Introduction At the end of February, the US and Israeli militaries launched Operation Epic Fury, a joint attack against the Iranian regime. This has involved extensive airstrikes, the destruction of the Iranian Leadership and retaliatory strikes against the US, Israel and their Arabian allies in the region. More significantly for the global economy, Iran has closed the strait of Hormuz, and the US has blockaded Iranian ports. Due to its extreme importance to the global economy, the...

Strong price incentives during the 2023–25 cocoa bull market have driven a significant boost to Ecuador’s cocoa production, putting it on track to potentially surpass Ghana as the world’s second-largest producer. As a result, Ecuador is becoming increasingly important in the global cocoa scenario. In this blog, we analyze Ecuador’s position in the cocoa market, how it’s been rising to the top as an origin, and the key drivers shaping its supply. This piece serves as a crucial guide for...

Read part 1 here In the first part of the Grinding Differences Across Regions blog series, we explored the mechanics of the European and Asian grinding hubs, the way both operated, and the differences between them. Through this lens, we understood how each region reacted to the 2024 cocoa rally and the subsequent price decline. For the second part, we will analyze the third and last region among the three most well-known cocoa grinding associations, ECA, CAA, and NCA. Beyond that, we will...