{"id":300,"date":"2016-05-19T12:18:26","date_gmt":"2016-05-19T11:18:26","guid":{"rendered":"http:\/\/preprod.monsieurbak.com\/clients\/icco\/?page_id=300"},"modified":"2021-09-14T17:41:47","modified_gmt":"2021-09-14T15:41:47","slug":"trading-shipping","status":"publish","type":"page","link":"https:\/\/www.icco.org\/trading-shipping\/","title":{"rendered":"Trading &#038; Shipping"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-5h2lbo-7b994a65687f4eb7bf991db5b920905c\">\n.avia-section.av-5h2lbo-7b994a65687f4eb7bf991db5b920905c .av-section-color-overlay{\nopacity:0.3;\nbackground-image:url(http:\/\/preprod.monsieurbak.com\/clients\/icco\/wp-content\/uploads\/2016\/05\/cocoa-pattern-2-300x250.png);\nbackground-repeat:repeat;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-5h2lbo-7b994a65687f4eb7bf991db5b920905c main_color avia-section-no-padding avia-no-border-styling  avia-builder-el-0  el_before_av_section  avia-builder-el-first  avia-bg-style-scroll av-section-color-overlay-active av-minimum-height av-minimum-height-custom av-height-custom  container_wrap sidebar_right'   data-av_minimum_height_px='200'><div class=\"av-section-color-overlay-wrap\"><div class=\"av-section-color-overlay\"><\/div><div class='container av-section-cont-open' style='height:200px'><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-300'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-jm04k-14c800ac3f4764362cab8e594dc52237\">\n#top .av-special-heading.av-jm04k-14c800ac3f4764362cab8e594dc52237{\npadding-bottom:10px;\ncolor:#622812;\n}\nbody .av-special-heading.av-jm04k-14c800ac3f4764362cab8e594dc52237 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-jm04k-14c800ac3f4764362cab8e594dc52237 .special-heading-inner-border{\nborder-color:#622812;\n}\n.av-special-heading.av-jm04k-14c800ac3f4764362cab8e594dc52237 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-jm04k-14c800ac3f4764362cab8e594dc52237 av-special-heading-h1 custom-color-heading blockquote modern-quote modern-centered  avia-builder-el-1  avia-builder-el-no-sibling '><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Trading <span class='special_amp'>&amp;<\/span> Shipping<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<\/div><\/div><\/main><!-- close content main element --><\/div><\/div><\/div><div id='av_section_2'  class='avia-section av-58h09g-64602f40c066f7bd632e1755451e81b2 main_color avia-section-default avia-no-border-styling  avia-builder-el-2  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-300'><div class='entry-content-wrapper clearfix'>\n<div class='flex_column_table av-50vpj0-f567a3aeb9baaf1367ce931022b1be30 sc-av_one_full av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-50vpj0-f567a3aeb9baaf1367ce931022b1be30\">\n.flex_column.av-50vpj0-f567a3aeb9baaf1367ce931022b1be30{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-50vpj0-f567a3aeb9baaf1367ce931022b1be30 av_one_full  avia-builder-el-3  el_before_av_hr  avia-builder-el-first  first flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lfhdo-8930c69f6623c733abea04a4dd5faf34\">\n#top .av-special-heading.av-lfhdo-8930c69f6623c733abea04a4dd5faf34{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-lfhdo-8930c69f6623c733abea04a4dd5faf34 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-lfhdo-8930c69f6623c733abea04a4dd5faf34 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-lfhdo-8930c69f6623c733abea04a4dd5faf34 av-special-heading-h2  avia-builder-el-4  el_before_av_textblock  avia-builder-el-first '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Trading and Shipping cocoa beans<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-4pz6cs-32bfffb66f60d388acdefa193ccb2eac '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>When discussing cocoa trading, a clear distinction has to be made between the actual or physical markets and the futures or terminal markets. Nearly all cocoa coming from origin countries is sold through the physical market. The physical market involves the type of business that most people normally think of when talking about trading in commodities. The structure and length of the cocoa marketing channels differ from region to region within the same producing country as well as across producing countries. At one extreme of the spectrum, the marketing channel between cocoa farmers and exporters encompasses at least two middlemen: small traders and wholesalers. Small traders buy cocoa beans directly from farmers, visiting them one by one. In a second stage, small buyers sell the beans to wholesalers, who in turn will re-sell them to exporters. At the other extreme of the spectrum, cocoa beans are sold directly to exporters by farmers&#8217; cooperatives or even directly exported by the co-operative.<\/p>\n<\/div><\/section><\/p><\/div><\/div><!--close column table wrapper. Autoclose: 1 -->\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-g6490-74b6eff91c5b1219e5f485083d6c82c0\">\n#top .hr.hr-invisible.av-g6490-74b6eff91c5b1219e5f485083d6c82c0{\nheight:80px;\n}\n<\/style>\n<div  class='hr av-g6490-74b6eff91c5b1219e5f485083d6c82c0 hr-invisible  avia-builder-el-6  el_after_av_one_full  el_before_av_one_half '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<div class='flex_column_table av-4bhajo-c2bda8b9f32ed246ea38129d6f40783a sc-av_one_half av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4bhajo-c2bda8b9f32ed246ea38129d6f40783a\">\n.flex_column.av-4bhajo-c2bda8b9f32ed246ea38129d6f40783a{\nborder-width:1px;\nborder-color:#83a846;\nborder-style:solid;\nborder-radius:0px 0px 0px 0px;\npadding:20px 20px 20px 20px;\n}\n<\/style>\n<div  class='flex_column av-4bhajo-c2bda8b9f32ed246ea38129d6f40783a av_one_half  avia-builder-el-7  el_after_av_hr  el_before_av_one_half  first flex_column_table_cell av-equal-height-column av-align-top av-animated-generic fade-in  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-hupks-89fd7e03027682277c18ccae139073ef\">\n#top .av-special-heading.av-hupks-89fd7e03027682277c18ccae139073ef{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-hupks-89fd7e03027682277c18ccae139073ef .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-hupks-89fd7e03027682277c18ccae139073ef .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-hupks-89fd7e03027682277c18ccae139073ef av-special-heading-h3 blockquote modern-quote modern-centered  avia-builder-el-8  el_before_av_textblock  avia-builder-el-first '><h3 class='av-special-heading-tag '  itemprop=\"headline\"  >At the Port<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-41rges-6c7ce39ab398b651e6e3a4ba02aa8f97 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Once cocoa beans reach the port of export, they are stocked in warehouses, while being graded and subsequently loaded onto cargo vessels. Warehouses should have cement and non-flammable floors without cracks and crevices where insects can hide. Ideally, the floor level of the warehouse should be higher than the surrounding land to prevent flooding and to allow water to flow away. In some producing countries, cocoa beans are processed in the conditioning plants, most of them located in port warehouses because of the high moisture level of the beans and a high variance in their quality. Conditioning &#8212; either by hand or mechanically &#8212; is also used to blend poor quality with good quality beans.<\/p>\n<\/div><\/section><\/p><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3x2imc-5b376a6373252ba91c1de29e7c9442a3\">\n.flex_column.av-3x2imc-5b376a6373252ba91c1de29e7c9442a3{\nborder-width:1px;\nborder-color:#83a846;\nborder-style:solid;\nborder-radius:0px 0px 0px 0px;\npadding:20px 20px 20px 20px;\n}\n<\/style>\n<div  class='flex_column av-3x2imc-5b376a6373252ba91c1de29e7c9442a3 av_one_half  avia-builder-el-10  el_after_av_one_half  el_before_av_hr  flex_column_table_cell av-equal-height-column av-align-top av-animated-generic fade-in  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-7lda4-b353c4af065db3d9bbac11ea5432b3c9\">\n#top .av-special-heading.av-7lda4-b353c4af065db3d9bbac11ea5432b3c9{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-7lda4-b353c4af065db3d9bbac11ea5432b3c9 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-7lda4-b353c4af065db3d9bbac11ea5432b3c9 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-7lda4-b353c4af065db3d9bbac11ea5432b3c9 av-special-heading-h3 blockquote modern-quote modern-centered  avia-builder-el-11  el_before_av_textblock  avia-builder-el-first '><h3 class='av-special-heading-tag '  itemprop=\"headline\"  >Cocoa Grading<\/h3><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-3msg38-003c4c068232a209a28d15370970fa0e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Cocoa grading differs across producing and consuming countries. However, over the years, the physical market has developed standard practices set out by the main international cocoa trade associations: the <a href=\"https:\/\/www.cocoafederation.com\/\">Federation of Cocoa Commerce Ltd (FCC)<\/a> and the <a href=\"http:\/\/www.cocoamerchants.com\/\">Cocoa Merchants&#8217; Association of America, Inc. (CMAA)<\/a>. For example, FCC distinguishes three grades; Good Fermented (GF), Fair Fermented (FF) and Fair Average Quality (FAQ). Cocoa described as either Good or Fair Fermented are defined by specific quality parameters (not more than 5% defective or 5% slate, not more than 10% defective or 10% slate, respectively) while FAQ is used when GF or FF are not customarily applicable to the origin described. These faults are determined by analysis by the \u2018cut test\u2019. Such a test involves counting off a given number or weight of cocoa beans, cutting them lengthwise through the middle, and then examining them. Separate counts are made of the number of beans which are mouldy, slaty, insect damaged, germinated or flat.<\/p>\n<\/div><\/section><\/p><\/div><\/div><!--close column table wrapper. Autoclose: 1 -->\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3butkc-67f26eff20eedd91b0972646a6680692\">\n#top .hr.hr-invisible.av-3butkc-67f26eff20eedd91b0972646a6680692{\nheight:80px;\n}\n<\/style>\n<div  class='hr av-3butkc-67f26eff20eedd91b0972646a6680692 hr-invisible  avia-builder-el-13  el_after_av_one_half  avia-builder-el-last '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-3a8tlo-adfb00d7c70f7d8325a7bf714808df32\">\n.avia-section.av-3a8tlo-adfb00d7c70f7d8325a7bf714808df32 .av-extra-border-element .av-extra-border-inner{\nbackground-color:#342f29;\n}\n<\/style>\n<div id='av_section_3'  class='avia-section av-3a8tlo-adfb00d7c70f7d8325a7bf714808df32 alternate_color avia-section-huge avia-no-border-styling  avia-builder-el-14  el_after_av_section  el_before_av_section  avia-bg-style-scroll av-arrow-down-section container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-300'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-atqbo-d55613d522b9f663681e2c358eb6a714\">\n.flex_column.av-atqbo-d55613d522b9f663681e2c358eb6a714{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-atqbo-d55613d522b9f663681e2c358eb6a714 av_one_full  avia-builder-el-15  avia-builder-el-no-sibling  first flex_column_div av-zero-column-padding  '     ><div  class='avia-slideshow av-2wsymc-58bd82bf4dec373538f236d4de9bc12f avia-slideshow-no scaling av_slideshow avia-slide-slider  avia-builder-el-16  avia-builder-el-no-sibling  av-slideshow-ui av-slideshow-autoplay av-loop-endless av-loop-manual-endless av-default-height-applied avia-slideshow-1' data-slideshow-options=\"{&quot;animation&quot;:&quot;slide&quot;,&quot;autoplay&quot;:true,&quot;loop_autoplay&quot;:&quot;endless&quot;,&quot;interval&quot;:3,&quot;loop_manual&quot;:&quot;manual-endless&quot;,&quot;autoplay_stopper&quot;:false,&quot;noNavigation&quot;:false,&quot;bg_slider&quot;:false,&quot;keep_padding&quot;:false,&quot;hoverpause&quot;:false,&quot;show_slide_delay&quot;:0}\"  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><ul class='avia-slideshow-inner ' style='padding-bottom: 45.195195195195%;'><li  class='avia-slideshow-slide av-2wsymc-58bd82bf4dec373538f236d4de9bc12f__0  slide-1 slide-odd'><div data-rel='slideshow-1' class='avia-slide-wrap '   ><div class='av-slideshow-caption av-2wsymc-58bd82bf4dec373538f236d4de9bc12f__0 avia-caption'><div class=\"avia-inner-caption\"><h2 class='avia-caption-title '  itemprop=\"name\" >Warehousing<\/h2><\/div><\/div><img decoding=\"async\" fetchpriority=\"high\" class=\"wp-image-380 avia-img-lazy-loading-not-380\"  src=\"https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/sacks.jpg\" width=\"666\" height=\"301\" title='sacks' alt=''  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/sacks.jpg 666w, https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/sacks-300x136.jpg 300w, https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/sacks-600x271.jpg 600w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/div><\/li><li  class='avia-slideshow-slide av-2wsymc-58bd82bf4dec373538f236d4de9bc12f__1  slide-2 slide-even'><div data-rel='slideshow-1' class='avia-slide-wrap '   ><div class='av-slideshow-caption av-2wsymc-58bd82bf4dec373538f236d4de9bc12f__1 avia-caption'><div class=\"avia-inner-caption\"><h2 class='avia-caption-title '  itemprop=\"name\" >Grading<\/h2><\/div><\/div><img decoding=\"async\" fetchpriority=\"high\" class=\"wp-image-379 avia-img-lazy-loading-not-379\"  src=\"https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/sack-beans.jpg\" width=\"666\" height=\"300\" title='sack-beans' alt=''  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/sack-beans.jpg 666w, https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/sack-beans-300x135.jpg 300w, https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/sack-beans-600x270.jpg 600w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/div><\/li><li  class='avia-slideshow-slide av-2wsymc-58bd82bf4dec373538f236d4de9bc12f__2  slide-3 slide-odd'><div data-rel='slideshow-1' class='avia-slide-wrap '   ><div class='av-slideshow-caption av-2wsymc-58bd82bf4dec373538f236d4de9bc12f__2 avia-caption'><div class=\"avia-inner-caption\"><h2 class='avia-caption-title '  itemprop=\"name\" >Shipping<\/h2><\/div><\/div><img decoding=\"async\" fetchpriority=\"high\" class=\"wp-image-381 avia-img-lazy-loading-not-381\"  src=\"https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/shipping.jpg\" width=\"666\" height=\"300\" title='shipping' alt=''  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/shipping.jpg 666w, https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/shipping-300x135.jpg 300w, https:\/\/www.icco.org\/wp-content\/uploads\/2016\/05\/shipping-600x270.jpg 600w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/div><\/li><\/ul><div class='avia-slideshow-arrows avia-slideshow-controls' ><a href='#prev' class='prev-slide  avia-svg-icon avia-font-svg_entypo-fontello' data-av_svg_icon='left-open-big' data-av_iconset='svg_entypo-fontello' tabindex='-1' title=\"Previous\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"15\" height=\"32\" viewBox=\"0 0 15 32\" preserveAspectRatio=\"xMidYMid meet\" aria-labelledby='av-svg-title-1' aria-describedby='av-svg-desc-1' role=\"graphics-symbol\" aria-hidden=\"true\">\n<title 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0.832-1.536 0-0.832-0.704 0-1.536z\"><\/path>\n<\/svg><span class='avia_hidden_link_text'>Next<\/span><\/a><\/div><div class='avia-slideshow-dots avia-slideshow-controls'><a href='#1' class='goto-slide active' >1<\/a><a href='#2' class='goto-slide ' >2<\/a><a href='#3' class='goto-slide ' >3<\/a><\/div><\/div><\/div>\n\n<\/div><\/div><\/div><!-- close content main div --><\/div><div class='av-extra-border-element border-extra-arrow-down'><div class='av-extra-border-outer'><div class='av-extra-border-inner'><\/div><\/div><\/div><\/div><div id='av_section_4'  class='avia-section av-8akos-9add4ea2f0fc3984c6e8ea0de986e6dd main_color avia-section-default avia-no-border-styling  avia-builder-el-17  el_after_av_section  el_before_av_section  avia-bg-style-scroll container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-300'><div class='entry-content-wrapper clearfix'>\n<div class='flex_column_table av-24m6zg-549c3b03b4f9621474d210490e374033 sc-av_one_full av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-24m6zg-549c3b03b4f9621474d210490e374033\">\n.flex_column.av-24m6zg-549c3b03b4f9621474d210490e374033{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-24m6zg-549c3b03b4f9621474d210490e374033 av_one_full  avia-builder-el-18  el_before_av_one_half  avia-builder-el-first  first flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><section  class='av_textblock_section av-1w33fg-74a8d30eb9547c58ff840e5cfb66643c '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Once cocoa beans have been graded and loaded into cargo vessels, they are shipped either in new jute bags or in bulk. In recent years, shipment of cocoa beans in bulk has been growing in popularity because it can be up to one third cheaper than conventional shipment in jute bags. Loose cocoa beans are loaded either in shipping containers or directly into the hold of the ship, the so-called &#8220;mega-bulk&#8221; method. The latter mode is often adopted by larger cocoa processors.<\/p>\n<\/div><\/section><\/div><\/div><!--close column table wrapper. Autoclose: 1 --><div class='flex_column_table av-1lpzbw-bfc8ff5d1b5385a5748a98fd191d3892 sc-av_one_half av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1lpzbw-bfc8ff5d1b5385a5748a98fd191d3892\">\n.flex_column.av-1lpzbw-bfc8ff5d1b5385a5748a98fd191d3892{\nborder-width:1px;\nborder-color:#83a846;\nborder-style:solid;\nborder-radius:0px 0px 0px 0px;\npadding:20px 20px 20px 20px;\n}\n<\/style>\n<div  class='flex_column av-1lpzbw-bfc8ff5d1b5385a5748a98fd191d3892 av_one_half  avia-builder-el-20  el_after_av_one_full  el_before_av_one_half  first flex_column_table_cell av-equal-height-column av-align-top av-animated-generic fade-in  column-top-margin'     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1balfw-61b5440b8cfdc68096929ba70a0372df\">\n#top .av-special-heading.av-1balfw-61b5440b8cfdc68096929ba70a0372df{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-1balfw-61b5440b8cfdc68096929ba70a0372df .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-1balfw-61b5440b8cfdc68096929ba70a0372df .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-1balfw-61b5440b8cfdc68096929ba70a0372df av-special-heading-h2 blockquote modern-quote modern-centered  avia-builder-el-21  el_before_av_textblock  avia-builder-el-first '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Cocoa Futures Contracts<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-1ayeec-5f788817b942b2393f42767c42daa726 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>In general, cocoa futures contracts are not used to secure the supply of cocoa beans, but rather to offset the risk of adverse price movements. A cocoa futures contract is a commitment to make or to take delivery of a specific quantity and quality of cocoa beans at a predetermined place and time in the future. All contract terms are standardized and set in advance. As a result, cocoa futures contracts are interchangeable, except for delivery time.<\/p>\n<p>There are currently three places where cocoa futures contracts can be exchanged: <strong>ICE Futures U.S.<\/strong> (New York), <strong>ICE Futures Europe<\/strong> (London) and <strong>CME Europe<\/strong> (London).<\/p>\n<p>Prior to March 2015, cocoa futures contracts were quoted only in British pounds sterling and in U.S. dollars. However, as almost half of the cocoa traded originates from C\u00f4te d\u2019Ivoire, Cameroon and Togo (whose currencies are pegged to the Euro), and a third of world cocoa production is processed within the Eurozone, new Euro-denominated contracts were introduced in March 2015, thereby reducing the need to hedge against foreign exchange risks in the cocoa trade. Cocoa futures contacts are now available in the three currencies.<\/p>\n<p>These organized exchanges provide the facilities and trading platforms that bring buyers and sellers together. Moreover, they set and enforce rules to ensure that trading takes place in an open and competitive environment. For this reason, all bids and offers must be made through the Exchange&#8217;s &#8220;Clearing House&#8221;, via the exchange&#8217;s electronic order-entry trading system. As a result, the Exchange&#8217;s Clearing House acts as the buyer to all sellers and the seller to all buyers.<\/p>\n<\/div><\/section><\/p><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-152uno-e94bb21035a5da793c2a1ecd79c64318\">\n.flex_column.av-152uno-e94bb21035a5da793c2a1ecd79c64318{\nborder-width:1px;\nborder-color:#83a846;\nborder-style:solid;\nborder-radius:0px 0px 0px 0px;\npadding:20px 20px 20px 20px;\n}\n<\/style>\n<div  class='flex_column av-152uno-e94bb21035a5da793c2a1ecd79c64318 av_one_half  avia-builder-el-23  el_after_av_one_half  el_before_av_one_full  flex_column_table_cell av-equal-height-column av-align-top av-animated-generic fade-in  column-top-margin'     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-14656s-1c31d38e9773ac6a686a9a6a43364991\">\n#top .av-special-heading.av-14656s-1c31d38e9773ac6a686a9a6a43364991{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-14656s-1c31d38e9773ac6a686a9a6a43364991 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-14656s-1c31d38e9773ac6a686a9a6a43364991 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-14656s-1c31d38e9773ac6a686a9a6a43364991 av-special-heading-h2 blockquote modern-quote modern-centered  avia-builder-el-24  el_before_av_textblock  avia-builder-el-first '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >The Exchange\u2019s Clearing House<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-r2tlg-f862b6adf1d5d075b50939d3f0be3a99 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>To enter into a transaction with the Exchange&#8217;s Clearing House, a broker must deposit a specified amount of money to guarantee his or her commitment to the terms of the contract. This money is called &#8220;initial margin&#8221;, and is a small proportion <em>(i.e. 2%-10%)<\/em> of the total value of the contract. Once a contract is open, the position is &#8220;marked to the market&#8221; daily. If the futures position loses value <em>(i.e., if the market moves against it &#8211; e.g., the trader is long and the market goes down)<\/em>, the amount of money in the margin account will decline accordingly. For example, if the price of cocoa declines by one dollar per tonne or $10 per contract (i.e. a cocoa futures contract calls for delivery of a lot size of 10 tonnes of cocoa beans), this amount is subtracted from the accounts of all buyers and added to the accounts of all sellers. If the amount of money in the margin account falls below the specified maintenance margin (which is set at a level less than or equal to the initial margin), the futures trader will be required to post additional variation margin to bring the account up the initial margin level. On the other hand, if the futures position is profitable, the profits will be added to the margin account. It is worth noting that, while the initial margin is small, a trader with a large and consistently losing position may have to tie up significant volumes of cash to maintain the margin.<\/p>\n<\/div><\/section><\/p><\/div><\/div><!--close column table wrapper. Autoclose: 1 --><div class='flex_column_table av-cs49w-ec52dbd78659ab7f000b6ac1cada01b9 sc-av_one_full av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-cs49w-ec52dbd78659ab7f000b6ac1cada01b9\">\n.flex_column.av-cs49w-ec52dbd78659ab7f000b6ac1cada01b9{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-cs49w-ec52dbd78659ab7f000b6ac1cada01b9 av_one_full  avia-builder-el-26  el_after_av_one_half  avia-builder-el-last  first flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-9r3w4-5f40424c8de55e23d41202d9e349a923 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Futures market participants fall into two general categories: commercial (i.e. hedgers) and non-commercial traders (i.e. speculators). Commercial traders are market participants who try to avoid or reduce a possible loss in the cash market by making counterbalancing transactions in the futures market. On the other hand, non-commercial traders do not produce or use a commodity, but risk their own capital by trading futures in that commodity in the hope of making a profit on price changes.<\/p>\n<\/div><\/section><\/div><\/div><!--close column table wrapper. Autoclose: 1 -->\n\n<\/div><\/div><\/div><!-- close content main div --><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-5h2lbo-14c50f7e57ec5c3fb7d4fa60a9ade165\">\n.avia-section.av-5h2lbo-14c50f7e57ec5c3fb7d4fa60a9ade165 .av-section-color-overlay{\nopacity:0.3;\nbackground-image:url(http:\/\/preprod.monsieurbak.com\/clients\/icco\/wp-content\/uploads\/2016\/05\/cocoa-pattern-2-300x250.png);\nbackground-repeat:repeat;\n}\n<\/style>\n<div id='av_section_5'  class='avia-section av-5h2lbo-14c50f7e57ec5c3fb7d4fa60a9ade165 main_color avia-section-default avia-no-border-styling  avia-builder-el-28  el_after_av_section  el_before_av_layout_row  avia-bg-style-scroll av-section-color-overlay-active av-minimum-height av-minimum-height-custom av-height-custom  container_wrap sidebar_right'   data-av_minimum_height_px='100'><div class=\"av-section-color-overlay-wrap\"><div class=\"av-section-color-overlay\"><\/div><div class='container av-section-cont-open' style='height:100px'><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-300'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mfg4s-ba69bdb7e19f68d38fcdffa3cb8c6db8\">\n.flex_column.av-mfg4s-ba69bdb7e19f68d38fcdffa3cb8c6db8{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-mfg4s-ba69bdb7e19f68d38fcdffa3cb8c6db8 av_one_fifth  avia-builder-el-29  el_before_av_three_fifth  avia-builder-el-first  first flex_column_div av-zero-column-padding  '     ><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-h8wus-797a6a2f24a05039853c041e7b5756b7\">\n.flex_column.av-h8wus-797a6a2f24a05039853c041e7b5756b7{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-h8wus-797a6a2f24a05039853c041e7b5756b7 av_three_fifth  avia-builder-el-30  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div av-zero-column-padding  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k8sjnst2-eb4f8e5e11783f93ad0e147495073205\">\n#top .av-special-heading.av-k8sjnst2-eb4f8e5e11783f93ad0e147495073205{\npadding-bottom:30px;\ncolor:#622812;\n}\nbody .av-special-heading.av-k8sjnst2-eb4f8e5e11783f93ad0e147495073205 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-k8sjnst2-eb4f8e5e11783f93ad0e147495073205 .special-heading-inner-border{\nborder-color:#622812;\n}\n.av-special-heading.av-k8sjnst2-eb4f8e5e11783f93ad0e147495073205 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-k8sjnst2-eb4f8e5e11783f93ad0e147495073205 av-special-heading-h2 custom-color-heading blockquote modern-quote modern-centered  avia-builder-el-31  el_before_av_video  avia-builder-el-first '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Cocoa starts its journey <\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<div  class='avia-video av-k256768k-f3c4a43e63ca3b2780eb5da93069ff8e avia-video-16-9 av-no-preview-image avia-video-load-always avia-video-html5'  itemprop=\"video\" itemtype=\"https:\/\/schema.org\/VideoObject\"  data-original_url='https:\/\/www.icco.org\/wp-content\/uploads\/T4v1.mp4'><video class='avia_video'    preload=\"auto\"  controls id='player_300_1156664439_1524872534'><source src='https:\/\/www.icco.org\/wp-content\/uploads\/T4v1.mp4' type='video\/mp4' \/><\/video><\/div><\/p><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-b6odg-7da2fbf3eb289d031c2202e968396525\">\n.flex_column.av-b6odg-7da2fbf3eb289d031c2202e968396525{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-b6odg-7da2fbf3eb289d031c2202e968396525 av_one_fifth  avia-builder-el-33  el_after_av_three_fifth  avia-builder-el-last  flex_column_div av-zero-column-padding  '     ><\/div><\/div><\/div><\/div><!-- close content main div --><\/div><\/div><\/div><div id='av-layout-grid-1'  class='av-layout-grid-container av-12w9yc-c56c836b0216051ca118e88142b8f617 entry-content-wrapper main_color av-flex-cells  avia-builder-el-34  el_after_av_section  avia-builder-el-last  grid-row-not-first  container_wrap sidebar_right'  >\n<div class='flex_cell av-xuqgk-cf77c85705973bb747cb8444204faf1d av-gridrow-cell av_two_third no_margin  avia-builder-el-35  el_before_av_cell_one_third  avia-builder-el-first '  ><div class='flex_cell_inner'><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-xgybg-9ca52cc74526f9309ca4ac051860bec8\">\n#top .av-special-heading.av-xgybg-9ca52cc74526f9309ca4ac051860bec8{\npadding-bottom:10px;\ncolor:#622812;\n}\nbody .av-special-heading.av-xgybg-9ca52cc74526f9309ca4ac051860bec8 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-xgybg-9ca52cc74526f9309ca4ac051860bec8 .special-heading-inner-border{\nborder-color:#622812;\n}\n.av-special-heading.av-xgybg-9ca52cc74526f9309ca4ac051860bec8 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-xgybg-9ca52cc74526f9309ca4ac051860bec8 av-special-heading-h2 custom-color-heading blockquote modern-quote  avia-builder-el-36  el_before_av_hr  avia-builder-el-first '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Contact details for international cocoa trade associations<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-6e81g-2ce8e65033ff2c0b3f09022fab6590b4\">\n#top .hr.hr-invisible.av-6e81g-2ce8e65033ff2c0b3f09022fab6590b4{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-6e81g-2ce8e65033ff2c0b3f09022fab6590b4 hr-invisible  avia-builder-el-37  el_after_av_heading  el_before_av_one_third '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<div class='flex_column_table av-50vpj0-f567a3aeb9baaf1367ce931022b1be30 sc-av_one_third av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-50vpj0-f567a3aeb9baaf1367ce931022b1be30\">\n.flex_column.av-50vpj0-f567a3aeb9baaf1367ce931022b1be30{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-50vpj0-f567a3aeb9baaf1367ce931022b1be30 av_one_third  avia-builder-el-38  el_after_av_hr  el_before_av_one_third  first flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-t1q2c-3315625cbeb31fb4d72e82baa0ded03a\">\n#top .av-special-heading.av-t1q2c-3315625cbeb31fb4d72e82baa0ded03a{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-t1q2c-3315625cbeb31fb4d72e82baa0ded03a .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-t1q2c-3315625cbeb31fb4d72e82baa0ded03a .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-t1q2c-3315625cbeb31fb4d72e82baa0ded03a av-special-heading-h4 blockquote modern-quote  avia-builder-el-39  el_before_av_textblock  avia-builder-el-first '><h4 class='av-special-heading-tag '  itemprop=\"headline\"  >The Federation of Cocoa Commerce (FCC)<\/h4><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-4pz6cs-32bfffb66f60d388acdefa193ccb2eac '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>2nd Floor<br \/>\n30 Watling Street<br \/>\nLondon EC4M 9BR<br \/>\nUNITED KINGDOM<br \/>\nTel: +44 (020) 3773 6200<br \/>\nFax: +44 (020) 7489 4845<\/p>\n<p><a href=\"http:\/\/www.cocoafederation.com\" target=\"_blank\" rel=\"noopener\">www.cocoafederation.com<\/a><\/p>\n<\/div><\/section><\/p><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9\">\n.flex_column.av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9 av_one_third  avia-builder-el-41  el_after_av_one_third  el_before_av_one_third  flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k8uno-0fa74034bdfe03aaef50635e698ccd75\">\n#top .av-special-heading.av-k8uno-0fa74034bdfe03aaef50635e698ccd75{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-k8uno-0fa74034bdfe03aaef50635e698ccd75 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-k8uno-0fa74034bdfe03aaef50635e698ccd75 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-k8uno-0fa74034bdfe03aaef50635e698ccd75 av-special-heading-h4 blockquote modern-quote  avia-builder-el-42  el_before_av_textblock  avia-builder-el-first '><h4 class='av-special-heading-tag '  itemprop=\"headline\"  >Cocoa Merchants\u2019 Association of America (CMAA)<\/h4><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-4pz6cs-32bfffb66f60d388acdefa193ccb2eac '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>55 E. 52nd Street<br \/>\n40th Floor<br \/>\nNew York, NY 10055<br \/>\nUSA<br \/>\nTel: +1 (212) 748 4193<\/p>\n<p><a href=\"http:\/\/www.cocoamerchants.com\/about-cmaa\/index.html\" target=\"_blank\" rel=\"noopener\">www.cocoamerchants.com<\/a><\/p>\n<\/div><\/section><\/p><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9\">\n.flex_column.av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9 av_one_third  avia-builder-el-44  el_after_av_one_third  el_before_av_one_third  flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-gfrh0-bae64a90fe75277fc655d433879dd9ef\">\n#top .av-special-heading.av-gfrh0-bae64a90fe75277fc655d433879dd9ef{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-gfrh0-bae64a90fe75277fc655d433879dd9ef .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-gfrh0-bae64a90fe75277fc655d433879dd9ef .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-gfrh0-bae64a90fe75277fc655d433879dd9ef av-special-heading-h4 blockquote modern-quote  avia-builder-el-45  el_before_av_textblock  avia-builder-el-first '><h4 class='av-special-heading-tag '  itemprop=\"headline\"  >The European Cocoa Association (ECA)<\/h4><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-4pz6cs-32bfffb66f60d388acdefa193ccb2eac '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Avenue des Gaulois 3, Box 9<br \/>\nB-1040 Brussels<br \/>\nBELGIUM<br \/>\nTel: +32 (2) 662 0006<br \/>\nFax: +32 (2 662 0008<\/p>\n<p><a href=\"http:\/\/www.eurococoa.com\/\" target=\"_blank\" rel=\"noopener\">www.eurococoa.com<\/a><\/p>\n<\/div><\/section><\/p><\/div><\/div><!--close column table wrapper. Autoclose: 1 --><div class='flex_column_table av-50vpj0-f567a3aeb9baaf1367ce931022b1be30 sc-av_one_third av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-50vpj0-f567a3aeb9baaf1367ce931022b1be30\">\n.flex_column.av-50vpj0-f567a3aeb9baaf1367ce931022b1be30{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-50vpj0-f567a3aeb9baaf1367ce931022b1be30 av_one_third  avia-builder-el-47  el_after_av_one_third  el_before_av_one_third  first flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  column-top-margin'     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k8sjykh2-ac233e0fdbde968d3604c1ed5154f118\">\n#top .av-special-heading.av-k8sjykh2-ac233e0fdbde968d3604c1ed5154f118{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-k8sjykh2-ac233e0fdbde968d3604c1ed5154f118 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-k8sjykh2-ac233e0fdbde968d3604c1ed5154f118 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-k8sjykh2-ac233e0fdbde968d3604c1ed5154f118 av-special-heading-h4 blockquote modern-quote  avia-builder-el-48  el_before_av_textblock  avia-builder-el-first '><h4 class='av-special-heading-tag '  itemprop=\"headline\"  >National Confectioners Association (NCA)<\/h4><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-4pz6cs-32bfffb66f60d388acdefa193ccb2eac '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p>1101 30th Street NW<br \/>\nSuite 200<br \/>\nWashington, DC 20007<br \/>\nUSA<br \/>\nTel: +01\u00a0(202) 534-1440<br \/>\nFax: +01 (202) 337-0637<\/p>\n<p><a href=\"https:\/\/www.candyusa.com\/\">www.candyusa.com<\/a><\/p>\n<\/div><\/section><\/p><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9\">\n.flex_column.av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9 av_one_third  avia-builder-el-50  el_after_av_one_third  el_before_av_one_third  flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  column-top-margin'     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-k8sjykh2-5a306986ce402b8e649186466b5a177d\">\n#top .av-special-heading.av-k8sjykh2-5a306986ce402b8e649186466b5a177d{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-k8sjykh2-5a306986ce402b8e649186466b5a177d .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-k8sjykh2-5a306986ce402b8e649186466b5a177d .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-k8sjykh2-5a306986ce402b8e649186466b5a177d av-special-heading-h4 blockquote modern-quote  avia-builder-el-51  el_before_av_textblock  avia-builder-el-first '><h4 class='av-special-heading-tag '  itemprop=\"headline\"  >Cocoa Association of Asia (CAA) <\/h4><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-4pz6cs-32bfffb66f60d388acdefa193ccb2eac '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p><span class=\"box-right-row\" title=\"Shift-click to edit this element.\" data-customizer=\"contact-us-address-1\">5 Shenton Way<\/span><br \/>\n<span class=\"box-right-row\" title=\"Shift-click to edit this element.\" data-customizer=\"contact-us-address-1\">UIC Building, #10\/11-01<\/span><br \/>\n<span class=\"box-right-row\" title=\"Shift-click to edit this element.\" data-customizer=\"contact-us-address-2\">Singapore 068808<\/span><br \/>\nSingapore<\/p>\n<p><a href=\"https:\/\/cocoaasia.org\/\">www.cocoasia.org<\/a><\/p>\n<\/div><\/section><\/p><\/div><div class='av-flex-placeholder'><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9\">\n.flex_column.av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-50vpj0-e6666ade5c9466c9d693e6d4b92e54a9 av_one_third  avia-builder-el-53  el_after_av_one_third  avia-builder-el-last  flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  column-top-margin'     ><p><br \/>\n<section  class='av_textblock_section av-4pz6cs-32bfffb66f60d388acdefa193ccb2eac '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><\/div><\/section><\/p><\/div><\/div><!--close column table wrapper. Autoclose: 1 --><\/p>\n<\/div><\/div><div class='flex_cell av-xuqgk-cf77c85705973bb747cb8444204faf1d av-gridrow-cell av_one_third no_margin  avia-builder-el-56  el_after_av_cell_two_third  avia-builder-el-last '  ><div class='flex_cell_inner'><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-ak3vg-0874e4a9b3fde9cab9601aab740e9de7\">\n#top .av-special-heading.av-ak3vg-0874e4a9b3fde9cab9601aab740e9de7{\npadding-bottom:10px;\ncolor:#622812;\n}\nbody .av-special-heading.av-ak3vg-0874e4a9b3fde9cab9601aab740e9de7 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-ak3vg-0874e4a9b3fde9cab9601aab740e9de7 .special-heading-inner-border{\nborder-color:#622812;\n}\n.av-special-heading.av-ak3vg-0874e4a9b3fde9cab9601aab740e9de7 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-ak3vg-0874e4a9b3fde9cab9601aab740e9de7 av-special-heading-h2 custom-color-heading blockquote modern-quote  avia-builder-el-57  el_before_av_hr  avia-builder-el-first '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Links to Commodity Exchanges<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-6e81g-2ce8e65033ff2c0b3f09022fab6590b4\">\n#top .hr.hr-invisible.av-6e81g-2ce8e65033ff2c0b3f09022fab6590b4{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-6e81g-2ce8e65033ff2c0b3f09022fab6590b4 hr-invisible  avia-builder-el-58  el_after_av_heading  el_before_av_one_full '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<div class='flex_column_table av-50vpj0-f567a3aeb9baaf1367ce931022b1be30 sc-av_one_full av-equal-height-column-flextable'>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-50vpj0-f567a3aeb9baaf1367ce931022b1be30\">\n.flex_column.av-50vpj0-f567a3aeb9baaf1367ce931022b1be30{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-50vpj0-f567a3aeb9baaf1367ce931022b1be30 av_one_full  avia-builder-el-59  el_after_av_hr  avia-builder-el-last  first flex_column_table_cell av-equal-height-column av-align-top av-zero-column-padding  '     ><section  class='av_textblock_section av-4pz6cs-32bfffb66f60d388acdefa193ccb2eac '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p><a title=\"NYSE Liffe\" href=\"https:\/\/www.theice.com\/products\/37089076\/London-Cocoa-Futures\" target=\"_blank\" rel=\"noopener\">ICE London Cocoa Futures (London)<\/a><\/p>\n<p><a href=\"https:\/\/www.theice.com\/products\/7\/Cocoa-Futures\">ICE Futures US (New York)<\/a><\/p>\n<p><a href=\"http:\/\/www.cmegroup.com\/europe\/products\/agricultural\/softs\/physically-delivered-cocoa.html\">CME Europe (London)<\/a><\/p>\n<\/div><\/section><\/div><\/div><!--close column table wrapper. Autoclose: 1 --><\/p>\n<\/div><\/div>\n<\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":14,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-300","page","type-page","status-publish","hentry"],"yoast_head":"<title>Trading &amp; Shipping - International Cocoa Organization<\/title>\n<meta name=\"description\" content=\"Trading and Shipping cocoa beans. When discussing cocoa trading, a clear distinction has to be made between the actual or physical markets and the futures or terminal markets. 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