Cocoa Market Overview - Cocoa prices experienced a significant rally, with December ICE NY cocoa closing up 3.02% and London cocoa up 2.15%, reaching a 1.5-week high due to weather concerns in West Africa [1] - Heavy rainfall in the Ivory Coast has hindered farmers' access to cocoa fields, while dryness in Ghana and Nigeria has negatively impacted crop conditions [1][6] Supply and Inventory Dynamics - ICE-monitored cocoa inventories in US ports have decreased to a 4.25-month low of 2,092,823 bags, supporting higher cocoa prices [3] - Cocoa exports from the Ivory Coast have shown a slower pace, with shipments totaling 1.82 million metric tons (MMT) this marketing year, reflecting a 5.8% increase from last year but a decline from a previous 35% increase [3] Quality and Production Concerns - Quality issues regarding the Ivory Coast's mid-crop cocoa are contributing to price support, with an estimated mid-crop of 400,000 MT, down 9% from last year's 440,000 MT [7] - Nigeria's cocoa production is projected to decline by 11% year-on-year to 305,000 MT for the 2025/26 crop year, which may also support cocoa prices [8] Demand Trends - Weak global cocoa demand has been a bearish factor, with European cocoa grindings falling 7.2% year-on-year and Asian grindings down 16.3% year-on-year, marking the smallest Q2 amount in eight years [9] - In contrast, Ghana's cocoa production is expected to increase by 8.3% year-on-year to 650,000 MT, which could exert downward pressure on cocoa prices [10] Future Projections - The International Cocoa Organization (ICCO) has revised its global cocoa deficit for 2023/24 to 494,000 MT, the largest in over 60 years, while forecasting a surplus of 142,000 MT for 2024/25 [11]

Core Viewpoint - Cocoa prices have increased due to weather concerns in West Africa, impacting supply and quality, while global demand remains weak, creating a complex market environment [1][4][10]. Group 1: Price Movements - December ICE NY cocoa closed up +73 (+0.99%) and December ICE London cocoa closed up +68 (+1.33%) on Wednesday [1]. - Cocoa prices fell to 1.5-month lows on Tuesday due to expectations of growing supplies amid weakening demand [4]. Group 2: Supply Factors - Heavy rain in the Ivory Coast has hindered farmers' access to cocoa fields, reducing cocoa movement to ports [1]. - Tighter cocoa inventories in US ports fell to a 4-month low of 2,115,411 bags [3]. - The slowdown in cocoa exports from the Ivory Coast showed a shipment of 1.81 million metric tons (MMT) this marketing year, up +5.8% from last year but down from a larger +35% increase seen in December [7]. - Quality concerns regarding the Ivory Coast's mid-crop cocoa are supportive of prices, with an average estimate of 400,000 metric tons, down -9% from last year's 440,000 metric tons [8]. Group 3: Crop Conditions - Optimism about this year's cocoa crop harvest in West Africa is noted, with a cocoa pod count reported to be 7% above the five-year average [5]. - The past 60 days for West Africa cocoa were the driest on record since 1979, impacting cocoa pod retention before the main crop harvest [6]. - Nigeria's cocoa production is projected to fall -11% year-on-year to 305,000 metric tons for the 2025/26 crop year [9]. Group 4: Demand Dynamics - Weakness in global cocoa demand has been a bearish factor, with Q2 European cocoa grindings falling -7.2% year-on-year to 331,762 metric tons [10]. - The Cocoa Association of Asia reported a -16.3% year-on-year decline in Q2 cocoa grindings to 176,644 metric tons, the smallest amount for a Q2 in 8 years [10]. - Higher cocoa production by Ghana is seen as bearish for cocoa prices, with a projected increase of +8.3% year-on-year to 650,000 metric tons for the 2025/26 crop [11]. Group 5: Global Cocoa Deficit - The International Cocoa Organization revised its 2023/24 global cocoa deficit to -494,000 metric tons, the largest deficit in over 60 years [12]. - The 2023/24 global cocoa production is expected to fall by 13.1% year-on-year to 4.380 million metric tons [12].

Just get us up to speed and give us some context behind the latest round of of civil unrest in Ivory Coast. Alright, Jomana, we have been watching quite closely at the Ivory Coast because they do have elections later this year. And what's really come to a head over the past few days is we did hear from President Alassane Ouattara suggesting or telling the public that he does plan to seek a fourth term.Now, under Ivorian law, presidents are technically only supposed to be in office for two terms. And so you ...

Ivory Coast president Alassane Ouattara will seek a fourth term as leader of the world’s biggest cocoa-growing nation https://t.co/xhX8r9cpli ...

Core Insights - Pluri Inc. aims to lead a global biotech revolution in healthcare, food, and agriculture through its innovative cell expansion platform, which allows for the production of pharmaceuticals, food products, and agricultural goods to address multi-billion dollar markets [1][10] Business Developments - The company anticipates a significant turning point in the upcoming fiscal year by unlocking the potential of its cell expansion technology, particularly in the cocoa and coffee industries, which are facing shortages due to climate change and rising demand [2][9] - Pluri has strengthened its position in the cultivated cacao space by partnering with an Israeli AgFoodTech company that is developing cell-based cacao technology, addressing challenges in the global cacao industry [3][10] - The company has secured additional investment from a new strategic partner with expertise in healthcare, enhancing its financial position and ability to expand into key geographies [4][10] Financial Performance - In the first nine months of fiscal year 2025, Pluri recorded a fourfold increase in revenue, rising from $230,000 in the same period of fiscal year 2024 to $938,000, driven by its CDMO and AgTech businesses [7][8] - The company is advancing new food tech partnerships and licensing opportunities, contributing to its revenue growth [8][10] Strategic Initiatives - Pluri holds a 69% stake in Ever After Foods Ltd., which utilizes its cell expansion technology for cultivated meat production, with significant funding rounds supporting this initiative [5][10] - The company is actively discussing commercial implementation opportunities with leading players in the cocoa and coffee industries, including potential out-licensing to strategic partners [9][10] Research and Development - Pluri has received $2.2 million in funding from the U.S. National Institutes of Health and the Department of Defense for the development of PLX-R18 for treating Acute Radiation Syndrome, although this funding has been discontinued due to federal budget cuts [6][10]