Cocoa futures research

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  • Publicado : 30 de noviembre de 2009
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Cocoa

1.
Cocoa is the dried and fully fermented fatty seed of the cacao tree, from which chocolate is made. (The word "cocoa" is derivative of "cacao".) "Cocoa" can often also refer to the drink commonly known as hot chocolate;[1] to cocoa powder, the dry powder made by grinding cocoa seeds and removing the cocoa butter from the dark, bitter cocoa solids; or to a mixture of cocoa powder andcocoa butter.[2][3]
Theobromine, also known as xantheose,[1] is a bitter alkaloid of the cacao plant, found in chocolate, as well as in a number of chocolate-free foods made from theobromine sources including the leaves of the tea plant, the kola or cola nut, and acai berries[citation needed].
Sustainable cocoa
In the industrialized world, changing attitudes to cocoa products may cause a reduceddemand for them in the future. Obesity, particularly among children, has become a major health problem and chocolate—a food product with a high calorie content—is considered to be part of the problem. Additionally, consumers are becoming increasingly interested in the environmental impact of the production of cocoa, as well as what they perceive as the negative social impact of its production.Price instability makes it difficult for small-scale farmers to predict income levels from year to year. Efforts to diversify cropping patterns and improve production and marketing efficiencies can help to address this.
Cocoa trading
Cocoa beans, Cocoa butter and cocoa powder are traded on two world exchanges: NYSE Euronext and IntercontinentalExchange(ICE). The London market is based on WestAfrican cocoa and New York on cocoa predominantly from South East Asia. Cocoa is the world's smallest soft commodity market. The futures price of cocoa butter and cocoa powder is determined by multiplying the bean price by a ratio. The combined butter and powder ratio has tended to be around 3.5. If the combined ratio falls below 3.2 or so, production ceases to be economically viable and somefactories cease extraction of butter and powder and trade exclusively in cocoa liquor. Cocoa Beans can be held in store for several years in bags or in bulk, during which the ownership can change several times as the cocoa is traded much the same as metal or other commodities, in order to gain profit for the owner.

Country Amount produced Percentage of world production
Côte d’Ivoire
1.3 milliontonnes 37.40%
Ghana
720 thousand tonnes 20.70%
Indonesia
440 thousand tonnes 12.70%
Cameroon
175 thousand tonnes 5.00%
Nigeria
160 thousand tonnes 4.60%
Brazil
155 thousand tonnes 4.50%
Ecuador
118 thousand tonnes 3.40%
Dominican Republic
47 thousand tonnes 1.40%
Malaysia
30 thousand tonnes 0.90%

2. La cocoa se intercambia en la la NYMEX, en la NYSE Euronext, y en la InternationalCommodities Exchange ICE.

Símbolos de identificación:
NYMEX: CJ
http://www.nymex.com/CJ_spec.aspx
Euronext: C
http://www.euronext.com/trader/contractspecifications/derivative/wide/contractspecifications-2864-EN.html?euronextCode=C-LON-FUT
ICE: CC
https://www.theice.com/productguide/ProductDetails.shtml?specId=7

3. a) Tamaño del contrato (en unidades y en monto aproximado en dólares)10 metric tons
b) Fechas de entrega preestablecidas. Fechas de vencimiento.
Marzo, Mayo, Junio, Septiembre y Diciembre.
c) Margen solicitado por contrato
$4,040 para miembros, $3,000 para no-miembros
d) Características del producto a entregar en caso de entrega física.
Deliverable Growths The growth of any country or clime, including new or yet unknown growths. Growths are divided intothree classifications. Group A-Deliverable at a premium of $160/ton (including main crops of Ghana, Lome, Nigeria, Ivory Coast and Sierra Leone). Group B-Deliverable at a premium of $80/ton (includes Bahia, Arriba, Venezuela,Sanchez among others). Group C-Deliverable at par (includes Haiti, Malaysia and all others).
Delivery Points At licensed warehouses in the Port of New York District, Delaware...
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