cma cgm / delmas marketing com-watch … cgm / delmas marketing ot africa line’s com-watch...

CMA CGM / DELMAS Marketing

September 2010 >> 1 OT Africa Line’s Com-Watch >>


Com-Watch – November – Issue #42 The African Commodity Report

GROUP CMA CGM Group Acquire 7,000 Latest Generation Reefer Containers The CMA CGM Group has acquired more than 7,000 of the latest generation 40’ High Cube Reefer containers including 6,000 low consumption engines. The move allows the Group to transport fruits and vegetables, frozen food, wine, flowers and pharmaceutical products in optimum conditions. In a growing market which requires a specific know how, our expertise and investments allow us to increase reefer volumes by 13%. With a reefer fleet of 185,000 TEU, the Group is ranked 2nd carrying 850,000 TEU per year. CMA CGM’s objective is to transport 1-million 20’ reefer containers before 2015.

“These investments strengthen CMA CGM’s leader’s position in Reefer transport which will become the most important vehicle of sensitive goods transport in the following years to come.” Alexis Michel Senior Vice President Logistics & Reefer

Strengths

Reefer volumes carried by CMA CGM are increasing by 13% per year in a 6.5% growing market

New products can be now transported by sea thanks to technical innovations

Reduce carbon print by 60% compare to the first generation’s reefers

Allows precision cold chain control

Optimizes atmosphere control

Operating a phytosanitary cold treatment needed for perishable goods which significantly lengthens shelf life.

GENERAL >> Louis Dreyfus To Invest US$4 Billion By 2018 To Double Turnover Louis Dreyfus Commodities [LDC] has reported a 10% increase in income before tax, helped by strong performances in coffee and cotton. The privately owned company, which along with Archer Daniels Midland, Bunge and Cargill dominates the world’s commodity food flows, said net income before tax had risen to US$315m in the 6-months to June, up from US$287m in the same period a year earlier. Furthermore LDC, which invested US$689m in 2013 announced an investment of US$4b over the next 4-years aimed at doubling its turnover. [Fresh Plaza 05/10/14]

BANANA / PLANTAIN >> GENERAL Chiquita Abandons Merger With Fyffes Shareholders in banana company Chiquita have voted against a merger deal with Irish rival Fyffes. The Fyffes deal, first announced in March, would have created the world's largest banana supplier, with US$4.6bn in annual revenues. As a result, Chiquita will enter talks with Brazil's Cutrale and Safra following its US$14.50 a share offer. The Brazilian consortium had said their revised bid. which valued Chiquita at about US$682m, offered shareholders 20% more than the Fyffes bid. [BBC/Telegraph 24/10/14] TANZANIA US$13.8 Million Project To Boost Banana Production In Uganda And Tanzania Smallholder farmers in Tanzania and Uganda are set to benefit from a new US$13.8m project to develop and distribute higher-yielding, disease-resistant hybrid banana varieties funded by a grant from the Bill & Melinda Gates Foundation to the International Institute of Tropical Agriculture [IITA]. Uganda and Tanzania produce over 50% of all bananas grown in Africa with an annual crop valued at US$4.3b. However, production in Uganda and Tanzania achieves just 9% of its potential yield due to pests and diseases. A new 5-year project aims to dramatically upscale and speed up existing breeding efforts. Researchers expect hybrid varieties to have a 30% higher yield and a 50% higher resistance to at least three of the target pests and diseases compared to current varieties under the same on-farm conditions. The project builds on a successful collaboration between IITA and Uganda's National Agricultural Research Organization [NARO], which culminated in the development of the first



26 high-yielding, and disease-resistant hybrid varieties known as NARITA. The project will also support on-farm testing of these hybrids. [Phys 21/10/14] Pact Seeks To Boost Banana Production The International Institute of Tropical Agriculture [IITA] and the pan-African Nelson Mandela African Institute of Science and Technology [NM-AIST] have joined forces to reduce challenges facing banana production. NM-AIST will avail land to IITA to conduct breeding to develop improved varieties that are resistant to pests and diseases; especially Panama disease [Fusarium] which is devastating banana crops. It will also give the institute access to its laboratories and screen houses to conduct research. IITA will provide funds to remodel the molecular and tissue culture laboratories including purchasing additional equipment and will construct a seed extractor and banana ripening chamber at the university. [Tanzania Daily News 02/10/14]

CASHEW / GROUNDNUT / SHEA >>

COTE D’IVOIRE 2014 Harvest Record Cote d’Ivoire is racking up record harvests for cashew nuts. New policies aimed at modernizing agriculture making it more competitive are bearing fruit with 550,000 tonnes of nuts harvested this year – a new record. The country wants to double production within 5-years. [China Post 06/10/14] NIGERIA NEPC Partners USAID The Nigerian Cashew Industry A new Cashew Export Strategy programme was initiated on 8th October by the Nigerian Export Promotion Council, the National Cashew Association of Nigeria and USAID/NEXTT. The strategy will scale-up the volume of cashew production from the present 120,000 tonnes a year to 300,000 tonnes in the next 4-years. As the 6th largest producer of raw cashew nut an increase of 20% would generate US$75.8m in additional income. Competition has changed the nature of the market place, and value added is critical to gain market share. Although Cashew production in Nigeria has grown from 40,000 tonnes a year in 2004, to 120,000 tonnes in 2013, the sector is yet to attain its full potential. Nigeria’s cashew attracts the lowest price in the global market due to low peelability, poor quality and lack of traceability arising from fragmented value chain. The National Cashew Association of Nigeria [NCAN] hopes support from NEPC and USAID would help the industry to achieve its potential of earning US$2b per year within the next 5-years. The African Cashew Alliance [ACA] is also working to improve output. ACA, in partnership with USAID/NEXTT and NEPC is already training 4,000 Nigerian Cashew farmers as a regional pilot project. [Tribune 09/10/14] Farmers Want Government To Serve As Buying Agent The Cashew Farmers Association appealed to the government to assist farmers in selling and exporting of cashew nuts, in order to avoid post-harvest losses. Sourcing for market for harvested produce has been a major challenge to farmers. The association appealed to the government to serve as buying agent to ensure the exportation of the commodity at a regulated price to ensure price stability in the international market. Farmers usually sell to private agents at unregulated prices, which leads to loss of profit to farmers most time at around N72,000 per tonne. [NAN 21/10/14] TANZANIA Manual to Improve Cashew Nut Value Chain Launched The United Nations Development Organization [UNIDO] in collaboration with the government has set up a cashew nut processing and simplified export manual to guide entrepreneurs in the export business and improve the value chain. The document was launched by the Minister for Industry, Dr Abdallah Kigoda, aimed at achieving better prices and stimulating innovativeness. Other areas to be addressed include inadequate technology or lack of equipment, shortage of qualified labour, insufficient production capacity, unfair competition and weak technical support. [All Africa 29/09/14]

COCOA >> GENERAL EU Cocoa Grind Eases, Fuelling Price Decline Europe's cocoa grind fell in the July-to-September period, disappointing investors, who had hoped for flat processing volumes, and fuelling a decline in prices in early deals. Processors in European countries, including Switzerland, ground 327,866 tonnes of cocoa beans in Q3 according to the European Cocoa Association. The figure - while up from the 307,938 tonnes in the April-to-June period, following a typical seasonal pattern was down 1.1% on volumes for the same quarter of last year. Furthermore BDSI, the German confectionery



producers' association, unveiled a fall of 5.5% y-o-y to 87,450 tonnes in the country's grind in Q3. [Agrimoney 14/10/14]

‘CocoaAction’ - Industry Comes Together to Boost Yields Industry players are working together in an effort to drive up cocoa production to meet growing demand. Eleven* of the world’s biggest cocoa and chocolate companies are sharing information about farming practices and crop yields. It’s the largest ever cooperative effort and highlights the dire cocoa supply outlook. The International Cocoa Organization [ICCO] says cocoa production is barely keeping up with global demand, with a 40,000-MT supply surplus in the year that ended Sept. 30. The companies participating in ‘CocoaAction’ are hoping that cooperation at farm level and with local governments under one umbrella, rather than as separate entities, will benefit them all, as well as the farmers. CocoaAction started in May and aims to increase cocoa yields and farmer incomes through good agricultural practices and the use of new trees and fertilizer. In addition, the program has community development goals that the companies hope will recruit the next-generation of cocoa farmers. The strategy is being coordinated by the World Cocoa Foundation [WCF]. Analysts estimate that a half billion new cocoa trees need to be planted in the next 10 years to meet that demand. Cocoa trees exit their peak production period at about 25 years, but many trees in West Africa are more than 30 years old. If yields on West African cocoa farms remain at current levels, 465 kg/ha, cocoa prices would have to rise between US$6,000-8,000 a ton to support the amount the industry will need in the coming years. [Money Beat 16/10/14] *Mondelez, Mars, Nestlé, The Hershey Co., Barry Callebaut AG, Olam International Ltd., Blommer Chocolate Co., Archer Daniels Midland Co., Cargill Inc., Ecom Agroindustrial Corp. Ltd and Ferrero SpA. West Africa Cocoa Farmers See Favourable Weather For New Season West Africa appears set for another strong cocoa crop in the 2013/14 season due to favourable weather, though fears of a spread of the region's Ebola epidemic have raised concerns over Ivory Coast's harvest. Farmers in the 3-countries, which contributed around 62.5% of global cocoa, reported regular rainfall in the run up to the new season. Hopes of strong production are also boosted by a decline in the likelihood of a strong El Nino weather phenomenon this year. [Reuters 08/10/14]

Ivory Coast Harvested a record 1,740,842 tonnes in the 2013/14 season, which ended early October. It sees bean production in the 2014/15 season falling by around 8% to some 1.6 million tonnes, but the level remains well above the last decade's average of around 1.4 million

Ghana Recorded a strong crop of around 900,000 tonnes of beans. It is aiming to produce more than 1 million tonnes but will need to curb bean smuggling to Ivory Coast caused by a 40% drop in the value of its cedi currency in H1 2014. Trafficking sapped output by around 100,000 tonnes last season according to some estimates. Ghana boosted its producer price by 63% at the start of the season, fixing it above the minimum farmer price set by Ivory Coast to discourage cross-border selling. Ghana's crop should also be buoyed by good weather and a US$200 million investment by marketing board COCOBOD in its fertiliser and spraying programme which could boost production by up to 25%.

Cameroon Seen its output fall in recent years, is looking to sector reforms to boost production. Cocoa output for Cameroon, the fifth largest grower, dropped for a third straight season in 2013/14, falling around 8% to 209,905 tonnes blamed on weather, disease and pest infestations. Cameroon saw regular heavy showers in the run-up to the new harvest which could boost crops, but could also spark outbreaks of black pod disease. To boost production, the Cameroon Interprofessional Council for Cocoa and Coffee [CICC] will take steps including improving internal marketing, studying climate change and improving financial access for farmers.

CAMEROON US$1.2 Billion Sector Recovery Plan Cameroon is to invest US$1.2 billion between 2015-20 to raise cocoa and coffee production. The main components include the extensive application of existing orchards, and the creation of new farms with a target of 10-million annual plans. Over the next 10 years, Cameroon expects an annual output of 600,000 tons of cocoa and 160,000 tons of coffee against the current output of 206,000 and 23,000 tons respectively. The scheme will be funded starting by taxing each kilogram of cocoa and coffee exported to kick-start the acquisition of money for the project. As of 2015, the levy per kilogramme on exported cocoa and coffee will rise from 25 FCFA [25,000 FCFA per tonne] to 150 FCFA [150,000/t] - a 600% increase.



The Technical Coordinating and Monitoring Unit is the lead entity behind the re-launch project which was adopted by the government on Sep. 30. Cocoa and coffee account for about 35% of the country's non-timber exports but overall output has plunged. In the just ended 2013-2014 season [August-July] the cocoa crop fell to about 206,000 tons from 228,911 tons in the previous season. The move aims to raise national cocoa production to 600,000 tonnes by 2020. Robusta coffee declined to 14,720 tons from 35,000 tons; and Arabica output has stagnated between 2,000-3000 tons for the last 4- years. For the same period, the country aims to produce 150,000 tonnes of Robusta coffee and 35,000 tonnes of Arabica coffee . Opponents of the scheme note that the Maputo agreement ratified by Cameroon specifies that 10% of the national budget should be allocated to agriculture. At present only 3% of the current budget is allocated to that sector. Furthermore the country received 50 billion FCFA in World Bank financing to boost cassava, sorghum and corn production. Why have they not done the same for cocoa and coffee? [Business in Cameroon 20/10/14 & Market Watch 03/10/14] Prices Up 30% Reaching Record Levels Two months after the opening of the cocoa 2014-2015 campaign August 1, the sector has seen record price rises that have peaked at CFA1,330/kg. This rise is due to improved quality and the better organization of cooperatives which are opting for bundled sales with better negotiating capacity. Meanwhile the Interprofessional Council of Cocoa and Coffee [CICC] has raised penalties removing illegal buyers and reduced smuggling. [Ecofin 20/10/14] Local Processing Still Low With few processing companies and a handful of Common Initiative Groups, who are far from producing industrial quantity, local processing remains low. Total cocoa production for the season was 209.9 million kg with only 32.8 million kg processed locally. Sic Cacaos and Chococam processed 32.7 million kg while a handful of common initiative groups processed the remaining 10,870 kg with Gic Unak as the leading artisanal unit with 2,270 kg. Among the 15 countries that imported Cameroon's cocoa, the Netherlands, Malaysia and Belgium imported 85% with the Netherlands alone importing 65.76%. 174.6 million kg were exported by 32 exporters with 5 of them covering 77% of total volume. Among the giant exporters, are Telcar [24.7%], Olam Cam [19.13%], Camaco [13.79%], Ets. Ndongo Essomba [10.69%] and Producam [8.04%]. Cameroon's cocoa has witnessed remarkable improvement in quality, thanks to NCCB's Central Laboratory for Analysis. The NCCB which has as principal mission to regulate and supervise all cocoa and coffee related activities with a focus on the quality of produce prior to exportation has also made it possible for stakeholders in the sector to receive daily world market prices. [Tribune 01/10/14] Cocoa Exports Rise To 21,508T By End September Cameroon exported 21,508 tonnes of cocoa beans by the end of September, the second month of the 2014/15 season, up from 19,855 tonnes in the same period the previous season. According to the National Cocoa and Coffee Board (NCCB) the country exported 14,842 tonnes in September itself, more than the 13,603 tonnes in the same period the previous year and also greater than the 6,666 tonnes of beans shipped in August. The figures showed a rise in overall production for the season with 16 companies exporting beans in September, up from 10 in August. Telcar Cocoa Ltd led the way with 7,073 tonnes, a sharp increase from 2,408 tonnes in August. This was followed by Olam Cam with 2,117 tonnes up from 1,613 tonnes and Cameroon Marketing Commodities with 1,354 tonnes up from 803 tonnes the previous month. Cameroon's cocoa season runs from Aug. 1 to July 31, with the main crop harvest period from October to January/February and the light crop harvest from April/May to July. The crop is grown mainly in 4-regions. The centre and southwest each account for 40% of national output, the south 15% and the east 5%. Cultivation is also extending gradually to the northwest and west. Cameroon produced 209,905 tonnes of cocoa in the recently ended 2014/15 season, down more than 8 percent from 228,948 tonnes the previous season. [Reuters 287/10/14] Crusade Against Bad Harvesting Practices Six tonnes of beans were seized and auctioned for 1,330 FCFA/kg on Oct.3rd as an example to those in the sector who do not adhere to government directives concerning the sale of cocoa beans in the 2014-2015 season which started on Aug. 1st. The auction comprised several seizures from the Centre region for purchasing cocoa without proper professional licensing, the purchase of undried cocoa, the stocking of cocoa in unlicensed stores, the sale of cocoa with false weight and drying in front of stores. These practices will be stamped out throughout the current cocoa season during site spot-checks carried out by the Ministry of Trade’s teams. This crusade against bad harvesting practices aims to protect Cameroon products’ place on the global market and also guarantees that farmers are paid fairly. [Business in Cameroon 12/01/014]



COTE D’IVOIRE Exporters Ramp Up Cocoa Shipments Ivorian cocoa exporters have put their foot on the accelerator as worries about the spread of the Ebola virus continue to mount. Exporters are making all efforts to ship cocoa from the country as soon as it is available. Cocoa prices are up 13.4% since the start of the year because of fears that the virus could spread to Ivory Coast and Ghana. Ivory Coast hasn’t yet registered a single case of Ebola. But two of its neighbours, Guinea and Liberia, are among the hardest hit with cocoa shipments from there and Sierra Leone curtailed. Ivory Coast’s main cocoa harvest runs from October to March, which has allowed the country to export much higher volumes than normal, but dealers say this is only a temporary fix. Looking into the future it seems prices are likely to rise. The demand and supply outlook even before the Ebola fears pointed to higher prices. China and India are demanding more chocolate goods, meanwhile supply of beans from West Africa cannot keep up because of old trees. Prices are likely to be volatile, subject to the pace of cocoa shipment arrivals from West Africa over the next few weeks. If a case was confirmed in Ivory Coast or Ghana the market could see prices rise by another 10%. [WSJ 20/10/14] World's Leading Cocoa Sector Tightens Regulations Ivory Coast's government has introduced stricter regulation of its cocoa sector for the 2014/15 season as it reasserts its control following a decade of liberalisation. The government abandoned a system of spot buying in the 2012/13 season, selling forward its anticipated crop in order to fix a guaranteed minimum price for farmers and encourage investment in ageing plantations. The reforms, which also included stricter quality standards, have largely won the government praise for raising farmer incomes and improving the reputation of Ivorian cocoa. Some exporters were quick to criticise the new regulations, however, claiming they were overly restrictive and risked cutting into their profit margins. Under the new measures exporters are limited to 110,000 tonnes of bean purchases during the October-to-March main crop harvest. Of that, 70,000 tonnes will be permitted for the period from October to December and 40,000 tonnes from January to March. No restriction was placed on the volumes exporters may purchase during the April-to-September mid-crop, which generally produces smaller beans typically used for semi-refined cocoa products. Under Ivory Coast's system of forward sales, exporters bid at auction on the right to export specific volumes of beans during a fixed time frame. According to the new regulations, they are now only allowed to purchase 10% more beans that they have the right to export, therefore clamping down on the secondary market for bean sales between exporters. Exporters will also no longer be allowed to pay above the government-fixed price scale, which set a bean price of 938 CFA francs/kg [US$1.81] arriving at the ports of Abidjan and San Pedro during the main crop. Last season, exporters were permitted to pay merchants up to 15 CFA francs above the price scale upon delivery in order to guarantee supplies. Violating the price will now lead to a fine of 50 CFA francs/kg on the volumes purchased. Exporters will, however, be allowed to pay year-end bonuses of 10 CFA francs/kg to merchants supplying 500 to 3,000 tonnes and 15 CFA francs/kg over 3,000 tonnes. The Coffee and Cocoa Council [CCC] also placed new restrictions on merchants and farmer cooperatives, who will now only be allowed to hold bean stocks for 30 days. Any operator having difficulty offloading their stocks within this period must expressly contact the CCC in order to find a solution. In order to track these stocks the CCC will for the first time require merchants and cooperatives to declare their weekly purchases. [Reuters 13/10/14] Exporters See Carry-Over Cocoa Stocks At 250,000T Up to a quarter million tonnes of cocoa from Ivory Coast's 2013/14 crop were being held by exporters at ports or by merchants up country at the start of the new season this month. Merchant stocks have ballooned over the past 2-seasons as middlemen took advantage of government price controls to increase their profits on cocoa purchased from farmers in the latter stages of the harvest. Around 100,000 tonnes of cocoa were warehoused at the ports of Abidjan and San Pedro, in line with 107,594 the previous season, according to the Coffee and Cocoa Council [CCC]. Five exporters gave estimates ranging from 120,000-150,000 tonnes of cocoa being held by merchants. Ivory Coast abandoned a system of spot buying in the 2012/13 season, selling forward the bulk of its anticipated crop in order to guarantee a minimum price for farmers. Merchant stocks were considered negligible in previous years. But they increased to around 100,000 tonnes last season, as middlemen realised they could make larger profits holding back beans and delivering them to exporters under the new price scale. The CCC set a minimum farmer price of 850 CFA francs/kg [US$1.64] at the start of this season on Oct. 1, up from 750 CFA francs/kg in 2013/14. Cocoa arrivals at the Abidjan and San



Pedro ports dropped below 10,000 tonnes in the final weeks of September. They rebounded sharply at the start of the new season, with around 77,000 tonnes of cocoa delivered in the first 2-weeks of October. Before, average arrivals in October were around 25,000-30,000 per week. The cocoa currently arriving has been stocked in anticipation of the new price. Exporters warn that cocoa stocked from last season will likely be blended in with newly harvested production for several more weeks, harming quality and reducing average bean size. [Reuters 15/10/14] Cocoa Areas Main Harvest Begins Cocoa-growing areas in Ivory Coast received less rain last week with the main harvest under way. Some farmers have already started selling their harvest. Ivory Coast raised the minimum guaranteed farmgate price by 13% to 850 CFA francs/kg [US$1.62] for the main crop of the 2014-15 marketing year that started Oct. 1. It produced a record 1.74 million MT of cocoa in 2013-14, compared with 1.44 million tons a year earlier. Production is expected to reach 1.8 million tons in the 2014-15 season. Cocoa arrivals reached around 164,000 MT by Oct. 26 since the start of the season on Oct. 1, down from 166,000 MT in the same period of the previous season. Exporters estimated around 46,000 tonnes of beans were delivered to Abidjan and San Pedro ports between Oct. 20-26, down from 57,000 tonnes during the same period last year. [Reuters 27/10/14 / Bloomberg 07/10/14] Rainfall Hampers Drying of Beans Cocoa-growing areas received a lot of rain that may hamper drying of beans. Rules implemented as part of cocoa industry reforms in the country limit moisture levels allowed in beans. Ivory Coast’s southern forest areas, where most of the cocoa is grown, entered the short rainy season mid-September. This season typically lasts until November. Otherwise pods are growing well and some farmers are planning a second picking in November. [Bloomberg 23/10/14] GHANA Ghana Lifts Farmers' Cocoa Price Ghana sharply raised the price for the new 2014/15 season to 5,520 cedis [US$1,720] per tonne in a bid to deter smuggling to Ivory Coast. The rise represents a 63% increase on the 3,392 cedis price cocoa regulator Cocobod paid last season. It is also slightly higher than the price the world's top producer, Ivory Coast, would pay to its farmers for the new season. Ghana aims to produce more than 1 million tonnes in the season to begin on Oct. 10th, up from a forecast of 900,000 tonnes in the just-ended season. Smuggling has always been a problem when there are price differentials between the 2-countries. The price also aims at motivating farmers and attracting new workers to a sector that many young people who have moved to the cities. Cocobod will pay farmers an additional GH₵5 per 64 kg-bag of cocoa this season as a bonus on top of the season's price, which works out at GH₵345 per bag. With this, each bag shall be sold at GH₵350. During the 2013/2014 season, each bag was sold at a cost of GH₵212; this indicates 62.74% increment for this season. Cocobod will also continue a programme started in 2012 to distribute 50 million free trees to farmers over the next 4-5 years. The objective is to sustain the replacement of diseased trees as part of a crop rehabilitation programme aimed at increasing output. [Business Recorder 05/10/14] World Cocoa Foundation US$70 Million Assistance Over 60,000 cocoa-growing households will be targeted by the World Cocoa Foundation [WCF] funding for the cocoa sector by February 2018. The programme was signed by WCF, the Ministry of Food & Agriculture [MoFA] and the World Cocoa Foundation [WCF]. The US$70million support will increase cocoa productivity to 1,000kg/ha; improve access to planting materials, fertiliser and agrochemicals; and improve farmer resilience through the production of food crops. The move is part of Phase-2 of WCF’s Cocoa Livelihood Programme [CLP] which has successfully mobilised chocolate and cocoa companies to engage with farmers and increase direct investment in selected communities. The CLP programme, which started in 2009 with a 10-year lifespan, is operating in Ghana, Cameroon, Cote d'Ivoire and Nigeria. It has created a mechanism for knowledge-exchange and utilising expert skills and provide assistance in development and training. It ensures farmers’ access to planting materials and other food crop inputs by linking companies to MoFA planting materials production centres and inputs suppliers. The scheme is managed by WCF with funding from the Bill & Melinda Gates Foundation, the Walmart Foundation, the Dutch Sustainable Initiative IDH, and 15 chocolate and cocoa companies that are members of WCF. In Ghana, the programme involves Mondelez International, Noble Resources and The Hershey Company. [GhanaWeb 08/10/14]



NIGERIA 500,000 Tons Output Target For 2014-15 Season Nigeria plans to boost its cocoa output by more than 40% to 500,000 MT in the 2014-15 season. It sees local grinding of cocoa beans rising to 25% of output in the same period from about 10%. More than 1.4 million seedlings of a hybrid cocoa that matures in 2.5 years, compared with 5-years for older varieties, have been distributed in recent years to farmers and are forecast to begin yielding from 2015. Nigeria produced 350,000 tons of cocoa in the 2013-2014 season and targets more than 1 million tons within 10 years. [Bloomberg 27/10/14] Cocoa Processors Face Cost Barriers To EU Exports Nigerian cocoa-processing companies say the cost of exporting their products to Europe has been inflated by 30% because of a stalemate in agreeing new trade terms with the European Union. Nigerian cocoa butter and cake exports are charged from 4.2-6.1% of freight-on-board values as taxes at EU ports without an agreement, according to the Cocoa Processors Association of Nigeria. Nigeria is the only country in West Africa yet to sign the Economic Partnership Agreement protocol on free trade by the EU and African, Caribbean and Pacific countries. Nigeria had in May rejected the proposed trade agreement with the EU because it requires abolition of import duties for manufactured goods from Europe, saying it would lead to dumping of goods and loss of jobs. The move makes Nigerian cocoa butter and cake less competitive. Currently 8-processing companies in the main southwest cocoa-growing region have a combined installed capacity of 155,000 MT a year. Since 2011 they’ve run at 25-27% capacity. Nigeria, the 4th-biggest producer, produced 350,000 tons of cocoa in the 2013-2014 season. A government incentive plan to encourage exporters of agricultural items with subsidies ranging from 5-15% has been slow to come into effect. A backlog of applications going back to 2011 is still awaiting approval at the Finance Ministry. [Bloomberg 22/10/14]

COFFEE >> ANGOLA Angola Produces 2,100 Tonnes Of Coffee In 2013 Angola produced 35,000 bags of robusta coffee in 2013 equating to 2,100 tons. The 2013 harvest was 7.8% less than the 2008 crop when Angola produced 38,000 bags [2,280 tons]. Between 2009 and 2011 coffee production declined considerably and only in 2012 did production reached 33,000 bags. Angola’s National Coffee Institute [INCA] wants the government to make a significant investment in the sector so that it is possible to produce 60,000 tons of coffee per year with a value of US$100 million. [Macauhub/AO 17/10/14] ETHIOPIA Ethiopia to Host International Coffee Symposium The Ethiopian Coffee Exporters Association [ECEA] is to manage an international coffee conference from 6-7 November in Addis Ababa. The event aims at promoting the nations brands and find better international markets, especially in such countries as China, India, and South Africa with high coffee demand. The coffee yield this year is expected to increase 20-25% on last year. [Ethiopian Radio 20/10/14] ECX Laboratories Equipped With Modern Devices Ethiopia Commodity Exchange [ECX] received US$174,700 equipment from the U.S Agency for International Development [USAID] to improve coffee quality inspection and grading system of its laboratories. The devices will equip laboratories in Jimma as well as Hawassa and Dilla, in Oromia and South Ethiopia Peoples' states. Alongside ensuring consistency and improving efficiency in evaluating and grading coffee, these equipment will enable the laboratories meet the requirements of the Specialty Coffee Association of America [SCAA] to fulfil the quality assurance process. [ENA 07/10/14] KENYA Value Of Coffee Sold At Auction Rises 37% In 2013/14 The value of coffee sold at Kenya’s auction climbed 37% to US$174.1m in the year to September, helped by higher global prices and better quality crops, the Nairobi Coffee Exchange [NCE] said. Kenya exports much of its coffee through the exchange and the rest sold by growers to foreign buyers. Uncertainty over the performance of the crop in leading producer Brazil [40%] following a prolonged drought has helped prop up global prices of the commodity. Kenya also had relatively good quality crop in the market and that helped strengthen prices. The NCE said 671,438 60-kg bags were sold in the 2013/14 season that runs October to September compared to 625,185 the previous year. The average price at the exchange climbed to US$212.70 per 50-kg bag from $166.70 the previous year. Kenya had forecast in February that it expected coffee export earnings to dip this season, but the drought in Brazil later provided unexpected support for prices. Kenya earned about 18.5 billion shillings from exports of the commodity in 2012/13, including both auction and direct sales,



down from 27.1 billion a year before. Coffee exports were once Kenya's leading foreign exchange earner but output has slipped from the record 130,000 tonnes produced in 1987/88. [Reuters 29/10/14] Coffee Prices Fall The maximum price of Kenya's top grade AA coffee fell to US$329/50 kg bag at the latest auction from US$371 at last week's sale, the Nairobi Coffee Exchange said. The nation is a fairly small producer by global standards, but its quality beans are used by roasters to blend with beans from other regions. [Reuters 23/10/14]

21st Oct 14th Oct 7th Oct 30th Sept 23rd Sept

AA COF-AA-KE $195-329 $180-376 $152-360 $212-331 $187-300

AB COF-AB-KE $208-260 $146-279 $157-287 $149-258 $128-247

Average price per bag

$230.18 $247.19 $243.68 $223.80 $218.88

RWANDA Rwf213 Million From Online Coffee Auction Rwanda's earnings from this year's Internet coffee auction rose significantly due to improved quality to US$301,771 [Rwf212.7m] compared to $225,970 [Rwf159.3m] at last year's auction from 16 lots. This year, 28 lots of coffee, or 15,200 kg of green beans were sold via the Alliance for Coffee Excellence [ACE], a New York-based website. Prices reached US$81/kg compared to US$45 last year. Eighty-six companies from 18 countries participated in the auction held at the National Agricultural Exports Board [Naeb] offices in Kigali on Oct 1st. Rwanda's coffee exports brought in US$56 million in 2013 and US$12.8 million during H1 2014. The country's exports dropped by 36% during H1 2014 due to a decline in coffee export volumes, a factor attributed to bad weather. CFC Muhondo Coffee Washing Station were top earners with US$50,000 [Rwf35.3 million] from 660kg followed by Muyongwe Coffee Washing Station at US$36,654 [Rwf25.8 million], Ruvumbu at US$10,479 [Rwf7.4 million], and Nyagatare Coffee Washing Station US$10,194.3 [Rwf7.2 million]. [New Times 03/10/14] TANZANIA Export Demand Pushes Up Tanzania Arabica Coffee Prices Tanzania's average arabica coffee prices have risen at auction buoyed by strong demand from exporters and higher New York markets. Overall average prices at the Moshi exchange were up by US$0.62 per 50 kg for mild arabica compared to the last auction. Average prices were above the terminal market by US$ 10.09 per 50 kg. The regulator Tanzania Coffee Board [TCB] says it expects a bumper 2014/15 harvest, with production seen exceeding 55,000 tonnes from about 48,700 tonnes in the previous season.

16th Oct 9th Oct 2nd Oct 25th Sept

AA $232-294 $226-285 $212.80-270 $193-243


$239.79 $240.18 $227.05 $203.49

A $223.80-254 $225.20-247.40 $216.20-245 $198-224


$235.70 $232.61 - $206.50

Tanzania: EC Donates Sh600 Million Vehicles to Coffee Research Institute The industry received a major boost after the European Commission in Tanzania handed over 7-vehicles worth over 600m/- to the Tanzania Coffee Research Institute [TaCRI]. The vehicles will be used for the ‘Action Programme’ aimed at increasing the competitiveness of smallholder coffee growers. Financed by the European Development Fund it is geared toward coffee crop enhancement. In the last 13 years TaCRI has developed 19 varieties of hybrid Arabica and 4- Robusta varieties and trained more than 378,000 growers. It is estimated that 46 million seedlings have been distributed and planted on 33,453ha or 12.5% of the coffee growing area in the country. [Tanzania Daily News 13/10/14] UGANDA Coffee Exports Fall 7% Yr/Yr In September Uganda coffee exports for September fell by 7% to 207,927 60-kg bags of coffee compared with the same month a year ago, extending a pattern of lower exports this year. Industry experts in Uganda, Africa's number one exporter of coffee noted the yield is poor as the country is at the tail end of the harvest in the south and south western growing areas. [Reuters 16/10/14]



Coffee Output Seen Advancing 54% By 2019-20 Uganda may lift production 54% by 2019-20 as a result of a tree-planting program. Output may climb to 5.87 million 60-kg bags in 2019-20 from 3.8 million kg in 2012-13. Production is expected to climb to 15 million bags by 2039-40. Exports could rise to 5.3 million bags from 3.58 million in 2012-13 and reach 12 million bags in 2039-40. At least 17 million trees were planted last season and the number may climb to 225 million in total by 2019-20. Some 75 million more trees are due to be planted by June. The country started a planting program in 1994 to replace trees affected by coffee wilt disease, which destroyed 150 million trees. The country, which grows mostly the robusta variety, ships most of its beans to the European Union, the U.S., Sudan, Switzerland, India, Singapore and Russia. [Bloomberg 29/09/14] Uganda Faces Decline In Coffee Earnings Uganda’s earning from coffee have declined in 2013/2014. According to a new report from the Ministry of Agriculture coffee export earnings dropped by 5% [US$378.2m] in 2013/2014 from US$378.4m in 2012/2013. Poor performance was attributed to the decline in the international price of coffee, dry spells, low soil fertility and limited use of fertilizers to enhance production. National production in 2013/2014 was good leading to an increase in bean export totalling 3,647,828 bags in 2013/2014 compared to 3,359,439 bags in 2012/2013. This did not have a positive impact on the earning from the improved exports of coffee because the international market price was very fragile. Coffee prices dropped in June 2013. The market saw coffee exports reaching 75.5 million bags compared to the 72 million in the previous year mainly due to increased coffee production from Columbia which forced the market to drop. Furthermore the market was affected by developments in the broader global economic environment. Firstly, weaker than expected economic data from China suggested a slowdown in demand growth for commodities and signs of an end to the quantitative easing programme in the United States resulted in a widespread decline in commodity markets. Meanwhile the Ministry has distributed 57.4 million coffee seedlings to over 175,000 farmers and established 42 coffee wilt Disease resistant mother gardens. [EA Business Week]

COTTON / TEXTILES & LEATHER GOODS >> GENERAL West Africa Cotton Producers Forecast Bumper 2014/15 Crop West African cotton output is forecast to jump over 19% to 2,570,000 tonnes for the 2014/15 season as high government-fixed prices attract growers back to the sector. Before a market crash in the early 2000s, the 7-top cotton-producing countries in the region had accounted for about 15% of the world's cotton exports. They are now ramping up output again, already showing a rise of 7% to 2,152,724 tonnes in 2013/14 from the season before as a rebound in world prices in recent years has allowed governments to increase what they pay farmers. [Reuters 16/10/14] Past and projected production of raw, unginned cotton to the nearest tonne

Country 2013/2014 2014/2015 Notes

Benin 306,000 350,000 Predicting production increases for 2014/15.

Burkina Faso

650,105 800,000 The regional leader is targeting output of 800,000 tonnes in 2014/15, up 23% from the recently ended season, though the National Union of Cotton Producers was sceptical of the forecast. Not only did planting start late, but farmers didn't plough as much acreage as expected.

Cameroon 235,000 245,000 2013/14 output rose 7% to 235,000 tonnes on the back of favourable weather. That figure would have been higher, but a significant portion of the crop was lost due to smuggling to neighbouring Nigeria at around 30,000 tonnes according to the National Confederation of Cotton Producers of Cameroon. Cameroon will seek to clamp down on illegal trafficking in order to reach its 2014/15 production target of 245,000 tonnes.

Ivory Coast 405,000 425,000 Predicting production increases for 2014/15.

Mali 450,000 600,000 Harvesting in most of the region is expected to start next month before picking up from December. But state-owned cotton production and marketing company, CMDT, noted farmers had already started picking their cotton. The harvest is early this year as farmers planted a lot in May, so some cotton was ready from September. CMDT expects the target of 600,000 tonnes will be reached.

Senegal 28,819 30,000 Predicting production increases for 2014/15.

Togo 77,800 120,000 Forecasting a jump of over 54%.



Total 2,152,724 2,570,000

Cotton Prices Fall To Their Lowest Since 2009 The International Cotton Advisory Committee [ICAC] has cut its forecast for cotton prices to a 6-year low reflected by a forecast for a 1.8m-tonne world production surplus. The cotton market was already under pressure after forecasters predicted a big US harvest, expected to wrap up in December. But futures prices have plunged further, when China the No 1 cotton consumer said it would slash its imports of the fibre in 2015. The Chinese state planning committee said textile mills would receive quotas for imports equal to 4.1 million 480-pound bales in 2015, the minimum allowed under rules set by the World Trade Organisation. Forecasters subsequently slashed their outlook for demand. Societe Generale lowered its forecast for China’s cotton imports during the season that began on August 1 by 30% to 5.6 million bales. Many cotton traders were expecting China to reduce its 2015 imports, but not by so much. The country had been stockpiling cotton since late 2011 following a run-up in prices. In August, China’s cotton imports were down 26 per cent from a year earlier. Traders and investors expect record amounts of surplus cotton to end up in warehouses around the world in 2015, adding to stockpiles that are already high. Some cotton traders are even worried the steep drop in prices could lead to contract defaults. After prices plunged 3-years ago, a wave of defaults by mills hit balance sheets at some of the largest cotton traders, sparking legal battles. [The Australian & Agrimoney 02/10/14] CmiA Conference In Cologne Presents African Cotton More than 150 experts across the textile value chain from nearly 20 countries participated in the 8th CmiA and Compaci Stakeholder Conference, which took place Sep. 24-26th in Cologne. The event focused on how to make African cotton competitive as well as securing income for cotton farmers by tapping into new markets and establishing a textile value chain in Africa. For the first time, African textile producers like Ayka and Else from Ethiopia and Buetec from Cameroon attended the conference. [Fashion United 30/09/14]

Cotton made in Africa CmiA is an initiative by the Aid by Trade Foundation [AbTF] that currently supports smallholder farmers in Zambia, Zimbabwe, Mozambique, Malawi, Ghana, Cameroon and Côte d'Ivoire. The focus lies on helping farmers help themselves Through trade so that they can improve their living conditions and that of their families.

CmiA Publishes First Annual Report The Aid by Trade Foundation [AbTF] published its first Cotton made in Africa [CmiA] Annual Report focusing on work in African project areas and on the global sales markets in 2013. AbTF had a successful year due in particular to the positive revenue development in marketing for the CmiA license to textile companies and fashion brands which exceeded €1-million for the first time. An increasing number of companies are making a conscious decision to use Cotton made in Africa cotton and feature their products with the CmiA quality label. With the revenues, the foundation makes significant contributions to financing training and cooperation projects. A total of 440,000 smallholder farmers have been verified according to the foundation's criteria standards in 2013, with 95% of farmers additionally benefiting from pre-financing for their expenditures on seed or fertilizers. The annual report is available in German and English and can viewed at http://www.cotton-made-in-africa.com/fileadmin/cmia_abtf/news/images/e-CmiA_Annual_Report_2013.pdf BURKINA FASO Burkina Faso Targets 800,000T Cotton In 2014-15 Burkina Faso hopes to produce 800,000 tonnes of cotton in the 2014-15 season, up from 650,105 tonnes last season, but may have difficulty reaching that target according to the National Union of Cotton Producers. Producers doubt the production target can be reached because farmers sowed late due to delayed rainfall. Last season's total includes 508,150 tonnes produced by Sofitex, 102,767 tonnes produced by Socoma and 39,188 tonnes produced by Faso Cotton. An increasing number of farmers are turning to cotton but production remains hobbled by a lack of agricultural technology and stiff competition from subsidised growers such as in the United States. [Reuters 10/10/14] CAMEROON 2014-2015 Production Projected At 235,000T Up 7% Société de développement du coton [Sodecoton] is expected to produce 235,000T of cotton in the 2014-2015 season. This is up 7% on the previous season. However Cameroon failed to achieve the 240,000T predicted at the start of the season. The increase has come during a difficult international context characterised by a decline in global cotton prices, 30% since 2013, and a drastic reduction in imports by China which makes-up 60% of the

http://www.cotton-made-in-africa.com/fileadmin/cmia_abtf/news/images/e-CmiA_Annual_Report_2013.pdf

http://www.cotton-made-in-africa.com/fileadmin/cmia_abtf/news/images/e-CmiA_Annual_Report_2013.pdf



world cotton market and currently has 11 million tonnes of cotton in its reserves. According to analysts, the combination of these factors should result in low cotton prices or poor sales. [Business in Cameroon 27/10/14] ETHIOPIA Earning From Textile Export Growing The Textiles Industry Development Institute [TIDI] noted export earnings from textile products has been growing since the launch of a Growth and Transformation Plan. Revenue gained from exports has increased from US$62.2 million in 2003 to US$111 million in the last fiscal year but is still short of the national target If US$350 million. The Institute has set a target of US$435 million from export of textiles and apparel this fiscal year. Strengthening capacity of industries and addressing shortage of raw material are among the priorities to be carried out. Increasing plot of land used to cultivate cotton is another area as is importing cotton as a short term measures taken. Currently, cotton is being cultivated on 125,000ha of land. Germany, Turkey and China are the leading destinations for Ethiopian textiles products. [Ethiopian Radio and Television Agency 10/10/14] MALAWI Cotton: Cultivating Change In Malawi Cotton is Malawi’s fourth largest agricultural export after tobacco, sugar and tea. In 2013-14, over 320,000 farmers were registered to grow cotton. Cotton is also highlighted as a priority export crop in Malawi’s National Export Strategy. For the sector to grow the strategy stresses that significant reform is required. The UK Department for International Development [Dfid] was asked to support the sector by identifying and alleviating bottlenecks and promoting market reforms. Adam Smith International, Dfid’s implementing partner, has identified a number of constraints including a lack of knowledge in producing quality cotton and coordination between key market actors. The 3-key actors in this failing market were seed companies, farmers and cotton processors. Farmers suffered low yields due to wasted and poor quality seeds, whilst seed companies and processors faced reduced profits. Most seeds are wasted due to poor seed quality, weak farming techniques, inadequate storage methods and or lack of irrigation. Suppliers tend to invest in imported cotton products, rather than quality seeds. By facilitating dialogue on better farming techniques and getting companies to invest in cultivating and increasing seed quality, the wastage of cotton seeds in Malawi reduced by 30%. Due to more demand farmers also increased their revenue. Seed companies no longer have to rely on expensive imports, cotton farmers have better access to quality seed and producers will benefit from increased quality and volume of cotton production. [Guardian 16/10/14] MOZAMBIQUE Cotton Sales Total US$21 Million Revenues from exports of cotton fibre to the markets of the European Union, Asia and Mauritius, in H1 2014 totalled US$21.2 million, according to the Mozambique Cotton Institute [IAM]. In the first 6-months cotton exports amounted to about 12,000 tons, which was surplus production from the previous cotton crop of 2012/13. IAM said that 2012/13 production of 2012/2013 was partially put on hold so that it could be sold only when prices were high. Mozambique only exported 1,600 tons of cotton fibre from this year’s production between January and June of this year. IAM projections point to exports of around 41,800 tons of cotton fibre by the end of the year. [Macauhub/MZ 15/0/14] TANZANIA Textiles Agency Set Up For Investors The government has established the Textile Development Unit [TDU] within the ministry of Industry and Trade. The move supports investors at every stage of investment process with access to information about incentives and guarantees, as well as practical information on setting up a business in Tanzania. The country can support a profitable, integrated manufacturing value chain from cotton field to finished garment production. In addition, there are opportunities for joint venture partnerships. Tanzania has 2-main cotton growing zones which are the Western Cotton Growing Area [WCGA], comprising 7-regions Shinyanga, Mwanza, Tabora, Mara, Singida, Geita, and Simiyu - growing 97% of Tanzania’s cotton. The Eastern Cotton Growing Area [ECGA], comprises the 3-regions of Coast, Morogoro and Tanga. In 2012, Tanzania produced around 350,000MT of seed cotton of which approximately 80% was exported unprocessed. Tanzania’s production of seed cotton increased from 200,664 MT in 2007/08 to 244,892 MTn2013/14.To that effect, there are opportunities for value addition with significant potential returns from producing yarn, fabrics, garments and related products. There is also demand for knitted fabrics and garments within the domestic market to replace the current high volume of imports. Also there is potential in regional and international markets. While there has been variability in production levels in recent years due to price instability and weather



fluctuations, there has been recent progress in introducing contract farming in some of the growing regions, which is already leading to higher and more stable yields, as well as higher quality cotton. The Tanzania Cotton Board [TCB] regulates the cotton sub-sector on behalf of the government. TCB ensures adherence to cotton farming procedures and regulations, ensures steady supply of agro-inputs, maintaining a level playing ground for the cotton business firms and collecting, refining and disseminating information to stakeholders. TCB guarantees producers availability of cotton lint throughout the year. Regional markets show increasing demand for imported clothing, much of which is currently being met by China. There is a scope for regional exports to replace current imports from Asia. Furthermore, textiles and garments are among the 6500 from Tanzania that enjoy duty-and quota-free access to the US market through the African Growth and Opportunity Act [AGOA]. Tanzania, as part of the EAC, has an interim Economic partnership Agreement [EPA] in place with the European Union [EU] of which the agreement guarantees tariff-free access to EU markets. [EA Business Week 26/10/14] TOGO Considering Moving To GMO Cotton A Togolese delegation made a working visit to Burkina Faso to review the implications of genetically modified cotton. Experts noted benefits and challenges including input costs, production subsidies and seed costs. Burkina is the largest producer of cotton on the continent with a harvest of 750,000 tonnes and 65% of its acreage devoted to fibre. It receives CFA120 billion in revenue mobilized by the 3-major companies [SOCOMA, SOFITEX and Faso cotton] which is seen as an excellent incentive for the Togolese. [Ecofin 18/10/14] UGANDA Uganda Faces Decline In Cotton Production According to a new report from the Ministry of Agriculture cotton production volume and exports have declined. In the financial year 2013/2014 Uganda produced 78,364 bales of cotton compared to the 102,619 bales in 2012/13 fetching only US$24.7m in 2013/2014 compared to US$27.7 million in 2012/13. Poor performance was attributed to dry spells, low soil fertility and limited use of fertilizers to enhance cotton production. However through the Cotton Development Organisation, the Ministry has distributed 1,200 MT of graded seeds in 52 cotton growing districts. [EA Business Week] ZIMBABWE Cargill Withdraw From Cotton Trading Cargill has reportedly closed its Zimbabwe cotton business citing operational challenges. Cargill had 20,000 farmers under its cotton contract scheme across Zimbabwe, but had suffered from significantly low cotton output resulting in over-capacity among ginners, depressed margins, credit defaults and side marketing. The Chegutu ginnery will cease operations and be mothballed. Zimbabwe's cotton output is expected to increase to 190m kg this year from 145m kg in the 2013 due to good rains the last season. [Just Style 17/10/14]

FISH >> ANGOLA Kwando Kubango Invests In Fish Farming Centre The province of Kwando Kubango, in southern Angola, will be the location of a new center to promote production of farmed fish as part of an US$14.7m investment. Construction of the Kwando Kubango Hatchery Center will be conducted by Aquafish-Global Solutions. The Angolan Secretary of State for Fisheries was established in July 2014 underlining the importance of the sector. [Macauhub/AO 20/10/14]

FOODSTUFFS >> COTE D’IVOIRE Rice: Quest To Become West Africa's Rice Bowl Ivory Coast aims to become the rice bowl of West Africa as it ramps up production and processing with an eye on beginning exports in 2018. In the midst of an economic revival the country is investing about US$4 billion as part of a programme to diversify its agricultural sector. Currently a rice importer, Ivory Coast spent about 235 billion CFA francs [US$455m] on rice from Thailand, India, Pakistan and Vietnam last year, but the National Office For Rice Development, is targeting self-sufficiency within 2-years. The government is investing 477 billion CFA francs in the 2012-16 period to develop the industry, with about 60% coming from the private sector. It has signed investment agreements with foreign companies including France's Louis Dreyfus Commodities, Algeria's Cevital, Export Trading Group of Singapore and Switzerland's Ameropa. Under the programme, the government is organising distribution of high-yield seeds and bankrolling the development of new production areas and



irrigation systems. In and around the western town of Gagnoa dozens of new rice plots have appeared. With abundant rainfall the crop can grow year-round with some plots achieving 2-3 harvests a year. Ivory Coast's rice production jumped to 980,000 tonnes in 2012, the first year of the development plan, against 550,000 tonnes in 2011. Last year production hit 1.2 million tonnes, with output projected to rise to 1.6 million this season. Imports, meanwhile, fell to 830,000 tonnes last year, from 1.26 million tonnes in 2012. With average annual consumption of 70kg per head a production of 2 million tonnes is needed to become self-sufficient - a level that should be achieved in 2016. The government then plans to build up stocks to guard against international price fluctuation before starting to export to its regional neighbours 2-years later. India is lending Ivory Coast 30 billion CFA francs to buy 30 processing units, each with annual capacity of 25,000 tonnes, and to build storage units. [Mail Online 09/10/14] GHANA Milk Powder: Nestlé Ghana Inaugurates Expanded Production Line Vice President Amissah-Arthur inaugurated an expanded production line at Nestlé Ghana Limited in Tema. The facility has 4-new lines for the manufacturing milk powder for both the local and export market. Over the past 3-years Nestlé has invested Swiss francs 38m in expanding facilities. [Spy Ghana 21/10/14] KENYA Beef: Saudi Lifts Ban On Kenyan Products The Saudi government, through the Saudi Food and Drug Authority, has lifted the ban on beef imports from Kenya. The decision was reached following reports that Kenya was free from Rift Valley Fever and Rinderpest and had rehabilitated both the veterinary facilities and slaughter houses to guarantee safe and clean product processing. [The Star 25/09/14] NIGERIA Rice: New Policy Attracts US$1.6 Billion Investment The new rice policy introduced by the present administration has attracted US$1.6b private sector investments in the last 3-years with Nigeria expected to become a net exporter of rice within the next 4-years. The number of integrated mills has grown from just 1 in 2011 to 20 by 2014. A further 10 rice mills recently approved by the Federal Executive Council would aid the rapidly expanding production of paddy rice across the country. The new policy has seen the opening up of direct access of small scale farmers to inputs such as improved seeds, fertilizers and farm machinery as well as direct participation of the private sector in agricultural businesses. The by-products from the mills are also opportunities for Small and Medium Enterprises [SMEs] in the areas of energy, oil extraction and animal feeds. The government has also taken steps to protect locally produced rice from the influx of foreign rice by smugglers - an Inter-ministerial Committee has been established to control this. Prospective importers would be allowed to import rice only on quota basis after a review of their backward integration programme. Nigeria therefore aims to ban rice importation by 2015. [Independent 19/10/14] Rice: Irrigation Campaign To Boost Farming In a US$30 million campaign to boost rice and sugar production in Nigeria, the Lower Niger River Basin Development Authority [LNRBDA] is to irrigate 10,000-ha in Kwara and Kogi states. The contract for the project has been awarded and would also cover 3,800-ha at Tada/Shonga. The Dangote Group has indicated interest in investing in irrigation around Kampe dam. [Star Africa 06/10/14] Productivity: Training On GPS Aided Farming West Africa Agricultural Productivity Programme [WAAPP] has begun a week-long training on the Global Positioning System [GPS] to enhance precision farming in Nigeria. Precision GPS agriculture is an integrated crop management system that attempts to determine the kind and amount of inputs with the actual crop needs for small areas within a farm field. [Daily Independent 04/10/14] SOUTH AFRICA Citrus Fruit: South Africa Refers EU To WTO Over Threat To Block Exports South Africa has referred the European Union [EU] to the World Trade Organisation [WTO] over Brussels' threat to refuse entry to South African fruit because of citrus fungal disease black spot. The South African trade minister called the threat "protectionist", saying there was no scientific consensus to support the EU's claim that fruit from South Africa with the fungal disease could infect European orchards. South Africa is the main source of oranges for the juice drunk by consumers in Britain, Germany and France during Europe's summer. Southern European growers fear the fungus could take hold in their citrus groves. About 45% of South Africa's 8 billion



rand-a-year citrus exports end up in the EU, but the presence of citrus black fruit in some shipments led to a ban of lemons, oranges and tangerines late last year. In September, the Citrus Growers Association of Southern Africa said it would voluntarily suspend citrus exports to the EU in order to comply with the EU standards against the fungus. African producers maintain fruits cannot transfer the disease and say banning their produce from all EU countries is unfair because there are no citrus groves in northern Europe due to the colder climate, meaning there was no risk of infection. Total citrus exports to Europe are down 14%, while grapefruit volumes decreased by 33%. Soft citrus volumes to the EU increased slightly [2%] while lemon volumes increased by 29% [in 2013 very little lemons were exported to EU]. The total volume of South African citrus exports to all markets was down just 3%. Of the total exports worldwide, grapefruit was down 16%, navels down 1% and Valencia down 5% while lemons increased by 22% and soft citrus increased by 15%. The decreased volumes to EU were taken up by Asia, where total volumes increased by 29% [from 240 000 to 315 000 tons]. Grapefruit volumes to Asia increased by 10%, lemon and soft citrus volumes doubled while navel volumes increased by 44% and valencia’s by 15%. Middle East [330,000 tons], northern America [105 000 tons] and Africa [15 000 tons] export volumes all remained static. Similar to the EU, Eastern European volumes also decreased – by 10%; grapefruit down 10%; navels down 31%; soft citrus down 13% and Valencia down 4%. Lemons increased by 2%. [Reuters 16/10/14 & Fresh Plaza 14/10/14] TANZANIA Cloves: Zanzibar Exports Up Increase in the volume and price of cloves has contributed to the rise of Zanzibar exports value for the year ending July. Exports increased to US$60.2m compared to US$20m the previous year. The volume of cloves exported increased to 5,400 tonnes compared with 2,200 tonnes in 2013 with the export price increasing to US$11,116 per tonne from US$9,395. [Daily News 23/09/14] Technology: Mobile Technology To Benefit Local Farmers Connected Farmer Alliance [CFA], a public-private partnership between Vodafone Group, the US Agency for International Development [USAID] and TechnoServe, has announced an agreement to use mobile technology to increase productivity of smallholder farmers. Under the agreement between Olam International and Vodacom Tanzania, around 30,000 of Olam's coffee, cotton and cocoa smallholder farmers in Tanzania will benefit. Among the benefits include getting farming advice via text message, notifications about upcoming training sessions and events, real-time information about changes in market prices and introduction of mobile money transfer using M-Pesa service in place of cash from December 2014 onwards. [Daily News 16/10/14]

PALM OIL >> GENERAL 12th Annual Meeting On Sustainable Palm Oil The Roundtable on Sustainable Palm Oil [RSPO] will be organizing its 12th meeting on Sustainable Palm Oil [RT12], which is the world’s largest conference on sustainable palm oil. RT12 will be held from 17-20 November 2014 in Kuala Lumpur in Malaysia. Held since 2003, the RT has grown to become a leading event for the palm oil sector and is the foremost global platform for palm oil stakeholders to address challenges and discuss solutions towards a unified vision for sustainable palm oil. The theme for RT12 is “Sustainability: What’s Next?“, which intends to explore the various efforts, challenges and trends within the sustainability sphere especially with regards to sustainable palm oil. [Eco Business 24/10/14] CAMEROON Production Increases 20,000T With 4-New Factories By the end of 2014, an additional 20,000 tonnes of palm oil will be produced in Sombo [Centre], Bakingili et Mamfé [South-West] and Teze [North-West]. These plants are within the framework of the Palm Oil Competitiveness and Productivity Improvement Plan, implemented by the government with technical support from the FAO and the UNIDO and financed by the government. National production is estimated at 270,000 tonnes against a demand of 85,000 tonnes. The new factories will gradually help to reduce the deficit which major local producers such as Socapalm have been addressing by way of imports. [Business in Cameroon 17/10/14] COTE D’IVOIRE Dekeloil Raises £1.5M To Fast Track New Crushing Plant DekelOil has raised £1.5m through a placing to fund a new 60t/hr kernel crushing plant at its operations in the Ivory Coast. Operations will begin in Q4 2015. The money will allow it to fast track construction of the new plant.



As well as one of West Africa’s largest CPO mills, operations at Ayanouan include long term agreements covering 27,000ha of mature plantations, 2,000ha of company owned planted estates and an expanding logistics network. The seeds that were previously sold at €180/tonne can now be crushed/processed for higher value palm oil with the residual used for kernel cake/animal feed to an average price of €400-450/tonne once the crusher is operational. [Proactive Investors 23/10/14] NIGERIA UNILORIN Embarks On Cultivation Of 10,000 Hectares Of Oil Palm The University of Ilorin has embarked on the cultivation of 10,000ha of oil palm plantation as part of the institution’s efforts towards helping Nigeria diversify her economy. [Leadership 21/10/14] ZIMBABWE Cooking Oil Imports Drop Imports for cooking oil and dairy products decreased by 33-48% in the 6-months to June compared to the same period last year following the introduction of duty by the government. Firms exporting into the country are generally prepared to continue to trade with Zimbabwe despite the levels but the biggest concern for industry is the import restrictions that have been introduced, which are generally a non-tariff barrier. [Herald 26/09/14]

SUGAR >> KENYA Mumias Sugar Closes Milling Plant Mumias Sugar Co., Kenya’s biggest producer, closed its milling plant for 8-weeks for maintenance amid a shortage of cane for crushing. The factory was shut on Oct. 19 with work estimated at US$17m. Mumias can crush as much as 8,000 MT daily, though the plant was running at 70% capacity prior to the shutdown. [Mumias 21/10/14] Cane Growers To Get Paid On Sucrose Content The government will change the sugarcane payment mode from the usual weight-based to quality-based in terms of sucrose content, Agriculture Cabinet Secretary Felix Koskei has announced. The new payment mode is expected to begin next year after sugar testing equipment is installed in public and private mills. [Star 14/10/14] Butali Sugar Mills Licence The Court of Appeal has reversed a decision by a High Court to license operations at the Butali Sugar Mills [BSM] in Malava subcounty, Kakamega. Kakamega county elected leaders have advised the miller to move to the Supreme Court to challenge the judgment. [Star 02/10/14] NIGERIA US$3.3 Billion Sector Investment Nigeria has implemented N500bn [US$3.3b] in private sector investments in the sugar sector under the Nigeria Sugar Master Plan [NSMP]. The funds cross 11 states: Oyo, Ondo, Ogun, Adamawa, Kogi, Taraba, Jigawa, Kwara, Niger, Kebbi and Sokoto. Within 2-years of NSMP implementation refining sugar capacity utilisation has increased from 60% to 75%. The Government has also created a N10bn funding pool, managed by the Bank of Industry, with a N5bn matching fund by the National Sugar Development Council. Imported packaged sugar remains banned. By implementing a full scale sugar programme, Nigeria produces 5m MT of sugarcane, which far exceeds the current domestic production of about 1.3m MT per year to become a net exporter. Under the current programme, Nigeria is on track to producing 1.7m MT by year 2020. [All Africa 24/10/14]

TEA >> BURUNDI Tea Revenues Fall 6% In First 9 Months Of 2014 Burundi’s revenue from tea exports fell 6% in the first 9-months to September from the same period a year ago due to higher volumes of the commodity on the global market. Tea is Burundi's largest hard currency earner after coffee. The country’s state-run tea board [OTB] noted earnings dropped to US$16.7 million in the period, while export volumes rose 5.2% to 7,743,972 kg from last year. Revenues from tea exports by Kenya have tumbled during the 2013/14 financial year due to a global glut of the commodity. Burundi sells 80% of its tea through a regional weekly auction held in the Kenyan port city of Mombasa. The average export price per kg declined to US$2.16 in the 9-months to September from US$2.42. In 2013, revenue dropped to US$20.8m from US$26.3m in 2012, due to weaker global prices. [Reuters 24/10/14]



KENYA Tea Industry Curbed by Taxes & Limited Markets Kenya’s tea industry, the country’s largest foreign-exchange earner, is being stymied by tax levies and a failure to develop foreign markets, the East African Tea Trade Association said. The average auction price of Kenyan tea has declined 40% this year amid a steep rise in production and stagnant growth in new markets. Value-added tax [VAT] has reduced domestic consumption, while a levy on tea imports and exports that’s equal to 1% of customs value has imposed extra expenses and bureaucracy. Kenya generated US$1.3b from tea sales last year. The nation’s 6-biggest export markets, including Egypt, Afghanistan and Pakistan, account for about 77% of all shipments. That compares with 42% for China and 57% for Sri Lanka. International economic sanctions on tea-consuming nations such as Sudan and Iran have prevented potential sales. Removing VAT on domestic tea would increase local consumption, which has dwindled to about 5% of total exports, and increase sales to Kenyan exporters by producers. [East African Tea Trade Association 23/10/14] Stakeholders Seek To Halt Dwindling Tea Fortunes Farmers are up in arms over low bonus payments received this year. The Kenya Tea Development Agency [KTDA], owned by 600,000 small-scale farmers, says the low payment is due to low market prices of tea blamed on oversupply in the international market. There has been a global glut that has hurt tea prices. Tea prices have fallen in the 3-top exporter countries - Kenya, India and Sri Lanka - as tea supply surpasses world consumption. Production will likely go up further as Malawi, Sri Lanka and Indonesia increase their supply thanks to favourable rains. China, the world’s largest tea producer, India, the second largest, and Vietnam are passing through their main cropping season. Kenya has received above average rainfall in tea growing zones for the better part of this year, which has seen production go up drastically. The decline in tea prices, to an average of US$2.41/kg at the Mombasa auction, was noted from May 2013 as a result of high production. By April, production had surpassed consumption by 66 million kgs. Current prices are averaging at US$2.34/kg, compared to average prices of US$3.18/kg in 2012. Indeed, the industry has had several years of exceptionally high prices, prior to this year’s crash, driven by global demand. According to projections by the UN Food and Agricultural Organisation [FAO], the supply and demand for black CTC tea will reach equilibrium in 2021 at US$2.75/kg if current production levels continue. This means the current crisis could continue for the next 7-years. Industry players met at a national conference in Nairobi where they agreed the sector needs re-engineering. The event entitled “Crisis in Tea Trade and The Way Out” noted urgent interventions to streamline and strengthen the sector institutions were required. Stakeholders, from the entire tea value chain recommended setting up of a price stabilisation fund and introduction of fertiliser subsidy to cushion farmers, as well as practical action on tea value addition and market diversification to give the sector a boost. The conference recommended a review and rationalisation of taxes and levies, especially the ad valorem levy introduced in March 2012 [charged on Kenyan tea at 1% of sales value at the point of export], VAT and road cess. The Agriculture Ministry will also set up a Price Stabilisation Fund and a minimum monthly green leaf payment system for farmers. A consultant is to be hired to develop a feasible model. And the KTDA is actively seeking new tea markets targeting Russia, Indonesia, Malaysia, Australia, the Americas and the rest of Africa. [Standard Digital 15/10/14] Cabinet Meet Tea Bosses Over Crisis The Agriculture Ministry has blamed the Kenya Tea Development Agency [KTDA] for the poor price and current crisis in the tea sector. The Ministry noted the 1% tax charged on made-tea would be scrapped by the government as one of the steps to resuscitate the sector. A crisis meeting was held and attended by stakeholders, among them farmers' representatives, exporters, tea brokers and the Tea Board of Kenya. The government would open the marketing of tea to individual counties and factories to find markets abroad directly. [Star 13/10/14] Auction Summary

Auction [Per kg] 28th Oct 21st Oct 14th Oct 7th Oct 30th Sept

Best Broken Pekoe Ones [BP1s] TEABP1-BEST-KE

$2-3.72 $2-3.28 $2-3.10 $2.12-3.70 $2.06-3.86

Best Brighter Pekoe Fanning Ones [PF1s] TEAPF1-BEST-KE

$2.51-3.10 $2.46-3.22 $2.46-3.24 $2.38-3.19 $2.20-2.46

ZIMBABWE Smallholder Tea Farmers Certified



More than 500 smallholder tea farmers in Honde Valley recently attained the internationally recognised UTZ and Rainforest Alliance certification. The certification process, facilitated by the Netherlands Development Organisation [SNV] in collaboration with the Honde Valley Smallholder Development Company, is part of the Danish International Development Agency-funded Rural Agriculture Revitalisation Project. [Financial Gazette 09/10/14]

TIMBER >> GENERAL Little Prospect Of Growth In EU Market Producers report that demand from European buyers remains very quiet with not a hint of the usual autumn uptick in purchases. Overall, exporters in West Africa are not at all optimistic on prospects for any growth in demand in EU markets. Current demand in northern Europe is heavily concentrated on ayous, sipo and sapele sawnwood. The slow response of some EU members to enforcement of the EUTR is attracting the attention of green activists who seem set to put pressure on authorities to ensure stricter adherence to the regulation. News such as this further dampens the enthusiasm of both producers and importers who believed the EUTR would unwind the negative attitudes to tropical timber in the EU. Trade with Middle East countries is strong and okoume sawnwood continues to be the favourite such that demand is supporting okoume prices at moderately high levels. The price conscious Middle East buyers are beginning to show some interest in a mix of heavier density species. [ITTO 30/09/14] Regional Round-Up Infrastructure developments in Congo Brazzaville, focused on improving roads and ports in order to facilitate exports of timber and other products, are forging ahead. There is particular emphasis on opening access to the more remote northern areas. In Gabon reports say that, because of financial constraints, the government has halted work on many development projects. This news has further dampened prospects for a speedy solution to the refunding of the TVA to timber exporters and means they continue to suffer cash flow problems. Reports continue to stress ongoing problems at Douala Port where there has been little progress in clearing the stocks of logs awaiting shipment. The logistics of identifying and sorting the logs is a challenge, made especially complex because there is a need to re-grade and reject logs that have deteriorated while in the log park. [ITTO 30/09/14] Producers Content To See Calm Market Conditions Continue Over the past month traded volumes have settled at reasonable levels and, although there are occasional rumours of a possible downturn in demand in China, producers are not experiencing any slackening of demand from buyers for the Chinese market. The calm and steady market conditions are set to remain into the fourth quarter with prices for logs and sawnwood firm but unlikely to rise further. Producers appear confident of stability in demand through the coming months and are carefully matching production to the current demand. [ITTO 30/09/14] Finely Balance Supply And Demand Over the past weeks no price changes have been reported for either logs or sawnwood. Analysts say it is unlikely there will be any substantial change in the flow of orders over the coming weeks. However, reports are circulating that, due to the Ebola outbreak, Liberia may suspend timber exports which will result in a diversion of orders to countries that are less affected. At the moment supply and demand appear to be very finely balanced against a background of generally weak economic and market conditions in the EU but steady demand from the Middle East and China. [ITTO 16-30/09/14] GHANA Timber Exports Up 9% According to the Timber Industry Development Division [TIDD] of the Forestry Commission, Ghana’s timber exports for the period January to July climbed by just over 9% y-o-y. The total export volume of 177,399 cu.m for the first 7-months earned the country €71.9 million; only marginally up from €71.56 million from 162,410 cu.m in the same period last year. Secondary wood products accounted for 91% of the total wood export for the first 7-months of 2014 and these included air and kiln dry sawnwood, veneers, plywood and blockboard. Primary and tertiary wood products each accounted for between 4-5% of exports during the period reviewed. The export of poles increased to 4,688 cu.m from a volume 36 cu.m in the same period in 2013. Profile boards [mouldings] exports doubled. [ITTO 16-30/09/14] Performance January to July 2014

Product Cu.m Euro



Primary 20,735 2,999,459

Secondary 150,267 65,509,212

Tertiary 6,397 3,417,397

Total 177,399 71,926,068

Harvesting Of Rosewood Persisting In The North Harvesting of Rosewood is still persistent in Northern Ghana despite a ban on the trade in January this year. The hardest hit districts are North Gonja, West Gonja, Central Gonja, East Gonja and Bole Districts, all in the Northern Region as well as a few others in the Upper East and Upper West Regions. [GhanaWeb 14/10/14] Commission Launches REDD+ Campaign The Forestry Commission [FC] plans to embark on a REDD+ campaign aimed at drawing attention to the negative effects of Climate Change which result from the destruction of the forest amongst other causes. The FC made this known at the launch of the campaign saying, deforestation has been assessed as the third leading cause of global warming. REDD+ [Reduce Emissions from Deforestation and forest Degradation] is an international mechanism that creates an incentive for developing countries to protect and better manage their forest resources to address Climate Change. A REDD EYE campaign, targeting the youth, will soon be launched. [ITTO 16-30/09/14] Electronic Tagging Of Trees Ghana is to begin the electronic tagging of trees as part of measures to deal with illegal logging. The system is a satellite mapping process that works by scanning bar codes stamped onto trees, creating an electronic paper trail that helps to track trees whether in the forest or out for export. The Forestry Commission in Accra has been charged with the strategic direction, the regulation of the utilisation of forest wildlife resources and the co-ordination of policies related to forest and wildlife resources. In other countries, bar codes help firms comply with stringent export laws on sustainable timber into the United States and Europe, but they could also fight deforestation, which contributes significantly to global emissions of carbon dioxide. Tagging trees by satellite is already being done successfully in Indonesia and has helped stop illegal logging in Cameroun. Liberia started using the system in 2009 to track and prevent revenue leakage from timber exports. According to the World Bank illegal logging costs timber-producing countries US$10b a year in stolen wood, lost taxes and lower prices for illegally-sourced trees. [Graphic 07/10/14] Woodworkers Kick Against Stumpage Increase The Woodworkers Union has warned that the projected 50% increase in tree stumpage by the Forestry Commission [FC] by the end of this year would see 30,000 workers out of business. Stumpage is the commercial timber value of a tree as it stands in the forest; this value can either rise or fall due to prevailing market forces at a specific time and is charged per cubic metre volume according to the type of tree species. The FC, which is mandated by law to review stumpage, has planned a second wave of increase by the end of this year. It has not reviewed the fee in the last 8-years due to the fall in the price of wood products. New stumpage rates are expected to range from GH¢10 to GH¢150 per cu.m. Industry players are not against the proposed increase in stumpage in principle, but are rather seeking that it be shelved for now, in the wake of recent hikes in utility tariffs. If stumpage remains high companies will be forced to harvest only high value species for export and the local market will suffer; the situation may also encourage illegal logging. Over the last 10-years the sector has seen a drop in revenue from €200 million to €120 million annually, due to unfavorable economic conditions. Currently there are about 30-timber firms still functional. [GhanaWeb 09/10/14] MALAWI Malawi To Assist Curb Illegal Timber Trade Mali is to help Zambia curb illegal trade in forestry products such as ‘mukula’ tree species. Plans are underway to establish a one-stop border [OSB] at Mwami to improve trade between Zambia and Malawi and will stop illegally harvested tree species being transported. [Daily Mail 02/10/14] ZAMBIA Timber Plant Opens In Lusaka A South African timber processing firm, Timber city, has invested K7m to open an office in Lusaka. The Zambia Development Agency [ZDA] has seen steady growth in non-traditional exports [NTEs] in past 5-years up from 175 to 33.3%. Timbercity plans to open another branch in the Copperbelt. [Daily Mail 08/10/14]



TOBACCO >> MALAWI Malawi Nets US$360m From Tobacco The just-ended, tobacco-selling season in Malawi has contributed US$361m to the economy, almost equalling earnings from last year's sales. At least 191m kg of the leaf was auctioned on the market this season. The Tobacco Control Commission [TCC] noted while barley did relatively well on the market, there were very few buyers of flue-cured tobacco for which Malawi is the global production leader. Tobacco is Malawi chief cash crop, accounting for over 75% of all the country's foreign exchange earnings. [African Manager 29/09/14] ZIMBABWE Tobacco Exports Gross US$449 Million Zimbabwe has so far exported 85.4m kg of Virginia tobacco worth US$448.9m since the beginning of the year with most of the tobacco that has been exported is from last year. Figures show that Belgium, which overtook China and South Africa as the top importer of the country’s golden leaf, has so far imported about 21.1m kg worth US$100.5m at an average price of US$4.77/kg. Over 75,500 growers have registered for 2015 season to date compared to about 71,579 who had registered by the same period last year. Tobacco production in the country continues to increase as the country aims to reclaim its place as one of the world’s major tobacco growing nation. During the just ended season a total of 216.2m kg were delivered to the floors, which is just 20.4m kg shy of the all-time high production figure of 236.6m kg this was a 30% increase on the 2013 season’s total sales. There was a 14% drop in average price to $3.17/kg from $3.67/kg. Contracted tobacco contributed 165.5m kg which is 76.5% of the total production, where-as the other [50.7m kg] representing 23.5% came from auctioned tobacco. In 2013 marketing season contractors contributed almost 68% of total production whilst auction tobacco raked in the remainder. [Herald 22/10/14] Top 5 Importers

2014 2013

Total Imported/Kg [Million]

Total Value [US$ Million]

Average Price/Kg [US$]

Total Imported/Kg [Million]

Total Value [US$ Million]

Average Price/Kg [US$]

Belgium 21.1 100.5 4.77 16.1 83.04 5.13

China 21.05 169.8 8.07 20.04 169.07 8.43

South Africa

10.7 42.7 3.96 13.8 44.08 3.18

United Arab Emirates

25.8 8.4 3.08 4.9 12.7 2.59

Russia 2.9 10.5 3.54

Indonesia 4.1 16.2 3.94

CMA CGM / DELMAS Marketing Department CMA CGM Marseille Head Office 4, Quai d’Arenc 13235 Marseille cedex 02 France Tel : +33 (0)4 88 91 90 00 www.cmacgm.com Disclaimer of Liability CMA CGM / DELMAS make every effort to provide and maintain usable, and timely information in this report. No responsibility is accepted for the accuracy, completeness, or relevance to the user’s purpose, of the information. Accordingly Delmas denies any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any published information. Conclusions drawn from, or actions undertaken on the basis of, such data and information are the sole responsibility of the reader.

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