COPAL COCOA Info. 521.doc · Web viewAnd it’s true this one may not be the best if you’re...

INSIDE THIS ISSE: ICCO DAILY COCOA PRICES LONDON (LIFFE) FUTURES

MARKET UPDATE NEW YORK (ICE) FUTURES

MARKET UPDATE FROM THE NEWS MEDIA

0COPAL COCOA0COPAL COCOA InfoInfo A Weekly Newsletter of Cocoa Producers' Alliance

Health and Nutrition 5 healthy hot cocoa recipes Health benefits of hot cocoa Benefit6 Whole Body Protection, a new product by

I do strive LLC, made with clinically proven ingredients to enhance brain function and cognitive abilities

Production and Quality Mondel to invest us$400 million under cocoa life

in Asia Pacific UFP government to revolutionize cocoa industry

The Market Cocoa futures edge to 9-week high on supply-

deficit outlook NY cocoa to retest resistance at $2,562

Labour Issues

Environmental Issue

Research & Development Cocoa Foundation selects researchers for us

study

Promotion & Consumption Best hot chocolate in Chicago: where to warm up

with the tastiest cups of cocoa Best hot chocolate in Chicago: where to warm up

with the tastiest cups of cocoa

Do your health a favour, drink Cocoa everyday

‘It’s nature’s miracle food’UP-COMING EVENTSUP-COMING EVENTS IN THISIN THIS

Issue No. 521 3rd – 7th December 2012

Cocoa butter at 3-year peak on Ivory Coast subsidy woes

Processing and Manufacturing Cargill halts Ivory Coast cocoa grinding expansion

Business & Economy $32m to import cocoa bags

Others

In the News (from Newspapers worldwide)

ICCO Daily Cocoa PricesICCO Daily Price

(SDR/tonne)ICCO Daily Price

($US/tonne)London futures

(£/tonne)New York futures

($US/tonne)

3rd December 1660.03 2550.71 1596.33 2533.00

4th December 1604.79 2471.22 1553.00 2443.67

5th December 1596.66 2457.91 1545.00 2430.00

6th December 1599.06 2459.76 1552.00 2427.00

7th December 1600.48 2451.47 1551.00 2418.00

Average 1612.00 2478.00 1559.00 2450.00

COCOA PRODUCERS’ ALLIANCE, NATIONAL ASSEMBLY COMPLEX TAFAWA BALEWA SQUARE, P.O. BOX 1718, LAGOS, NIGERIA. TEL: +234(0)1-263-5574 FAX: +234(0)1-263-5684

Email: [email protected] Website: www.copal-cpa.org2

mailto:[email protected]

International Financial Futures and Options Exchange (LIFFE)London Futures Market – Summary of Trading Activities

(£ per tone)

Monday 3rd December 2012 Month Opening Trans Settle Change High Low Volume

Dec 2012 1603 1603 10 1605 1580 3,034Mar 2013 1584 1591 5 1598S 1572 8,121May 2013 1592 1596 4 1601S 1579 6,689Jul 2013 1597 1602 3 1609S 1588S 661

Sep 2013 1600 1608 3 1616 1594S 616Dec 2013 1586 1594 3 1600S 1580S 470Mar 2014 1579 1594 4 1602 1579S 930May 2014 1580 1601 5 1604S 1580 208Jul 2014 1606 1606 5 1608 1602 127

Sep 2014 1610 5 0Average/Totals 1601 20,856

Tuesday 4th December 2012 Month Opening Trans Settle Change High Low Volume

Dec 2012 1598 1592 -11 1618S 1584S 5,656Mar 2013 1581 1548 -43 1589S 1544S 8,584May 2013 1587 1553 -43 1592 1549 3,531Jul 2013 1596 1558 -44 1598S 1555S 694

Sep 2013 1602 1564 -44 1604S 1561S 490Dec 2013 1585 1552 -42 1585 1549 225Mar 2014 1580 1554 -40 1590S 1553S 129May 2014 1600 1559 -42 1601S 1580 54Jul 2014 1564 -42 0

Sep 2014 1564 -46 0Average/Totals 1561 19,363

Wednesday 5th December 2012 Month Opening Trans Settle Change High Low Volume

Dec 2012 1596 1588 -4 1603S 1580 9,120Mar 2013 1547 1540 -8 1563 1537 6,317May 2013 1552 1545 -8 1566S 1541S 2,190Jul 2013 1558 1550 -8 1570S 1547S 1,789

Sep 2013 1564 1555 -9 1576S 1552S 1,371Dec 2013 1555 1543 -9 1563S 1540S 869Mar 2014 1556 1547 -7 1564S 1543S 746May 2014 1569 1554 -5 1569 1552S 87Jul 2014 1564 1559 -5 1564S 1554S 47

Sep 2014 1559 -5 0Average/Totals 1554 22,536

Thursday 6th December 2012

ALLIANCE OF COCOA PRODUCING COUNTRIES, NATIONAL ASSEMBLY COMPLEX, TAFAWA BALEWA SQUARE, P.O. BOX 1718, LAGOS, NIGERIA. TEL: +234-70-9814-1735; +234-70-

9814-1736; FAX: +234-1-290-4262 Email: [email protected] Website: www.copal-cpa.org

3

http://www.nybot.com/reports/dmrs/etsDMRs/dmrFutures.asp?dmrMonth=04&dmrDay=11&dmrYear=2007&commodityID=1&commodityType=future

http://www.copal-cpa.org/







Month Opening Trans Settle Change High Low VolumeDec 2012 1598 1620 32 1623S 1592S 11,941Mar 2013 1541 1547 7 1549 1533 16,474May 2013 1548 1552 7 1554S 1539S 1,839Jul 2013 1554 1557 7 1559S 1543S 930

Sep 2013 1560 1562 7 1562S 1548 522Dec 2013 1546 1550 7 1552S 1538 313Mar 2014 1550 1551 4 1552S 1540 722May 2014 1559 1558 4 1560S 1550 50Jul 2014 1563 4 0


Friday 7th December 2012 Month Opening Trans Settle Change High Low Volume

Dec 2012 1623 1621 1 1630 1607S 6,423Mar 2013 1543 1546 -1 1559 1531 9,917May 2013 1550 1551 -1 1560S 1537 5,773Jul 2013 1555 1556 -1 1565S 1542 1,792

Sep 2013 1560 1561 -1 1569S 1547S 795Dec 2013 1556 1551 1 1558S 1540S 3,299Mar 2014 1556 1551 0 1556S 1543S 16May 2014 1553 1558 0 1553 1553 10Jul 2014 1558 1563 0 1558S 1558S 10


Average for the week 1562 5097 5097



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New York Board of Trade(New York Futures Market – Summary of Trading Activities)

(US$ per tone)

Monday 3rd December 2012 Month Open Price Change High Low Volume

Dec 2012 2577 2562 24 2578 2577 166Mar 2013 2490 2519 21 2555 2479 17,082May 2013 2500 2524 20 2558 2486 3,255Jul 2013 2493 2528 19 2560 2493 928

Sep 2013 2505 2530 19 2560 2494 660Dec 2013 2504 2530 17 2556 2504 111Mar 2014 2517 2534 19 2555 2517 850May 2014 2533 2541 18 2545 2533 91Jul 2014 2547 2543 17 2547 2536 86

Sep 2014 0 2548 16 0 0 0Average/Totals 2536 23229

Tuesday 4th December 2012 Month Open Price Change High Low Volume

Dec 2012 2483 2491 -71 2483 2480 3Mar 2013 2510 2444 -75 2519 2431 19,734May 2013 2516 2451 -73 2522 2439 5,766Jul 2013 2518 2457 -71 2527 2445 1,310

Sep 2013 2523 2458 -72 2523 2446 850Dec 2013 2520 2459 -71 2529 2446 411Mar 2014 2526 2464 -70 2534 2457 93May 2014 2530 2471 -70 2530 2525 8Jul 2014 0 2473 -70 0 0 0

Sep 2014 0 2478 -70 0 0 0Average/Totals 2465 28175

Wednesday 5th December 2012 Month Open Price Change High Low Volume

Dec 2012 2480 2460 -31 2490 2472 9Mar 2013 2452 2420 -24 2466 2415 11,566May 2013 2471 2427 -24 2471 2424 1,177Jul 2013 2462 2433 -24 2469 2430 556





5









Thursday 6th December 2012 Month Open Price Change High Low Volume

Dec 2012 0 2473 13 0 0 0Mar 2013 2420 2420 0 2433 2398 10,413May 2013 2429 2428 1 2440 2407 1,891Jul 2013 2439 2434 1 2439 2414 467

Sep 2013 2437 2436 1 2440 2418 109Dec 2013 2423 2438 1 2438 2420 90Mar 2014 2440 2442 0 2447 2423 130May 2014 2455 2448 -1 2455 2454 50Jul 2014 0 2450 -1 0 0 23


Friday 7th December 2012 Month Open Price Change High Low Volume

Dec 2012 0 2471 -2 0 0 2Mar 2013 2420 2412 -8 2432 2387 10,402May 2013 2427 2420 -8 2438 2395 1,857Jul 2013 2433 2427 -7 2437 2404 758



Average for the week 2437 2438 2438



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News

5 healthy hot cocoa recipesMother Nature NetworkBy Melissa BreyerNov 28 2012

Kick the chemicals out of your hot cocoa with these creamy chocolicious concoctions (including vegan and sugar-free options).

If there were a contest for the most comforting thing in the world, hot cocoa would surely be in the running for the crown, along with teddy bears, cozy sweaters and the occasional brandy-filled flask. Hot cocoa warms a winter-chilled body, incites nostalgic reverie, and has the ability to hit the spot like few other libations. And beyond that, as counter-intuitive as it may sound, it can be abundantly healthy — as in, possessing three times more antioxidants than green tea! (Get the whole skinny here: 7 health benefits of drinking hot cocoa.) Hot cocoa is one of the best ways to get chocolate’s antioxidants, but unless you are

using a healthy recipe, the benefits of cocoa’s powerhouse nutrients can be negated by the ill effects of too much sugar and a host of synthetic ingredients. The main ingredient in most commercial hot cocoa mixes is sugar, followed by corn syrup, with actual cocoa hiding somewhere in the middle of the list of disturbingly polysyllabic ingredients. In fact, a look at the nutrition panels of the most popular brands reveals a whole hodgepodge of ingredients that just have no business being in a simple cup of cocoa. Case in point? Hydrogenated coconut oil, partially hydrogenated palm oil, gelatin, artificial flavor, sodium hexametaphosphate, blue 1, dipotassium phosphate, sodium aluminosilicate, sucralose, sodium phosphate, and acesulfame potassium, to name a few. Who wants a hot cup of that? In the United States, the terms hot cocoa and hot chocolate seem to be used interchangeably, but there actually is a difference. Hot cocoa is made by dissolving cocoa powder in a hot water or milk, while hot chocolate involves melting a piece of chocolate into the hot liquid. Drinking chocolate, which is often what hot chocolate is called in Europe, is the same as hot chocolate. Hot chocolate yields a richer drink than hot cocoa because chocolate has cocoa butter in it, so there is more fat. Cocoa powder has the fat removed, so it’s a healthier way to get the all the salubrious nutrients which chocolate offers — but with these recipes there is no richness sacrificed. In all of the recipes here you can play around with the proportions, adding more or less sweetener as you prefer — and you can also mix and match the milks, as these were developed so that either dairy or nut milks could be used. All of these will yield one regular or two small servings, you can double or quadruple as desired. 1. Traditional Hot ChocolateThis is the only one of the group here that includes chocolate pieces, which as mentioned before creates a beverage with more fat. That said, this recipe will yield a beautiful cup of hot chocolate that will still be better for you than a chemical- and preservative laden cup made from a crummy instant mix. 1 cup milk (or nut milk); 1/2 vanilla bean, split; 3 ounces semisweet or milk chocolate, cut into small pieces Heat milk to scalding in a medium saucepan, add vanilla, and let steep with the heat off for 10 minutes. Strain and return milk to saucepan to reheat milk. (You can use 1/4 teaspoon vanilla extract instead and skip the steeping process.) Whisk in chocolate until melted and frothy. Serve, savor.



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NEWS

Health and Nutrition



2. Dried Plum CocoaOkay, okay. Yes, you could call this one the “hot prune smoothie,” but we’re going to stand by it anyway. After all, if the French can make Pruneaux d’Agen (the decadent prune and chocolate cake) then we can make pruneaux d’ cocoa, by golly. (We’re just going to follow the lead of the prune industry and rename it dried plum cocoa.) The truth is, this one is so thick and rich it’s closer to drinking chocolate, and instead of sugar’s empty calories, you get a healthy dose of fiber, antioxidants, vitamins and minerals. 1 cup almond milk (or regular milk); 3 medium plums; 2 tablespoons dark cocoa powder; 1 pinch of salt; 1/4 teaspoon vanilla Put all ingredients in the blender and puree until very smooth, gently heat in a pot on the stove. Voila. 3. Coconut Hot CocoaSomehow, mixing the products of a tropical tree — coconut milk and dates — just seems all wrong for making the perfect drink for a blizzardy afternoon. And it’s true this one may not be the best if you’re considering food miles. But for dairy-free, sugar-free, nut-free diets this recipe may be as close as you get to cocoa nirvana. And for anyone else, if you’ve got the ingredients, this version is super salubrious and delicious. 3 tablespoons canned coconut milk; 3/4 cup water; 3 soft pitted Medjool dates; 1 tablespoon cacao powderDash of cinnamon Put all ingredients in the blender and puree until very smooth, gently heat in a pot on the stove. Sip and dream of the tropics. 4. Maple CocoaMaple syrup is one of a wholesome-cooking cook’s best-kept weapons in avoiding refined sugar. It not only adds a punch of sweetness, but that special almost-smoky maple taste adds incredible depth to baked goods and sweets that are hearty in flavor (meaning, great with chocolate and nutty things, not so good for angel food cake). This one is nice with the neutral flavors of regular dairy, but you can use any alternative milk you’d like as well. 1 cup milk; 2 tablespoons cocoa; 1 tablespoon maple syrup; 1 teaspoons vanilla extract; 1 pinch of salt Combine ingredients in a medium pot and warm on medium-low heat, whisking until frothy and hot. 5. Mexican Hot CocoaThe original chocolate beverage lauded by the Mayans was a bitter spicy slurry drunk cold and nothing like the Swiss Miss we have come to rely on. Hot cocoa in Mexico and other southern realms retains the heat, which is very clever since chocolate and spice go together as well any pair of flavors possibly could. 1 cup soy milk (or regular milk); 1 tablespoon Sucanat (see note); 2 tablespoons cocoa powder; 1/2 teaspoon vanilla extract; 1 pinch of salt; 1 pinch of cinnamon; 1 pinch (or more, go crazy!) of cayenne Combine ingredients in a medium pot and warm on medium-low heat, whisking until frothy and hot. Say "salud" to the Mayans for bringing us drinkable chocolate. Note: Sucanat is the trade name for “Sugar Cane Natural,” a non-refined cane sugar that is made by crushing sugar cane, extracting the juice then heating and drying it. It’s a more wholesome sweetener than refined sugar – but if you don’t have it, agave syrup, stevia, or regular sugar can be used instead.

Health benefits of hot cocoaExaminer.comBy: Teresa Tanoos December 1, 2012



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Chocolate is good for you Dark chocolate has long been known to have health benefits, and recent studies show that hot chocolate has health benefits as well. Researchers of a study at Cornell University found that a mug of hot cocoa had nearly twice the antioxidants as a glass of red wine, and up to three times the antioxidants as a cup of green tea, according to an article that will be published in the Dec. 3 issue of the Journal of Agricultural and Food

Chemistry.

Antioxidants are substances that may protect cells from the damage caused by unstable molecules known as free radicals. While other studies have shown a high concentration of antioxidants in red wine, the Cornell study found the concentration of hot cocoa was nearly double that of red wine – and, compared to black tea, cocoa had up to five times the concentration of antioxidants.

The results surprised the study’s lead author, Chang Yong Lee, a professor of food chemistry at Cornell. "I didn't expect cocoa (to be) that high. I thought cocoa was close to tea," Lee said.

Lee said that the idea for the study began 18 months ago after a coffee break discussion among graduate students, which then led to formal research.

Among the beverages tested in the formal research were: 1) a cup of hot water with two tablespoons of pure cocoa powder roughly equivalent to the amount of cocoa in a packet of instant hot chocolate; 2) a cup of water containing a standard size bag of green tea; 3) a cup of black tea; and 4) a glass of California Merlot.

Lee also said that, for those worried about hot cocoa's calorie content, they can cut down by using skim milk and artificial sweeteners. He added that natural foods like fruits and vegetables are also rich in antioxidants, and so far no research has shown people can consume too many of them.

Accordingly, Lee envisioned "a cup of hot chocolate in the morning, and then noon time after lunch have green tea, and evening have a glass of wine. That's a good combination," he said. "You have the enjoyment of the beverage and you have a decent amount of antioxidant in your body."

As for the health benefits of dark chocolate, studies show it can help lower blood pressure, increase blood flow and boost mood. But keep in mind that it’s calorie-rich. Experts therefore advise eating only about 100 calories of dark chocolate per day.

Contrary to popular belief, chocolate does not have a lot of caffeine. Compared to 137 milligrams of caffeine in an eight ounce cup of coffee, a typical chocolate bar only has one to 11 milligrams.

To further boost the health benefits of hot cocoa, use skim or low-fat milk. You can also try mixing it with soymilk to cut calories. Instead of sweetening it with sugar, try one of the natural, zero-calorie weeteners on the market like Stevia, which doesn’t lose its sweetened when heated, cooked or baked.

Benefit6 Whole Body Protection, a new product by I do strive LLC, made with clinically proven ingredients to enhance brain function and cognitive abilitiesSan Francisco ChronicleBy Rancho Palos Verdes, CA (PRWEB) December 3, 2012Pure Cocoa along with DHA and EPA improve brain function and may lesson the affects of aging on cognitive abilities according to recent studies

Benefit6 Whole Body Protection by I Do Strive, LLC is the first product to focus on six key areas of health to provide the most comprehensive whole body protection supplement available including improved brain function



9



and cognitive abilities. Ingredients including pure cocoa powder and omega-3 have been clinically proven to enhance brain function.

According to a study published in Physiology Behavior, “In a randomized, double-blind placebo controlled trial, 63 middle-aged volunteers aged between 40 and 65 years were administered a daily chocolate drink containing 250 mg or 500 mg cocoa flavanols versus a low cocoa flavanol (placebo) drink over a 30-day period. Participants were tested at baseline as well as at the end of the treatment period on a test of Spatial Working Memory. Steady State Probe Topography (SST) was used to assess neurocognitive changes associated with cocoa flavanol supplementation during the completion of the Spatial Working Memory task.”

The study concluded that differences in brain activation can be interpreted as evidence of increased neural efficiency in spatial working memory function associated with chronic cocoa flavanol consumption.

In another study by the Journal of Psychopharmacology, “Cocoa flavanols (CF) positively influence physiological processes in ways that suggest their consumption may improve aspects of cognitive function. This study investigated the acute cognitive and subjective effects of CF consumption during sustained mental demand. In this randomized, controlled, double-blinded, balanced, three period crossover trial 30 healthy adults consumed drinks containing 520 mg, 994 mg CF and a matched control, with a three-day washout between drinks. Assessments included the state anxiety inventory and repeated 10-min cycles of a Cognitive Demand Battery comprising of two serial subtraction tasks (Serial Threes and Serial Sevens), a Rapid Visual Information Processing (RVIP) task and a 'mental fatigue' scale, over the course of 1 h. Consumption of both 520 mg and 994 mg CF significantly improved Serial Threes performance. The 994 mg CF beverage significantly speeded RVIP responses but also resulted in more errors during Serial Sevens. Increases in self-reported 'mental fatigue' were significantly attenuated by the consumption of the 520 mg CF beverage only. This is the first report of acute cognitive improvements following CF consumption in healthy adults. While the mechanisms underlying the effects are unknown they may be related to known effects of CF on endothelial function and blood flow.”

Benefit6 is formulated to provide Whole Body Protection by focusing on key areas of health, including brain function, cardiovascular health, weight loss, energy production, inflammation reduction and antioxidant support. Benefit6 is conveniently packaged for optimal use and results.

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Consumption of cocoa flavanols results in acute improvements in mood and cognitive performance during sustained mental effort.

Mondel to invest us$400 million under cocoa life in Asia PacificBernamaDec 01, 2012JAKARTA, (Bernama) -- Mondel'z International has announced plan to invest US$400 million under a ten-year sustainable cocoa programme called "Cocoa Life" in the Asia Pacific region.

"It is a good news for Indonesia," Indonesia's Antara news agency quoted Devy Yheanne, Head of Corporate Affairs of Kraft Foods in Indonesia, as saying here on Friday.

Devy said Indonesia is included in the programme and it is important for the expansion of Mondel, formerly known with the name of Kraft Foods, in the future. She said Cocoa Life is a bold ambition but for the producer of chocolate it is important to change the life to a better condition of cacao growers in long term.

The investment is expected to encourage Indonesia to continue to grow to become the main player in sustainable cacao production, she said.

Indonesia is currently the world`s third largest producer of cacao beans after Africa`s Ivory Coast and Ghana. "We hope we could cooperate with other global players in developing cocoa-based industries," she added.



10

Production & Quality



She said Mondel is in the process of studying possible investment in Asia Pacific such as in Sumatra, Sulawesi, Papua Barat of Indonesia and Papua New Guinea and other countries in this region. She said Mondel'z International has a high ambition to inspire younger generation of cocoa farmers.Mondel'z International has taken the initiative to carry out the programme of sustainable cocoa aimed at improving the welfare of more than 200,000 cocoa farm families in the world.

UFP government to revolutionize cocoa industryVibe GhanaDecember 1, 2012 Mr Fred Osei-Agyen, running-mate to the flagbearer of the United Front Party (UFP), said a UFP government would revolutionize the cocoa industry to enable Ghana to regain its position as the leading cocoa producing country in the world. Mr Osei-Agyen said this when he addressed some cocoa farmers at Elubo in the Jomoro District of the Western Region.

According to him, “Operation Grow Cocoa” would be launched nationwide for massive cocoa growing in the country and every household would grow a cocoa tree while the principal streets would also be decorated with cocoa tress. “This will serve as tourist attraction and create opportunity for people to know the cocoa tree,” he said.

Mr Osei-Agyen said cocoa cottage industries would be set up in cocoa growing areas to process the cocoa beans into powder before sending them to the main factories for the manufacturing of other cocoa products. He said this will create job avenues for the youth and help reduce the unemployment rate. He said a UFP government would provide spraying machines and insecticides and other incentive free- of charge to cocoa farmers towards increasing production and also entice the youth to venture into cocoa farming.

Mr Osei-Agyen said this would be done without neglecting other sectors of the economy and appealed to Ghanaians to vote the UFP into power to build a strong economy and a prosperous nation. He later introduced Mr Anthony Ackah Blay, UFP parliamentary candidate for the Jomoro Constituency and urged the people to vote for him and the presidential candidate, Mr Akwasi Addai Odike on December 7.

Cocoa futures edge to 9-week high on supply-deficit outlookWall Street JournalBy Alexandra Wexler December 3, 2012NEW YORK--Cocoa futures rose to a nine-week high Monday as traders continued to price in expectations that production would fall short of demand in the current marketing year.

"Industry is buying cocoa at these levels, which gives me the impression we could go much higher," said Hector Galvan, a senior broker at R.J. O'Brien Futures in Chicago. The buying comes on the back of a report from the International Cocoa Organization that projects the first supply deficit in three years for the 2012-13 season that began Oct. 1. If production comes up short, cocoa users would need to draw down stocks from previous seasons, which are currently estimated at 1.864 million metric tons.

Thinly traded cocoa for December delivery settled 1% higher at $2,562 a ton Monday, while the more actively traded contract for March delivery gained 0.8% to settle at $2,519 a ton, its highest settlement since Sept. 21.

"Hopes that demand will soon pick up again are mainly to blame for cocoa prices rising in New York," Commerzbank said in a note. "What is more, the main harvests that are currently underway in Ivory Coast and Ghana have got off to a weaker start than they did last year."

The amount of cocoa arriving at the West African ports has been less than last year, due in part to wet weather earlier in the season that delayed the drying of the beans, traders said.



11

The Market



Commerzbank added that top producers Ivory Coast and Ghana are reporting "problems with plant diseases."

However, two cocoa-market participants said they hadn't heard any reports of diseases being worse than usual for this time of year.NY cocoa to retest resistance at $2,562Business Recorder (blog)By Asad Naeem04 December 2012

cocoa beans 400

SINGAPORE: New York March cocoa is expected to retest a resistance at $2,562 per tonne, a break above which will open the way towards $2,626.

The resistance is at the 61.8 percent Fibonacci retracement on the fall from the Sept. 6 high of $2,710 to $2,322. Cocoa has failed to clear this barrier in its first attempt and has sought a support at $2,516, the 50

percent level.

Wave pattern indicates an upward wave (c) is unfolding. This wave could travel the same distance as the wave (a), to arrive at $2,626, its 100 percent Fibonacci projection level. ** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Cocoa butter at 3-year peak on Ivory Coast subsidy woesBusiness Recorder (blog)Posted by Asad Naeem06 December 2012

cocoa 400

SINGAPORE: Cocoa butter, a key ingredient for chocolates, extended gains to its strongest ratios since early 2009 on year-end demand and worries that Ivory Coast's decision to remove a subsidy to local grinders could hurt output, dealers said on Thursday.

Butter was traded to European and Asian buyers this week at 1.90 times London futures , up from 1.85 times last week. Butter is a key ingredient for making chocolate, providing its melt-in-the-mouth texture. "Demand is coming in from every corner, but people are not offering much because the butter ratio simply goes higher every week," said a dealer in Singapore.

Ivory Coast, the world's largest cocoa producer, has abolished a 20-year-old subsidy to local grinders under which they benefited from a reduced export tax, a move that could jeopardise future investment.

The move came even as the government is aiming to grind half of its cocoa bean production locally by 2015. Currently around 35 percent of beans are processed locally.

"The main problem is the subsidy move in Ivory Coast. Everybody thinks grinders there will shut or slow down. They have got a subsidy from the government for a while, but suddenly it has been withdrawn," said a dealer in Malaysia.



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"So the operation over there is no longer viable. People are panicking. Buyers in Japan, South Korea and Europe are in the market."

In 2010, Ivory Coast became the world's top cocoa grinder with a capacity of 532,000 tonnes, turning beans mainly into cocoa butter and powder

More chocolate makers are also buying butter from Asia because of tight supply for nearby delivery after the economic crisis in Europe cut grindings there by 16.2 percent in the third quarter from the same period last year to 316,676 tonnes.

Ratios in Europe were at 2.08 times London futures for November/December delivery. Ratios in Asia, which have risen as much as 90 percent this year, were last around these levels in early 2009, when they were offered at about 2.0 times London futures.

When cocoa beans are processed they produce roughly equal parts butter and powder, which is also used in chocolate, beverages and ice cream.

Since the two products move in opposite directions, higher butter ratios weigh on cocoa powder, which was offered at between $3,000 and $3,300 a tonne, down from between $3,300 and $3,400 two weeks ago. "There are always deals, but it's just that the powder market is not moving much," said another dealer in Singapore.

Chocolate sales normally surge in the main consuming regions of Europe and North America during the key holidays of Christmas and Valentine's Day.

Cargill halts Ivory Coast cocoa grinding expansionMarketWatchBy Neena Rai @ [email protected]. 5, 2012,U.S.-based agribusiness giant Cargill Inc. has put on hold plans to expand cocoa grinding operations in the Ivory Coast, after the country's government announced changes to export levies.

Jos de Loor, President of Cargill's cocoa and chocolate division told Dow Jones Newswires in an interview that although the West African region does have further growth potential for bean processing, the changes to the export tax meant the company is unlikely to add capacity to its factory located in Abidjan, Ivory Coast.

Ivory Coast, the world's top producer of cocoa beans, is expected to levy an export tax on semi-finished cocoa products based on their equivalent weight in beans, a change to the existing tax that currently is based on the finished product.

Semi-finished cocoa is produced after the beans are roasted and ground. Semi-finished products include cocoa butter, which is used to make chocolate bars.Under widespread reforms to overhaul the Ivorian cocoa sector, the country aims to process half of the beans it produces by 2015, but market participants have expressed concerns that changes to the export tax could deter processing and rather favor exports of raw beans. The sector reforms also include forward-selling crops to allow farmers a guaranteed price for their beans and imposing stricter quality standards.

However, Cargill said it remained optimistic for processing growth opportunities in Asia. "We plan to open a processing factory in Indonesia. Expansion plans will begin during the second-quarter of 2014 as we see this region as a real area for growth," Mr. de Loor said, but declined to comment on the capacity of the new factory.

In Asia, demand is growing. Earlier this year, the International Cocoa Organization said demand in the region would likely rise 10% in 2012, due to higher disposable incomes and heavy advertising campaigns by chocolate manufacturers there.



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Processing & Manufacturing



The emergence of Southeast Asia as a cocoa-processing hub could see the region process more than 1 million metric tons of cocoa beans by 2015, likely exceeding West Africa, according to Ecobank estimates.

Meanwhile, Mr. de Loor said he expects the company's global cocoa grindings to rise by around 2.5-3.5% next year and had no plans to scale down grinding operations at any factories. He added the global supply and demand of cocoa would likely be in balance this season, as higher Asian demand will likely be matched by an improvement in West Africa's mid-crop outlook.

$32m to import cocoa bagsGhanaWebDecember 5, 2012

Cocoa Beans

Cocoa remains Ghana’s largest export commodity and the highest contributor to the country’s Gross Domestic Product (GDP). It is estimated that for the past two years, the country has exported over two million metric tons of the commodity.

Packaging (bagging) of cocoa is one area that the government can develop in order to provide extra jobs for players in the cocoa

industry but the country is currently importing its cocoa sacs (bags) at an estimated cost of $1 per sac.

A ton of cocoa is equivalent to 16 bags. What this means is that, over the past two years, Ghana had spent $32 million to import cocoa sacs if not more.

The Progressive People’s Party (PPP) believes that cocoa could be one of the major areas that can generate jobs for the masses and pledged that when given the mandate to rule, it will ensure that Kenaf, a raw material used for the manufacturing of the cocoa sacs is grown in Ghana and also establish factory to manufacture it. “The Progressive People’s Party (PPP) has identified some sectors in the economy that can create employment for the youth in the country. The agricultural sector, which contributes significantly to the country’s Gross Domestic Product (GDP) is one area that PPP government will concentrate on when given the mandate,” Samuel Ampah, a Representative of PPP, has stated at a round-table discussion organized by CITIFM for political parties in Accra recently.

Apart from the cocoa sector, Mr Ampah said his party will be relentless in providing the needed support to the poultry industry, using low interest loans, technical assistance and tax incentives to enable poultry farmers produce at full capacity and provide jobs to the country’s unemployed citizens.

The poultry industry currently employs a total of 600,000 people, but PPP says if the monthly importation of a broiler which is about 150,000 – 200,000 metric tons is curbed, an average of 600 more jobs can be created.

To the do this, Mr Ampah said: “PPP government will discourage excessive imports of chicken by increasing the tax element on import to protect the local market. Nigeria has successfully done this and they are better off for it.” “We know critics will start the mantra of WTO, we are not ignorant of this, but we must all know that the USA and all the other European countries who are also signatories to the WTO agreements protect their local industries and we must do same,” he charged.

He further noted that the vertinary industry would be one of the top priorities of the PPP administration if given the nod. The party intends to initiate a graduate training policy where unemployed graduates will be given the opportunity to retrain in areas where there is shortage of manpower such as veterinary to strike a good balance between human resource shortage on one hand and unemployment on another hand.



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The PPP thinks constructing good roads that link farms to market centers, and providing a ready market for farmers would help open up regions for investments and employ more people. “One way to provide ready market is to ensure that all basic schools on the school feeding program as well as Senior High Schools patronize strictly made in Ghana commodities for cooking. Ministries, Departments and Agencies will also be instructed to consume strictly made in Ghana beverages/foods for refreshments of all their programs,” Mr Ampah stated.

He added: “The Bolgatanga meat factory and tomato factory are one of those to be revamped to provide jobs for the people. The PPP administration will ensure that each region is specialised in the production of at least one product in commercial quantities to provide employment at the regional level and curb the trend of rural urban migration.”

Cocoa Foundation selects researchers for us studyVoice of AmericaDecember 03, 2012Seven research scientists, from Africa, Asia and Latin America, will come to the United States next year to study cocoa production. They were chosen by the Washington-based World Cocoa Foundation and the U.S. Department of Agriculture for two- to three-month fellowships.

The effort is part of the Global Cocoa Initiative of the WCF and U.S. Department of Agriculture’s Norman E. Borlaug International Agricultural Science and Technology Fellowship program. The scientists are from Costa Rica, Ghana, Vietnam, the Philippines and three from Cote d’Ivoire, the world’s largest producer of cocoa beans. While in the United States, they’ll work with a mentor at research labs at the U.S. Department of Agriculture in Florida or Maryland, or with universities. In the past, they have included the state universities of Wisconsin, Florida, Pennsylvania and Tennessee, as well as Rutgers University in New Jersey. Virginia Sopyla, a program manager with the World Cocoa Foundation earlier in Washington, said "[Fellows] will work with a mentor on developing technical research skills, and they will also complete a tour the U.S. side of the cocoa supply chain. So, they can learn about how cocoa is brought into the U.S., how it’s stored and warehoused, processed and manufactured into chocolate products." "Then six months to one year after the completion of the fellowship, the fellow’s mentor has the opportunity to visit him or her at the home [research] institution in the producing country for a follow-up visit of up to one to two weeks." During their stay in the United States, the fellows will conduct research on issues affecting the growth and production of cocoa, including crop diseases and insect pests. The African researchers are expected to study cocoa swollen shoot virus, a disease common to West Africa. It’s transmitted by the mealybug and can kill cocoa trees within three years.



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Environmental Issues

Research & Development



They are also expected to study black pod rot, a fungus found in much of the world’s cocoa producing regions. Fellows from Asia will look at Helopeltis, or mirids, an insect pest affecting cocoa pods and young shoots in Vietnam. They’ll also look at the management and the intercropping of cocoa and coconut in the Philippines.Sopyla said a number of past fellows have continued their work with US mentors long after the end of their fellowships. "We had a fellow from Nigeria who was studying a nematode pest," she explained. "These are very small worms that feed on the roots of the cocoa seedling roots. With his mentor he was able to identify the species of nematode that was affecting their plants and then was able to conduct some studies on using poultry manure [in compost] to control the [hatching of nematode eggs]. He conducted those studies here in the lab in the U.S. and then when he returned to Nigeria he continued this work and is now able to share that learning with farmers." World Cocoa Foundation officials add that getting the word out to farmers is an important part of the organization’s work. An integral part of the effort is using new and affordable technology. One program, called Cocoa Link, allows farmers to share ideas and ask questions using cell phone text messaging. Another, called Digital Green, teaches farmers to film or videotape training sessions, which can then be shared with fellow farmers. Bill Guyton, the president of the WCF, said "the farmers] show the videos later on these very small devices that can be used at night and on the walls of homes to show and reinforce some of what they’ve learned during farmer training." "The technology was adapted first in India and is being pilot tested through the WCF Cocoa Livelihoods Program [a collaborative effort with the Bill &Melinda Gates Foundation targeting 200,000 households in Ghana, Cote d’Ivoire, It’s been used on other crops before but this is the first time we’ve tried using this technology in the cocoa sector…so we’re very excited about what it’s going to deliver." The World Cocoa Foundation represents over 100 chocolate companies and others in the supply chain working to support sustainable cocoa production. Guyton says the WCF’s work in farmer outreach is showing promising results and is an important part of the effort to improve farm productivity – and incomes.

Best hot chocolate in Chicago: where to warm up with the tastiest cups of cocoa Huffington Post11/30/2012

Chicago Restaurants, Best of Chicago, Chicago Around Town, Video, Best Food Chicago, Best Hot Chocolate, Best Hot Chocolate Chicago, Chicago Best Hot Chocolate, Julius Mienl Chicago, Mindy's Hot Chocolate Chicago, Rick Bayless Xoco, Walnut Room Chicago, Xoco Chicago, Chicago News

Mindy's Hot Chocolate in Bucktown tops the list of best places to grab cocoa in Chicago. (Facebook/Mindy's Hot Chocolate)

Around this time of year, the mercury predictably drops, the wind kicks up and winter weather sends Chicagoans running for the nearest cup of cocoa.

Coffee, teas and toddies are great when the cold hits, but everyone from kids to teetotalers to the jitters-averse can share in chocolate. Luckily, Chicago has some fantastic places to grab a steaming mug, including one that ranks among the nation's best.



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Promotion & Consumption



When a dusty pack of Swiss Miss won't cut it, chocolate lovers can explore any number of top-notch cocoa slingers--and check out the ever-growing popularity of the super-thick Mexican and Spanish-style sipping cocoa along the way.

Upscale, low-key, simply or trendy, there's a chocolate spot for just about everyone around town. The Huffington Post churned up a few of the best picks from across the city to help banish the winter chill and get the most decadence possible into one cup.

The sweet rise of Savannah’s artisan chocolatierConnect Savannah.comBy Jessica Leigh LebosDecember 04, 2012If life is really like a box of chocolates, then please Lord, let them be made by Adam Turoni.

The Pennsylvania native opened Chocolat by Adam Turoni in October, showcasing his exquisite line of original confections: Bacon–flecked toffee. Gold–dusted truffles. Sea salt–flaked caramels filled with local honey. Could one do better than to compare our enigmatic existence to these edible jewels?

Located on the west end of Broughton Street, the whimsical retail space also serves as Turoni’s workshop. He can often be seen wielding a wooden spoon as shoppers browse, collecting their candies on silver trays. Melding a formal culinary education with giddy adoration for innovative ingredients, Turoni approaches his craft with the passion of an artist and the skill of a scientist.

“Chocolate is a challenge, and I love challenges,” grins the dapper chocolatier, dressed in dark yellow chinos and a crisp oxford shirt. “I make a lot of work for myself, but it’s worth it to see people’s faces.”

Case in point: In front of the marble counter, he carefully prepares a cup of his signature hot chocolate — a creamy chocolate spoon stirred into steamed milk — and waits patiently for it to melt. Then he tops it with a few shavings of fresh nutmeg, followed by a crumble from a rosy block of Himalayan sea salt.

“There aren’t many industries that make people light up as they come in the door,” he says, satisfied as his visitor sips with a squeal. “Giving people instant gratification, it never gets old.

Though he talks animatedly about molecular gastronomy and habeñero peppers, Turoni traces his enthusiasm back to where many have discovered their sweet tooth: In his grandmother’s kitchen.

“We would drink tea and bake cookies and stay up decorating them until three or four o’ clock in the morning,” he recalls with a smile. “From there, I knew this is what I wanted to do.”

At just 23, Turoni may appear an ingenue in the culinary scene, but his chops have been refined for almost a decade: He got his first restaurant job at the questionably legal age of 14, working on the pastry line of the renowned Isabella restaurant through his high school’s tech program. At 17, he was promoted to head pastry chef. He left after graduation to attend the Culinary Institute of America in New York City, where he studied with chocolate pioneer and James Beard Award winner Peter Greweling.

Greweling was working on his second cookbook and invited Turoni and a handful of others students to help with early morning research–and–development sessions before class — an experience that crystallized the young chef’s interest in the dark ambrosia: “We’d brew our coffee, put on some music, and work in complete silence. It was life–changing.”

During his CIA internship, Turoni also spent six months in the San Francisco Bay Area studying with another culinary hero: the legendary Alice Waters. The Chez Panisse chef, who spearheaded the farm–to–table movement and revolutionized America’s fine dining scene with her insistence on fresh, seasonal ingredients, made a lasting impression.



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“She changed people’s ideas about food and showed them how important community is,” says Turoni, who keeps a framed photo of himself and Waters in his office. “I learned how to shop locally, to value quality over mass production.”

True to his mentor’s values, he began forging relationships with local suppliers the day he arrived in Savannah with the aim to become the city’s only artisanal chocolatier. Using honey from the Savannah Bee Company and coffee beans from PERC, he quickly built a wholesale business: Local chocolate connoisseurs already know Turoni’s delectable work from Wright Square Café, where he supplied the shelves for several years. Working out of a DeSoto Row kitchen in the Starland District, his comrades were custom coffee roaster Phillip Brown and independent wine dealer Christian Depken of Le Chai.

“We would sit and talk about food twenty four–seven,” he laughs.Turoni also made the rounds on the private party circuit, enticing the city’s most influential palates. He created a special music–themed candy for the Savannah Philharmonic and found a fan in ice cream mogul Stratton Leopold, who introduced him to Paula Deen. Recognizing Turoni’s talents, Deen persuaded her producers to include him on an episode of her Food Network show, and sells his bonbons in her Congress Street shop.

“I think if you surround yourself with people who are inspiring and want to succeed, you’re going to achieve your goals,” he reflects.

As demand grew, Turoni knew there was a retail market for his wares. After years of bartending in between gigs, he finally amassed the capital to open his dream shop. He signed the lease a few days before his 22nd birthday, and his grandma was there on opening day, wrapping caramels and tying ribbons.

“I spent two years doing wholesale and that gave me time to build the brand,” Turoni says, pointing out a shimmery piece of almond bark in the shape of a lion’s head, a mold he created from an antique doorknob. “I’ve worked so hard, there was nothing to be scared about.”

Longtime Savannah tastemaker Alexandra Trujillo de Taylor (who designs under the nom de guerre Duchess of State) helped him choose clean gray walls and empty frames, setting off the space with green turf grass and a chimerical grandfather clock. It evokes at once a vibrant modernity and the elegant air of a classic French salon, what might have transpired if Willy Wonka had been a Brooklyn hipster.

As the holidays approach, he’s been logging late nights in the shop to keep the antique cabinets filled with seasonal delights like the Spiked Eggnog, a tiny white chocolate cup filled with mousse and sprinkled with fresh–grated nutmeg, finished with a tiny chocolate straw. There are also the perennial favorites to stock, including his ever–popular roasted fig–and–cognac truffles. And no matter what the foodies in New York sniff about bacon being “over,” no one can seem to get enough of his Bacon Butter Pecan Toffee.

But Turoni is young and full of energy for chocolate, buzzing to keep pushing Savannah’s sweet tooth forward. While not every experiment goes well (a root beer truffle remains elusive), he hopes to perfect a champagne treat that retains its flavor. And though his speedy success has already spawned requests for expansion, he remains level–headed.

“I’m not trying to be a millionaire. Maybe I’ll open another store someday, but it’s not about the money,” he says thoughtfully, stirring his chocolate spoon in a china teacup.

“It’s about keeping up with people’s demand for instant gratification — and giving it to them.”

Related tags: adam turoni, artisan chocolate savannah, bacon toffee, chocolat by adam turoni, chocolate savannah, paula deen, truffles savannah



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