NEW YORK/ SINGAPORE, Dec 16- Olam International Ltd will buy Archer Daniels Midland Co's cocoa business for $1.3 billion, catapulting the Singapore- based commodities firm into the top tier of global suppliers to the growing chocolate business. The deal would be Olam's biggest ever and mark a dramatic turnaround after an attack two years ago on its acquisition...» Read More
Prices of chocolate have soared nearly 20 percent over the last 18 months. CNBC's Sara Eisen explains why some say talks of a potential cocoa shortage are exaggerated.
*Nigeria seeking to cut dependence on oil through farming. ABUJA, Oct 28- Nigeria expects to earn $1.3 billion from cocoa exports this year, an increase of 45 percent on two years ago, after a steady rise in output that could help shift Africa's top economy away from its reliance on oil, its agriculture minister told Reuters. Akinwumi Adesina, speaking on the...
LAGOS DE MORENO, Mexico, Oct 22- Nestle has no plans to close any of its eight factories or curb output in cocoa and coffee-rich West and Central Africa because of Ebola, but is ready to adapt if it spreads, the Chief Executive of the world's largest food company said on Wednesday. Nestle's factories in the region including both Ghana and Ivory Coast produce...
Mohamed Elsarky, CEO of Godiva, discusses the impact of Ebola on cocoa producing nations and the factors behind cocoa's recent price increase.
Tedd George, head of agriculture research at Ecobank, says the spread of Ebola across West Africa could hit production and threaten a large amount of the world's cocoa production.
LONDON, Oct 15- African dollar bonds were sucked into a global rout of riskier markets on Wednesday, falling to multi-month lows as slumping oil prices and worries about the spread of Ebola fanned broader fears about world growth. Many of Africa's big economies depend on commodity exports, whether it be oil in Nigeria, copper in Zambia or coffee and cocoa in Ivory...
The World Cocoa Foundation is set to announce a fundraising initiative to help combat Ebola in West Africa.
Erkut Ozer, CEO of Global Trading Enterprises, says China's growing appetite for chocolate is pushing the price of cocoa higher.
"No one wants to talk about it because they don't want to start a panic," one expert tells CNBC.
*Nigeria used to be world's number two cocoa producer. AKURE, Nigeria, Sept 4- College graduate Omatayo Adeniyi stands in a humid tropical forest of southwest Nigeria and explains why he chose cocoa farming over a white collar job in the city.
After seeing a rise of nearly 20 percent year to date, cocoa prices may see a taper soon, says Avtar Sandu, Senior Manager, Commodities at Phillip Futures.
Wayne Gordon, Executive Director, Commodities of UBS Wealth Management, explains why consumers won't be put off by higher cocoa prices and discusses the surge in chocolate demand in emerging markets.
Cocoa prices have risen almost 20 percent year to date. CNBC's Adam Bakhtiar visits a factory in Singapore to find out whether higher prices have dampened chocolate demand in Asia.
NEW YORK/ LONDON, Aug 27- Arabica coffee futures on ICE briefly rose above $2 a lb on Wednesday, extending the prior session's rally on concerns about output in top grower Brazil, while cocoa fell after vaulting to the highest since May 2011 in a one-minute rally.
Asia's newly minted chocoholics are tempting sweets-makers, but challenges range from different cultural tastes to the region driving up cocoa prices.
NEW YORK/ LONDON, Aug 18- Cocoa futures in New York and London touched their highest levels in more than three years on Monday on a mix of speculator and trade buying despite an expected surplus, while raw sugar on ICE tumbled to a six-month low due to hefty nearby supplies and technical weakness.
*Sugar traders shrug off Brazil harvest slowdown. NEW YORK/ LONDON, Aug 14- ICE raw sugar futures dropped to a six-month low on Thursday as global oversupply and heavy stocks offset a slowdown in the pace of harvesting in top producer Brazil. "Supplies are good, and physical demand is very slack," said Sterling Smith, a futures specialist with Citigroup in Chicago.
NEW YORK/ LONDON, Aug 13- ICE raw sugar futures fell to a six-month low on Wednesday as investors stayed focused on strong Brazilian yields, while Liffe cocoa rose to a three-year high on support from the sharply lower British pound.
*Cocoa remains near Monday's three-year high. Cocoa on ICE Futures U.S. and Liffe were steady as the markets consolidated after touching a three-year high in the prior session. The rally was a knee-jerk reaction to a fire at a Rumo sugar warehouse operated by producer Cosan SA at top grower Brazil's Santos port.
NEW YORK/ CHICAGO, Aug 5- Agribusiness company Archer Daniels Midland Co expects to sell its global chocolate business by the end of the third quarter, its president said on Tuesday, after opting to hold onto its larger cocoa press business.