau
#chocolate #chocolat #craftchocolate
#PodSaveChocolate #PodSaveChoc
#LaVidaCocoa #TheChocolateLife

Upcoming PSC Episodes

The guest for the Tuesday, May 14th episode of PodSaveChocolate will be Pashmina de Shon, co-founder of Bar and Cocoa (Denver). The main topics for discussion are the challenges of being a specialty chocolate reseller.
The topic guest for the Friday, May 17th episode of PodSaveChocolate will be a roundup of the recent Craft Chocolate Experience in San Francisco with ChocolateLife contributor Keith Ayoob.
The guest for the Tuesday, May 28th episode of PodSaveChocolate will be Nataly Nicholls, Founder and Chief Chocolatier of Magno Chocolate, Medellin Colombia. There will also be a chocolate/coffee tasting experience in this episode!

#PodSaveChocolate and #TheChocolateLifeLIVE Archives

To read an archived post and find the links to watch archived episodes, click on one of the bookmark cards, below.

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News, views, and conversations on topics in cocoa and chocolate streamed live to YouTube, LinkedIn, and Facebook. #PodSaveChocolate!
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News, views, and conversations on topics in cocoa and chocolate streamed live to YouTube, LinkedIn, and Facebook.

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