Ivory Coast Cocoa Regulator Suspends Bean Purchases in June

Cocoa pods are seen at a cocoa farm in Daloa, Ivory Coast October 2, 2023. REUTERS/Ange Aboa/File Photo Purchase Licensing Rights
Cocoa pods are seen at a cocoa farm in Daloa, Ivory Coast October 2, 2023. REUTERS/Ange Aboa/File Photo Purchase Licensing Rights
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Ivory Coast Cocoa Regulator Suspends Bean Purchases in June

Cocoa pods are seen at a cocoa farm in Daloa, Ivory Coast October 2, 2023. REUTERS/Ange Aboa/File Photo Purchase Licensing Rights
Cocoa pods are seen at a cocoa farm in Daloa, Ivory Coast October 2, 2023. REUTERS/Ange Aboa/File Photo Purchase Licensing Rights

Ivory Coast's cocoa regulator has suspended purchase and export of cocoa beans for the month of June, sources said on Thursday, in a bid to retain sufficient stock for local grinders to keep their factories running.

The decision to temporarily close purchases and exports was made to avoid shutting processing plants that had run out of stocks due to lower cocoa production, and to increase local grinding, an official from the Coffee and Cocoa Council (CCC) told Reuters.

"We no longer had any stocks, and it was becoming difficult to buy beans from other exporters. Without this decision, it would have been impossible to continue grinding on site," a manager of a grinding plant said.

Grinders say they need to buy around 250,000 metric tons of cocoa beans during the mid-crop in order to guarantee a satisfactory supply to processing plants.

Ivory Coast's mid-crop output was expected to come in between 450,000 and 500,000 tons this season, down from around 555,000 tons last year. But cocoa production and arrivals at the ports do not seem to reflect this forecast.

"Everyone is worried because we have contracts to fulfil, but it's impossible to buy beans until the end of June, and it's impossible for grinders to reach their targets in just one month," the director of a cocoa company said.

A source from the CCC said, while closing purchases and exports was a temporary decision for June, "we'll see if more time is needed."

According to several sources, European factories waiting for Ivorian beans will have to turn to other sources for their supplies, since even multinationals such as Cargill, Barry Callebaut, CEMOI and Olam, which supply their factories in Europe, are banned from exporting beans, as are traders.

"Multinational grinders are only allowed to buy and crush locally. They can't export the beans to their factories in Europe, which also expect Ivorian beans," another exporter said.



Riyadh Hosts International Chemistry Olympiad 2024

Riyadh hosts the 56th edition of the International Chemistry Olympiad 2024 (IChO 2024) from July 21 to 30. (SPA)
Riyadh hosts the 56th edition of the International Chemistry Olympiad 2024 (IChO 2024) from July 21 to 30. (SPA)
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Riyadh Hosts International Chemistry Olympiad 2024

Riyadh hosts the 56th edition of the International Chemistry Olympiad 2024 (IChO 2024) from July 21 to 30. (SPA)
Riyadh hosts the 56th edition of the International Chemistry Olympiad 2024 (IChO 2024) from July 21 to 30. (SPA)

Riyadh hosts the 56th edition of the International Chemistry Olympiad 2024 (IChO 2024) from July 21 to 30, the Saudi Press Agency said on Sunday.
The event is organized by the King Abdulaziz and his Companions Foundation for Giftedness and Creativity "Mawhiba”, in strategic partnership with the Ministry of Education and King Saud University (KSU), which will host the competition.
The IChO 2024, exclusively sponsored by Saudi Basic Industries Corporation (SABIC), will feature 333 students from 90 countries, with oversight, evaluation, and judging by 260 chemistry experts.
Students will compete for 10 honorary certificates, 110 bronze medals, 70 silver medals, and 35 gold medals. The final results will be announced on July 28 at 11 PM.
This annual scientific competition is the largest international chemistry contest for general education students.
Since its establishment in Prague, Czechoslovakia, in 1968, the competition has been held annually over ten days, with a different host country each year.
The Kingdom of Saudi Arabia participated as an observer in 2004 and 2005, then with students in 2006 and 2007. The Kingdom returned to participate as an observer in 2008, 2009, and 2010, and has since participated with students from 2011 up to present.
The Kingdom’s hosting of the IChO 2024 reflects the excellence of Saudi students on the international stage and enhances the Kingdom's status as a leading global destination in various scientific fields.