|Day's Range||2,675.00 - 2,768.00|
US speciality coffee trader Sustainable Harvest has acquired the contracts and trading team of Twin Trading, the UK-based non profit coffee trader that ceased operations last month. Formed in 1985, Twin was among the oldest organisations focusing on trading sustainable coffee produced by smallholder farmers in countries such as Rwanda and the Democratic Republic of Congo, as well as pioneering in sustainable and transparent supply chains in nuts and cocoa. Twin’s insolvency highlights the challenges faced by small independent players in a coffee market increasingly dominated by large retailers and roasters.
(Bloomberg) -- Follow Bloomberg on LINE messenger for all the business news and analysis you need.The world has more than enough coffee, and Indonesia is looking to add to the glut.The coffee industry in the No. 3 producer of robusta is on a mission to boost output at a time when production is soaring and prices are tumbling. Farmers are expected to reap 50%-60% more beans within the next five years, said Pranoto Soenarto, deputy chairman of the Association of Indonesian Coffee Exporters and Industries.“I’m calling all the stakeholders, especially roasters, to work together to help the farmers” with funding and increasing productivity, Soenarto said in an interview on the sidelines of an industry seminar in Bandung.An increase in supply from the Southeast Asian nation may pressure robusta futures that have tumbled to the lowest since 2008, when trading began. Indonesia will also be vying with producers from Vietnam and Brazil, which is already the king of arabica coffee and may be poised to claim that title for robusta beans too.The Indonesian group is preparing a road map for boosting yields with several other stakeholders including the Indonesian Coffee and Cocoa Research Institute and the agriculture ministry. The plan envisages helping farmers to properly use fertilizer and good-quality seeds, finding ways to protect crops from pests and diseases and providing financial assistance.Although robusta coffee futures rose as much as 0.6% to $1,258 per ton in London on Monday, they have plunged about 27% in the past year.Peatland’s CoffeeRobusta accounts for about 72% of the country’s total output, while Arabica makes up about 18% and the rest comes from liberica and excelsa beans. About 2 million farmers are engaged in coffee cultivation in the country, where the plantation area is estimated at 1.2 million hectares (2.97 million acres). Total output this year is estimated at 700,000 tons.The country’s vast peatland areas in Sumatra and Borneo islands provide a good opportunity to increase liberica output, said Myrna Safitri, a deputy at the Peatland Restoration Agency. The nation has about 15 million hectares of tropical peatlands, she said.The coffee association expects overseas demand to increase, especially in China where the western lifestyle of youngsters drove a ‘coffee culture’ in the world’s second-biggest economy, Soenarto said. Farmers should not stop planting coffee as there’s China’s impending coffee boom, he said. When that happens, the world will be in deficit and Indonesia should have the scope to fill the gap, he said.China’s coffee consumption surged more than ninefold in the past decade to 189,300 tons in 2018-19, according to data from U.S. Department of Agriculture.Indonesian ConsumptionThe initiative to increase output is vital for Indonesia, partly because domestic consumption is seen increasing by 5%-6% per year, said Moelyono Soesilo, head of specialty coffee at the association. Consumption may total about 300,000 tons this year, he estimated.Coffee consumption in Indonesia has more than doubled in the past decade as lifestyles in urban areas increasingly center around cafes, leading coffee outlets to sprout up in most shopping centers, transportation hubs and office complexes.(Updates robusta prices in sixth paragraph)To contact the reporter on this story: Yoga Rusmana in Jakarta at firstname.lastname@example.orgTo contact the editors responsible for this story: Anna Kitanaka at email@example.com, Atul Prakash, James PooleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Brazilian prize-winning climatologist Carlos Nobre is calling for a bioeconomic plan to save the Amazon by drawing on its wealth of berries and nuts -- an idea championed at a key Vatican summit. "The Amazon has great economic potential", said Nobre, who has studied the tropical habitat for 40 years and contributed to a scientific report for the special three-week assembly of Catholic bishops on the Pan-Amazonian region. "The forest generates more valuable products for the present and the future than could be gained by destroying it and replacing it with agricultural or mining land," Nobre told AFP.
ABIDJAN, Oct 11 (Reuters) - *Ivory Coast cocoa grinders had processed 547,000 tonnes of beans from the start of the season in October to the end of September, data from exporters' association GEPEX showed on Friday. *That was up 8.3% from 505,000 tonnes in same period last season. *Grinders processed 44,000 tonnes of beans in September, up from 41,000 tonnes in the same month of the previous season.
Catholic-majority Ecuador, oil-rich but saddled with debt, is embarking on reforms that have led to fuel price hikes and sparked the biggest protests in a decade. Once part of the Inca Empire, Ecuador was ruled by Spain until 1822 when it became part of Gran Colombia led by South American independence hero Simon Bolivar. An independent republic in 1830, Ecuador was under military rule from 1972 to 1979 when it returned to democracy.
US plane manufacturer Boeing and its European nemesis, Airbus, are in hot water after the World Trade Organization last week found that both received billions of dollars in illegal subsidies over the past 15 years, including cheap government loans and state tax credits.
Bakkt is finally launching Monday. Here’s what to expect from bitcoin’s first regulated, physically settled, institutionally focused futures market.
Africa is forging ahead with the African Continental Free Trade Area (AfCFTA) - a project to create a $3.4 trillion economic bloc - even as world powers such as the United States and Britain back away from multilateral trade pacts. Its champions - South Africa and Kenya among them - say the deal will provide a shot in the arm to trade between African nations, which accounted for just 17% of exports in 2017, and give their companies access to millions of new customers. Now that Nigeria is in, however, some trade experts fear its long history of economic protectionism and tepid support for the AfCFTA will undermine the bloc.
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EDOUKOUKRO, Ivory Coast/JOHANNESBURG (Reuters) - Kouakou Kinimo is a pretty typical Ivory Coast cocoa farmer. "I suffered," he said, seated beneath a tree dripping with green cocoa pods on his plantation near the border with Ghana. This month, Ivory Coast and Ghana - the world's top two cocoa producers - teamed up to impose a minimum floor price that chocolate companies must pay if they want to access their more than 60% share of global supply.
Stock markets pulled back on Wednesday amid lingering trade war worries, with Asian markets also buffeted by unease over massive civil protests in Hong Kong.
Cocoa prices rose sharply on Wednesday after key producers Ivory Coast and Ghana threatened to stop selling their production to buyers unwilling to meet a minimum price. The two African nations, which together account for 60 percent of the world's cocoa production, summoned buyers to Accra for a two-day meeting demanding a price of $2,600 per tonne. At the end of the meeting, Joseph Boahen Aidoo, chief executive of the Ghana Cocoa Board, told a news conference that their demands had been accepted in principle by the participants, but that there would be a follow-up meeting to work out how to implement the agreement.
* Ivory Coast cocoa grinders had processed 362,000 tonnes of beans by the end of May, data from exporters association GEPEX showed on Wednesday. * This is up from 338,000 tonnes during the same period of last season. * Grinders processed 47,000 tonnes of beans in May, up from 43,000 tonnes in the same month of the previous season.
A rainforest area the size of Spain will be destroyed by firms growing consumer staples like palm oil in the decade to 2020, industry's self-imposed deadline to end deforestation, Greenpeace said Tuesday. Some of the world's largest consumer brands -- including Nestle and Unilever -- had pledged in 2010 to reach net zero deforestation within a decade through "responsible sourcing" of cattle, palm oil, soya and other commodities. "These companies are destroying our children's future by driving us towards climate and ecological collapse," said Anna Jones, global project lead for forests at Greenpeace UK.
A rainforest area the size of Spain will have been destroyed by firms growing consumer staples like palm oil in the decade to 2020 -- industry's self-imposed deadline to end deforestation, Greenpeace said Tuesday. Some of the world's largest consumer brands -- including Nestle and Unilever -- had pledged in 2010 to reach net zero deforestation within a decade through "responsible sourcing" of cattle, palm oil, soya and other commodities. "These companies are destroying our children's future by driving us towards climate and ecological collapse," said Anna Jones, global project lead for forests at Greenpeace UK.
Americans have a love/hate relationship with sugar. We eat a lot of it—an average of about 17 teaspoons on a given day per person, according to data from the National Health and Nutrition Examina...