CC=F - Cocoa Jul 23
| Pre. Settlement | N/A |
| Settlement Date | 2023-07-14 |
| Open | 2,991.00 |
| Bid | 3,000.00 |
| Last Price | 2,991.00 |
| Day's Range | 2,991.00 - 3,028.00 |
| Volume | |
| Ask | 3,002.00 |
- Reuters
UPDATE 1-Ghana plans 'disciplined approach' to IMF loan, says president
Ghanaian President Nana Akufo-Addo said on Wednesday his government was planning a "very disciplined approach" in implementing the International Monetary Fund's loan programme. Akufo-Addo told Qatar's economic forum organised by Bloomberg that Ghana was committed to "rationalisation of expenditure" and the IMF's programme would allow his government to tap international debt markets. "I don't have any hesitations or any criticism about the Chinese involvement... I know it's a matter of controversy in the West ...but for us they have been strong friends," Akufo-Addo said.
ReutersInside a tub of Ben & Jerry's, Unilever's costs surge
Despite some signs inflationary pressures are easing, Unilever warned on Thursday of big increases in the prices of dairy, soybean oil, cocoa and sugar in the first half of this year - potentially bad news for fans of its Ben & Jerry's Half Baked ice cream. Unilever, which is passing on about three-quarters of its expenses to consumers, said its profit margins had fallen more than two percentage points as it battles cost inflation that started with the COVID pandemic and worsened due to Russia's invasion of Ukraine and extreme weather. "It's principally around the costs of labour, logistics and energy and what our suppliers see in their own production bases," finance chief Graeme Pitkethly said.
- Reuters
UPDATE 1-Hershey looking to remove lead, cadmium from chocolate -CFO
Hershey Co is looking to reduce "trace" amounts of lead and cadmium in its chocolate, chief financial officer Steve Voskiul told Reuters on Wednesday, after Consumer Reports found that some dark chocolate bars had potentially harmful levels of the heavy metals. Consumer Reports, a nonprofit consumer group, tested chocolate bars including those made by Hershey late last year and found that some of them contained possibly harmful levels of lead, cadmium or both for people who eat more than one ounce per day.
ReutersHershey looking to remove lead, cadmium from chocolate -CFO
HERSHEY, Pennsylvania (Reuters) -Hershey Co is looking to reduce "trace" amounts of lead and cadmium in its chocolate, chief financial officer Steve Voskiul told Reuters on Wednesday, after Consumer Reports found that some dark chocolate bars had potentially harmful levels of the heavy metals. Consumer Reports, a nonprofit consumer group, tested chocolate bars including those made by Hershey late last year and found that some of them contained possibly harmful levels of lead, cadmium or both for people who eat more than one ounce per day.
- Reuters
Hershey looking to 'eradicate' lead, cadmium from chocolate -CFO
Hershey Co is looking to reduce "trace" amounts of lead and cadmium in its chocolate, chief financial officer Steve Voskiul told Reuters on Wednesday, after Consumer Reports found that some dark chocolate bars had potentially harmful levels of the heavy metals. Consumer Reports, a nonprofit consumer group, tested chocolate bars including those made by Hershey late last year and found that some of them contained possibly harmful levels of lead, cadmium or both for people who eat more than one ounce per day.
- Reuters
Ivory Coast 2022 gold output up 14% to record high
Ivory Coast produced a record high of about 48 tonnes of gold in 2022, up 14% from the previous year, a document from the Ministry of Mines, Petrol and Energy showed. Ivory Coast, the world's top cocoa producer, is seeking to develop its long-neglected mining sector to diversify its revenue. Gold output has been climbing steadily for several years and is expected to reach 50 tonnes this year with the start of production from two mines belonging to Roxgold, owned by Fortuna and Tietto Minerals, according to the document seen by Reuters on Wednesday.
ZacksAgricultural ETFs Won in February: Can the Rally Last?
Inclement weather is primarily held responsible for the rally in agro-based ETFs in February.
- Reuters
UPDATE 1-Ivory Coast restricts cocoa bean purchases for major traders as cap reached
Ivory Coast's cocoa regulator has restricted 20 major traders, including Cargill and Barry Callebaut, from purchasing beans for export after they reached their buying limits, the head of the Coffee and Cocoa Council (CCC) said on Thursday. Port arrivals have slowed as the world's top cocoa producer heads towards the end of its October-to-March main crop, raising concern exporters might default on their contracts due to tight supply. The CCC refuted this on Monday but said measures would be implemented to limit extra purchases and stock-building by some exporters while others struggled to meet their requirements.
- Reuters
Ivory Coast restricts cocoa bean purchases for major traders as cap reached
Ivory Coast's cocoa regulator has restricted 20 major traders, including Cargill and Barry Callebaut, from purchasing beans for export after they reached their buying limits, the head of the Coffee and Cocoa Council (CCC) said on Thursday. Port arrivals have slowed as the world's top cocoa producer heads towards the end of its October-to-March main crop, raising concern exporters might default on their contracts due to tight supply. "We have informed 20 exporters who reached their purchasing limits for the main crop that we have closed registration for them," CCC head Yves Brahima Kone told Reuters by phone.
- Reuters
CORRECTED-UPDATE 3-Unilever says prices hikes will continue into this year, easing in H2
Unilever Plc said on Thursday it would continue to raise prices for its detergents, soaps and packaged food to offset rising input costs, and ease up those hikes in the second half of 2023. The London-based company, which makes products including Dove soaps, savoury food spread Marmite and Ben & Jerry's ice cream, expects cost inflation to continue in 2023, forecasting net material inflation in the first half of around 1.5 billion euros ($1.6 billion).
- Reuters
UPDATE 1-North America cocoa grind fell more than expected in Q4
North American cocoa grindings fell more than expected in the fourth quarter to 107,130 tonnes, down 8.13% from the same period a year earlier, according to data from the National Confectioners Association (NCA) released on Thursday. Cocoa grind data is a key demand indicator for the market of the chocolate-making commodity. Most analysts and brokers were expecting a reduction in cocoa processing in the period between 1% and 3%, so the data from NCA shows a much larger grind cut than expected, even considering the fact that the survey had one less plant reporting data.
SmartAssetCan Investing in Wheat Help Me Hedge Against Inflation?
Wheat is one of the world's most widely grown crops, which can make it an attractive investment. Investors use wheat to diversify, as a hedge against inflation and in search of profit as the cultivation and use of wheat increases … Continue reading → The post How to Invest in Wheat appeared first on SmartAsset Blog.
- Reuters
Holiday bookings are back at upscale restaurants - at higher prices
Holiday parties are back at posh eateries - even with soaring menu prices. At the Michelin-starred restaurant Boka in Chicago, bookings are back to pre-pandemic levels. Instead of big parties for 75 to 150 people, guests are planning more moderate gatherings for 20 to 30 people, said Boka Restaurant Group co-founder Kevin Boehm.
- Reuters
EXPLAINER-Who holds Ghana's debt and what restructuring is planned?
Ghana has begun restructuring its debt by rolling out a plan to swap $10.5 billion in local bonds with new ones, seeking IMF help and by preparing a proposal to restructure its foreign debt as the West African country struggles with its worst economic crisis in a generation. Inflation in Ghana has soared in 2022 to a 21-year peak of 40.4% annually in October. The cedi has lost more than 50% of its value this year , pushing up the cost of Ghana's external debt.
ReutersGhana sets relief measures for banks participating in local debt exchange
Ghana's central bank has laid out relief measures for banks that participate in the government's domestic debt exchange in a bid to allay their worries over its potential impact, it said in a letter seen by Reuters on Friday. The West African country, which is going through its worst economic crisis in a generation, had on Monday launched a plan to exchange its local bonds for new ones with fresh maturity dates and coupon rates to help restore macroeconomic stability. But some groups representing financials institutions that hold Ghana's debt have raised concerns that the restructuring as presented by the finance ministry would not work.
- Reuters
UPDATE 2-Ghana sets relief measures for banks participating in local debt exchange
measures for banks that participate in the government's domestic debt exchange in a bid to allay their worries over its potential impact, it said in a letter seen by Reuters on Friday. to exchange its local bonds for new ones with fresh maturity dates and coupon rates to help restore macroeconomic stability. But some groups representing financials institutions that hold Ghana's debt have raised concerns that the restructuring as presented by the finance ministry would not work.
- Reuters
UPDATE 4-Ghana hoping for IMF agreement by next week: finance ministry official
Ghana's economic recovery efforts could be delayed and complicated if a visiting team from the International Monetary Fund (IMF) leaves without a staff-level agreement next week, a finance ministry official said on Wednesday. An IMF team is visiting Ghana until Tuesday as the country aims to negotiate a relief package before the end of the year to help relieve its debt distress and overcome its worst economic crisis in a generation. Ghana announced a domestic debt exchange on Monday hoping that the move would help restore macroeconomic stability.
- Reuters
Ghana's external bonds still attractive - Morgan Stanley
Ghana's domestic debt restructuring will likely bring in some $7 billion in cashflow relief, and external debt would be enticing on similar terms, Morgan Stanley said on Tuesday. Based on similar treatment as Ghana's local debt, the external bonds would have a recovery value of 41 cents on the dollar with a 15% exit yield and 38 cents on a variable exit yield, the Wall Street bank said. "With the average price being at (36 cents), it would suggest that the market is currently pricing in a similar outcome as the upside is only an average of 6%," strategist Neville Mandimik said in a client note.
ReutersGhana plans to buy oil with gold instead of U.S. dollars
ACCRA (Reuters) -Ghana's government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves, Vice-President Mahamudu Bawumia said on Facebook on Thursday. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs. Using gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products, he explained.
- Reuters
UPDATE 4-Ghana at high risk of debt distress, finance minister says
Ghana will freeze the hiring of public and civil servants and extend a moratorium on government car purchases and non-essential travel in order to tackle a spiralling debt crisis, finance minister Ken Ofori-Atta said on Thursday. Presenting the West African nation's 2023 budget in parliament, Ofori-Atta said Ghana was at high risk of debt distress and has agreed on a debt management strategy with the International Monetary Fund (IMF).
- Reuters
Tim Hortons teams up with Alibaba to woo Chinese coffee drinkers
The operator of Canadian coffee chain Tim Hortons in China said on Thursday it had forged a two-year partnership with Alibaba Group's grocery chain that will see the two launch co-branded products. E-commerce giant Alibaba's Freshippo will begin sales next month at its stores, of which it has more than 300, as well as through its official app, it said in a statement. Products will include drinks such as Velvet Cocoa Coffee.
ReutersAnalysis-Investors expand footprint in commodity trade finance as banks retreat
Hedge funds have stepped up financing of trade in commodities such as oil, gas, cocoa and copper as banks hit the limit of what they can risk due to extreme market volatility and higher interest rates making them less competitive. Commodity trade finance covers many types of loans, typically from banks, that facilitate global movement of goods from wheat to gasoline. Most trade finance loans are short-term, less than a year.
- Reuters
UPDATE 1-Barry Callebaut raises the bar in bid to redefine chocolate making
In a move it hopes will redefine the way chocolate is made, Swiss-based Barry Callebaut launched a new bar on Thursday, the fruit of more than 20 years of research into cocoa beans. The world's biggest chocolatier said its "second generation" chocolate will use around 50% less sugar than traditional chocolate thanks to a new way of cultivating, fermenting and roasting cocoa beans that reduces their bitter taste. The product, which will also use about 60-80% more cocoa, is likely to appeal to more health-conscious consumers and get ahead of laws expected to limit sugar consumption in the future, analysts said.
ReutersBarry Callebaut raises the bar in bid to redefine chocolate making
In a move it hopes will redefine the way chocolate is made, Swiss-based Barry Callebaut launched a new bar on Thursday, the fruit of more than 20 years of research into cocoa beans. The world's biggest chocolatier said its "second generation" chocolate will use around 50% less sugar than traditional chocolate thanks to a new way of cultivating, fermenting and roasting cocoa beans that reduces their bitter taste. The product, which will also use about 60-80% more cocoa, is likely to appeal to more health-conscious consumers and get ahead of laws expected to limit sugar consumption in the future, analysts said.
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