Coffee and cocoa in EU warehouses are under threat of destruction - newspaper

Hundreds of thousands of tons of coffee beans and cocoa stored in EU warehouses could be destroyed under a EU law passed in June banning imports of goods made from deforestation and child labor. This was reported by the Financial Times (FT). “Producers need to sell these coffee and cocoa stocks during the transition period (until December 2024), otherwise they will have to sell them outside the European Union or destroy them,” said Pamela Coke-Hamilton, chief executive of the International Trade Center (ITC). There are about 200 thousand tons of cocoa and 150 thousand tons of coffee in warehouses in Europe. However, according to the FT, there are still no clear instructions from Brussels and the governments of EU member states regarding them, and this is necessary to prevent the destruction of stocks. The Intercontinental Exchange (ICE), one of the main trading platforms for coffee and cocoa futures, said it feared that confusion over the definition of stored commodities would ...