Latest news with #CocoaBoard
Scoop
01-08-2025
- Business
- Scoop
EU-STREIT PNG Showcases Scalable System Driving Sustainable Agricultural Value Chain Transformation In Papua New Guinea
Press Release – EU STREIT PNG The EU-STREIT PNG Programme hosted a dedicated Learning and Innovation Event to spotlight practical innovations & wholistic development model for transforming agrifood systems across Papua New Guinea. Wewak, Papua New Guinea – The EU-funded Support to Rural Entrepreneurship, Investment, and Trade in Papua New Guinea (EU-STREIT PNG) Programme concluded a two-day National Learning and Innovation Event in Wewak, East Sepik Province, drawing over 42 participants including government officials, technical experts, private sector representatives, and development partners from across the country. The event provided a platform to share knowledge, showcase the Programme's Value Chain Development model, and discuss strategies for replicating its model nationwide. Participants representing cocoa board and department of agriculture from all provinces had the opportunity to experience firsthand transformational approaches in agriculture and innovations through interactive demonstrations and targeted field visits at Hawaiian Nursery for cocoa and Mandi Village for vanilla value chains. These visits illustrated improved farming techniques, advanced processing and post-harvest innovations, digital tools facilitating access to premium niche markets, as well as the critical roles played by government agencies, exporters, processors and financial service providers. Attendees also observed and were briefed about the enabling support measures including upgraded transport infrastructure, ICT solutions, digital tools, and financial services that have collectively driven inclusive agricultural value chain-driven development in the Sepik region. Central to the discussions was the Programme's potential for replication and long-term sustainability through its integrated approach. This strategy encompasses value chain strengthening, access to financial serving, digital connectivity, rural transport and renewable energy infrastructure development, capacity-building, and inclusive practices that actively engage women, youth, and differently-abled individuals. It also emphasises coordinated partnerships with the Cocoa Board, Spice Industry Board, Department of Agriculture and Livestock, and other key stakeholders. Participants also extensively discussed resource mobilisation strategies, emphasising robust public-private partnerships, targeted financial investments, and community engagement to sustain and scale these interventions. The EU-STREIT PNG Programme Coordinator, Mr Ali Said Yesuf, underscored the significance of the event, stating, 'We organised this event to share what we have learned during the last five years of Programme implementation, particularly in transforming the cocoa and vanilla value chains. As the programme nears its conclusion, it is critical to widely disseminate our successful approaches, innovations, and the strong collaborations forged with the private sector, national and provincial governments, farmers, and MSMEs. This gathering is about exchanging experiences and sharing best practices and lessons so that our achievements can be sustainably replicated and contextualised by other provinces according to their unique needs.' Representing the Papua New Guinea's Department of National Planning and Monitoring, Assistant Secretary and the Head of National Authorizing Officer Support Unit, Mr Floyd Lala, emphasised the government's commitment to supporting replication efforts: 'The EU-STREIT PNG Programme resulted from rigorous consultation to align with our national development priorities, especially within the Medium-Term Development Plan. We have seen significant positive changes, particularly in rural communities. Our focus now is on supporting other provinces to adopt this successful model. Replication is about adapting key principles and contextualising them to local circumstances, recognising the uniqueness of each province. The interest expressed by provinces during this event demonstrates substantial momentum to move forward.' Deputy Provincial Administrator for Western Highlands, Mr Emil Tigil, who attended the event with a delegation from the Highlands region, also shared his reflections: 'The two days have been very fruitful. On behalf of the participants and the Highlands team, I'd like to acknowledge the EU-STREIT PNG Programme for initiating this Learning Event. Exposure and leadership are key to progress and this event offered both. Visiting the cocoa site gave us valuable insight into how we can elevate production and quality for export. The vanilla site was equally meaningful. Life is made up of moments, and this event and exposure has been an important one for all of us.' An important outcome of the event was the consensus by the participating government agencies to collaboratively draft a concept note. This document will outline concrete next steps, necessary resources, partnership strategies, and relevant policies required for successfully replicating the EU-STREIT PNG model in other regions. It will form a solid foundation for resource mobilization, strategic planning, and constructive policy dialogue between provincial administrations, the National Government, and development partners. Participants also stressed the critical need for provincial and national institutions to integrate these insights into their respective planning and budgetary processes. Ensuring such integration will be vital for achieving sustainable and enduring impacts beyond the Programme's conclusion in 2026. As Papua New Guinea looks to the future, the EU-STREIT PNG Programme provides a well-tested and adaptable blueprint for inclusive and sustainable agrifood systems development, ready to be scaled and contextualised to meet diverse national and provincial needs. About the EU-STREIT PNG Programme The EU-STREIT PNG Programme, is the European Union's largest grant-funded initiative in the country being implemented as a United Nations Joint Programme by FAO, ILO, ITU, UNCDF and UNDP. It focuses on boosting sustainable and inclusive economic development in rural areas. This is achieved by FAO's support in enhancing economic returns and opportunities within cocoa, vanilla, and fisheries value chains. Additionally, the Programme strengthens and improves the efficiency of value chain enablers, including access to Information & Communication Technology (ICT) by the International Telecommunication Union (ITU) and digital financial services by UNCDF. ILO also supports the development of sustainable, climate-resilient roads and other transport infrastructures while UNDP provides renewable energy solutions. The Programme directly benefits two provinces: East Sepik and West Sepik.
Scoop
01-08-2025
- Business
- Scoop
EU-STREIT PNG Showcases Scalable System Driving Sustainable Agricultural Value Chain Transformation In Papua New Guinea
Wewak, Papua New Guinea – The EU-funded Support to Rural Entrepreneurship, Investment, and Trade in Papua New Guinea (EU-STREIT PNG) Programme concluded a two-day National Learning and Innovation Event in Wewak, East Sepik Province, drawing over 42 participants including government officials, technical experts, private sector representatives, and development partners from across the country. The event provided a platform to share knowledge, showcase the Programme's Value Chain Development model, and discuss strategies for replicating its model nationwide. Participants representing cocoa board and department of agriculture from all provinces had the opportunity to experience firsthand transformational approaches in agriculture and innovations through interactive demonstrations and targeted field visits at Hawaiian Nursery for cocoa and Mandi Village for vanilla value chains. These visits illustrated improved farming techniques, advanced processing and post-harvest innovations, digital tools facilitating access to premium niche markets, as well as the critical roles played by government agencies, exporters, processors and financial service providers. Attendees also observed and were briefed about the enabling support measures including upgraded transport infrastructure, ICT solutions, digital tools, and financial services that have collectively driven inclusive agricultural value chain-driven development in the Sepik region. Central to the discussions was the Programme's potential for replication and long-term sustainability through its integrated approach. This strategy encompasses value chain strengthening, access to financial serving, digital connectivity, rural transport and renewable energy infrastructure development, capacity-building, and inclusive practices that actively engage women, youth, and differently-abled individuals. It also emphasises coordinated partnerships with the Cocoa Board, Spice Industry Board, Department of Agriculture and Livestock, and other key stakeholders. Participants also extensively discussed resource mobilisation strategies, emphasising robust public-private partnerships, targeted financial investments, and community engagement to sustain and scale these interventions. The EU-STREIT PNG Programme Coordinator, Mr Ali Said Yesuf, underscored the significance of the event, stating, 'We organised this event to share what we have learned during the last five years of Programme implementation, particularly in transforming the cocoa and vanilla value chains. As the programme nears its conclusion, it is critical to widely disseminate our successful approaches, innovations, and the strong collaborations forged with the private sector, national and provincial governments, farmers, and MSMEs. This gathering is about exchanging experiences and sharing best practices and lessons so that our achievements can be sustainably replicated and contextualised by other provinces according to their unique needs.' Representing the Papua New Guinea's Department of National Planning and Monitoring, Assistant Secretary and the Head of National Authorizing Officer Support Unit, Mr Floyd Lala, emphasised the government's commitment to supporting replication efforts: "The EU-STREIT PNG Programme resulted from rigorous consultation to align with our national development priorities, especially within the Medium-Term Development Plan. We have seen significant positive changes, particularly in rural communities. Our focus now is on supporting other provinces to adopt this successful model. Replication is about adapting key principles and contextualising them to local circumstances, recognising the uniqueness of each province. The interest expressed by provinces during this event demonstrates substantial momentum to move forward." Deputy Provincial Administrator for Western Highlands, Mr Emil Tigil, who attended the event with a delegation from the Highlands region, also shared his reflections: 'The two days have been very fruitful. On behalf of the participants and the Highlands team, I'd like to acknowledge the EU-STREIT PNG Programme for initiating this Learning Event. Exposure and leadership are key to progress and this event offered both. Visiting the cocoa site gave us valuable insight into how we can elevate production and quality for export. The vanilla site was equally meaningful. Life is made up of moments, and this event and exposure has been an important one for all of us.' An important outcome of the event was the consensus by the participating government agencies to collaboratively draft a concept note. This document will outline concrete next steps, necessary resources, partnership strategies, and relevant policies required for successfully replicating the EU-STREIT PNG model in other regions. It will form a solid foundation for resource mobilization, strategic planning, and constructive policy dialogue between provincial administrations, the National Government, and development partners. Participants also stressed the critical need for provincial and national institutions to integrate these insights into their respective planning and budgetary processes. Ensuring such integration will be vital for achieving sustainable and enduring impacts beyond the Programme's conclusion in 2026. As Papua New Guinea looks to the future, the EU-STREIT PNG Programme provides a well-tested and adaptable blueprint for inclusive and sustainable agrifood systems development, ready to be scaled and contextualised to meet diverse national and provincial needs. About the EU-STREIT PNG Programme The EU-STREIT PNG Programme, is the European Union's largest grant-funded initiative in the country being implemented as a United Nations Joint Programme by FAO, ILO, ITU, UNCDF and UNDP. It focuses on boosting sustainable and inclusive economic development in rural areas. This is achieved by FAO's support in enhancing economic returns and opportunities within cocoa, vanilla, and fisheries value chains. Additionally, the Programme strengthens and improves the efficiency of value chain enablers, including access to Information & Communication Technology (ICT) by the International Telecommunication Union (ITU) and digital financial services by UNCDF. ILO also supports the development of sustainable, climate-resilient roads and other transport infrastructures while UNDP provides renewable energy solutions. The Programme directly benefits two provinces: East Sepik and West Sepik.
Yahoo
01-07-2025
- Business
- Yahoo
Cocoa Prices Higher on Dollar Weakness and Tighter Ivory Coast Supplies
September ICE NY cocoa (CCU25) today is up +59 (+0.66%), and September ICE London cocoa #7 (CAN25) is down -78 (-1.30%). Cocoa prices today are mixed. Today's slump in the dollar index to a 3-1/4 year low has sparked short covering in NY cocoa. However, strength in the British pound (^GBPUSD) is weighing on London cocoa with the pound just below last Thursday's 3-1/2 year high. The stronger pound undercuts cocoa priced in terms of sterling. Coffee Prices Fall on Abundant Rainfall in Brazil Cocoa Prices Higher on Dollar Weakness and Tighter Ivory Coast Supplies NY Sugar Prices Slump Ahead of July Contract Expiration Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Cocoa prices have support from concern about tighter cocoa supplies from the Ivory Coast. Today's government data showed that Ivory Coast farmers shipped 1.698 MMT of cocoa to ports this marketing year from October 1 to June 29, up +6.8% from last year but down from the much larger +35% increase seen in December. There are reports that heavy rain in the Ivory Coast is keeping cocoa growers off their farms and is disrupting the ongoing mid-crop cocoa harvest. The outlook for smaller cocoa supplies from Ghana, the world's second-largest cocoa producer, is supportive for prices. Last Thursday, Ghana's Cocoa Board cut its 2024/25 cocoa production forecast to 600,000 MT from a December estimate of 617,500. Signs of smaller cocoa exports are supportive of cocoa prices, following last Wednesday's news that Nigerian May cocoa exports fell by -29% y/y to 14,110 MT. Nigeria is the world's fourth-largest exporter of cocoa. The rebound in current cocoa inventories is also bearish for prices. Since falling to a 21-year low of 1,263,493 bags on January 24, ICE-monitored cocoa inventories held in US ports have rebounded and climbed to a 9-3/4 month high of 2,363,861 bags on June 18. In late May, NY cocoa rallied to a 5-month nearest-futures high on concerns about weather in West Africa. Despite the recent rain in West Africa, drought still covers more than a third of Ghana and the Ivory Coast, according to the African Flood and Drought Monitor. Cocoa prices also have support due to quality concerns regarding the Ivory Coast's mid-crop cocoa, which is currently being harvested through September. Cocoa processors are complaining about the quality of the crop and have rejected truckloads of Ivory Coast cocoa beans. Processors reported that about 5% to 6% of the mid-crop cocoa in each truckload is of poor quality, compared with 1% during the main crop. According to Rabobank, the poor quality of the Ivory Coast's mid-crop is partly attributed to late-arriving rain in the region, which limited crop growth. The mid-crop is the smaller of the two annual cocoa harvests, which typically starts in April. The average estimate for this year's Ivory Coast mid-crop is 400,000 MT, down -9% from last year's 440,000 MT. Concern about consumer demand for cocoa and cocoa products is bearish for cocoa, driven by fears that tariffs will exacerbate already high cocoa prices. On April 10, Barry Callebaut AG, one of the world's largest chocolate makers, reduced its annual sales guidance due to high cocoa prices and tariff uncertainty. Also, chocolate maker Hershey Co. recently reported that Q1 sales fell by 14% and said it anticipated $15-$20 million in tariff costs in Q2, which will boost chocolate prices and further weigh on consumer demand. Mondelez International reported weaker-than-expected Q1 sales, stating that consumers are cutting back on snack purchases due to economic uncertainty and high chocolate prices. Weaker demand from cocoa processors was seen in Q1. Q1 North American cocoa grindings fell -2.5% y/y to 110,278 MT. Q1 European cocoa grindings fell -3.7% y/y to 353,522 MT. Q1 Asian cocoa grinding fell -3.4% y/y to 213,898 MT. On May 30, the International Cocoa Organization (ICCO) revised its 2023/24 global cocoa deficit to -494,000 MT from a February estimate of -441,000 MT, the largest deficit in over 60 years. ICCO said 2023/24 cocoa production fell -13.1% y/y to 4.380 MMT. ICCO said the 2023/24 global cocoa stocks/grindings ratio fell to a 46-year low of 27.0%. Looking ahead to 2024/25, ICCO on February 28 forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in four years. ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-07-2025
- Business
- Yahoo
Cocoa Prices Settle Mixed on Currency Fluctuations
September ICE NY cocoa (CCU25) Monday closed up +79 (+0.89%), and September ICE London cocoa #7 (CAU25) closed down -78 (-1.30%). Cocoa prices on Monday settled mixed. Monday's slump in the dollar index (DXY00) to a 3-1/4 year low sparked short covering in NY cocoa. However, strength in the British pound (^GBPUSD) weighed on London cocoa with the pound just below last Thursday's 3-1/2 year high. The stronger pound undercuts cocoa priced in terms of sterling. Coffee Prices Fall on Abundant Rainfall in Brazil Cocoa Prices Higher on Dollar Weakness and Tighter Ivory Coast Supplies NY Sugar Prices Slump Ahead of July Contract Expiration Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Cocoa prices have support from concerns about tighter cocoa supplies from the Ivory Coast. Monday's government data showed that Ivory Coast farmers shipped 1.698 MMT of cocoa to ports this marketing year from October 1 to June 29, up +6.8% from last year but down from the much larger +35% increase seen in December. There are reports that heavy rain in the Ivory Coast is keeping cocoa growers off their farms and is disrupting the ongoing mid-crop cocoa harvest. The outlook for smaller cocoa supplies from Ghana, the world's second-largest cocoa producer, is supportive for prices. Last Thursday, Ghana's Cocoa Board cut its 2024/25 cocoa production forecast to 600,000 MT from a December estimate of 617,500. Signs of smaller cocoa exports are supportive of cocoa prices, following last Wednesday's news that Nigerian May cocoa exports fell by -29% y/y to 14,110 MT. Nigeria is the world's fourth-largest exporter of cocoa. The rebound in current cocoa inventories is also bearish for prices. Since falling to a 21-year low of 1,263,493 bags on January 24, ICE-monitored cocoa inventories held in US ports have rebounded and climbed to a 9-3/4 month high of 2,363,861 bags on June 18. In late May, NY cocoa rallied to a 5-month nearest-futures high on concerns about weather in West Africa. Despite the recent rain in West Africa, drought still covers more than a third of Ghana and the Ivory Coast, according to the African Flood and Drought Monitor. Cocoa prices also have support due to quality concerns regarding the Ivory Coast's mid-crop cocoa, which is currently being harvested through September. Cocoa processors are complaining about the quality of the crop and have rejected truckloads of Ivory Coast cocoa beans. Processors reported that about 5% to 6% of the mid-crop cocoa in each truckload is of poor quality, compared with 1% during the main crop. According to Rabobank, the poor quality of the Ivory Coast's mid-crop is partly attributed to late-arriving rain in the region, which limited crop growth. The mid-crop is the smaller of the two annual cocoa harvests, which typically starts in April. The average estimate for this year's Ivory Coast mid-crop is 400,000 MT, down -9% from last year's 440,000 MT. Concern about consumer demand for cocoa and cocoa products is bearish for cocoa, driven by fears that tariffs will exacerbate already high cocoa prices. On April 10, Barry Callebaut AG, one of the world's largest chocolate makers, reduced its annual sales guidance due to high cocoa prices and tariff uncertainty. Also, chocolate maker Hershey Co. recently reported that Q1 sales fell by 14% and said it anticipated $15-$20 million in tariff costs in Q2, which will boost chocolate prices and further weigh on consumer demand. Mondelez International reported weaker-than-expected Q1 sales, stating that consumers are cutting back on snack purchases due to economic uncertainty and high chocolate prices. Weaker demand from cocoa processors was seen in Q1. Q1 North American cocoa grindings fell -2.5% y/y to 110,278 MT. Q1 European cocoa grindings fell -3.7% y/y to 353,522 MT. Q1 Asian cocoa grinding fell -3.4% y/y to 213,898 MT. On May 30, the International Cocoa Organization (ICCO) revised its 2023/24 global cocoa deficit to -494,000 MT from a February estimate of -441,000 MT, the largest deficit in over 60 years. ICCO said 2023/24 cocoa production fell -13.1% y/y to 4.380 MMT. ICCO said the 2023/24 global cocoa stocks/grindings ratio fell to a 46-year low of 27.0%. Looking ahead to 2024/25, ICCO on February 28 forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in four years. ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
