Cocoa
Cocoa beans are the fermented and dried seeds of Theobroma cacao. The pods are cut from the tree, the wet beans and pulp are heaped or boxed to ferment for several days, and the beans are then sun or artificially dried. Fermentation is what creates the precursors that become chocolate flavour on roasting, so a poorly fermented bean cannot be recovered later. The dried bean is roasted, cracked and winnowed into nib, then ground into cocoa liquor, which is pressed into cocoa butter and cocoa press cake, or refined with sugar and milk into chocolate. Bulk cocoa out of West Africa supplies the volume chocolate industry. Fine or flavour cocoa, chiefly from Latin America, the Caribbean and parts of Asia and Africa, is bought by origin and genetic type for its aromatic profile. Cocoa trades on the ICE futures markets in London and New York, and physically on differentials to those contracts.
Listed cocoa markets
Each line is a grade at a delivery point. Open one for its full specification and terms.
Grades
Cocoa is graded by the cut test on a counted sample of beans, by bean count per 100 grams, and by moisture and defect limits under ISO 2451.
Cut test
9 grades
| Grade | Definition |
|---|---|
| Grade IGood fermented cocoa | Maximum 3 per cent mouldy beans, maximum 3 per cent slaty beans, maximum 3 per cent combined insect damaged, germinated and flat beans, all by count on the cut test. |
| Grade IIFair fermented cocoa | Maximum 4 per cent mouldy beans, maximum 8 per cent slaty beans, maximum 6 per cent combined insect damaged, germinated and flat beans, all by count on the cut test. |
| SubstandardOff grade | Cocoa failing the Grade II limits. Traded only against an agreed specification and an agreed allowance. |
| Mouldy beanCut test defect | Internal mould visible to the naked eye on the cut surface. The defect the trade penalises hardest, because it carries through into flavour and into ochratoxin risk. |
| Slaty beanCut test defect | A bean showing a slate grey colour over half or more of the cut surface, indicating it was not fermented. |
| Insect damaged beanCut test defect | Internal damage caused by insects. |
| Germinated beanCut test defect | A bean whose shell has been pierced or split by the emerging radicle. |
| Flat beanCut test defect | A bean too thin to be cut and show a cotyledon surface. |
| Purple beanCut test observation | Recorded as an indicator of under fermentation. The contract states whether a purple limit applies. |
Bean size
3 grades
| Grade | Definition |
|---|---|
| Bean countBeans per 100 grams | Counted on a representative sample. A lower count means a larger, heavier bean. The trade standard requires the count to be stated and requires uniformity, with a stated maximum spread around it. |
| Good fermented countVolume specification | Bulk contracts commonly call for a count not exceeding 100 beans per 100 grams, giving an average bean weight of at least one gram. |
| UniformityScreen spread | The percentage of beans falling outside the agreed count band. Stated on the contract. |
Physical and chemical requirements
8 grades
| Grade | Definition |
|---|---|
| MoistureMaximum 7.5 per cent | Measured on the whole bean. Above this the lot is at risk of mould in transit; well below it the shell becomes brittle and breaks in handling. |
| Foreign matterPercentage by mass | Stones, sticks, pod fragments, string and other material not cocoa. The contract states the limit. |
| Broken beans, fragments and shellPercentage by mass | Beans broken in drying, bagging or transit, plus loose shell. |
| Fat contentPercentage by mass | The cocoa butter yield the grinder will obtain. Declared for pressing contracts and a direct driver of value. |
| Free fatty acidPercentage as oleic acid | The acidity of the extracted butter. Rises with poor drying and storage; the destination market sets the ceiling. |
| Ochratoxin AMicrograms per kilogram | A storage mould toxin. The destination market fixes the maximum for cocoa and cocoa products. |
| CadmiumMilligrams per kilogram | A soil derived heavy metal that varies with origin geology. The destination market fixes the maximum in the finished chocolate, which the buyer works back to a bean level. |
| Smoke and off odourSensory determination | Beans dried over open fire or stored beside fuel carry a smoke taint that cannot be removed. Assessed and rejected on the sample. |
Type and certification
6 grades
| Grade | Definition |
|---|---|
| Bulk cocoaVolume grade | Predominantly Forastero material supplying the volume chocolate industry. |
| Fine or flavour cocoaAromatic classification | Criollo, Trinitario and Nacional derived material recognised for aromatic character and traded at a differential over bulk. The producing country and its share of fine or flavour production is set by the ICCO. |
| Genetic typeDeclared variety group | Criollo, Forastero, Trinitario, Nacional or a named clone. Declared where the buyer is paying for a specific profile. |
| OrganicCertification | Certified to the destination market organic regulation. Certificate travels with the lot. |
| Fairtrade, Rainforest Alliance or a company schemeCertification | Declared on the contract with the certificate reference. |
| Deforestation traceabilityOrigin declaration | Plot level geolocation and legality evidence, required by the European Union deforestation regulation for cocoa placed on that market. |
Grades outside this list trade on request. Send us the contract specification you work to and we will price against it.
Locations
| Country | Region | We trade it as |
|---|---|---|
| Cote d Ivoire | West Africa | Origin |
| Ghana | West Africa | Origin |
| Ecuador | South America | Origin |
| Indonesia | Southeast Asia | Origin and destination |
| Nigeria | West Africa | Origin |
| Cameroon | Central Africa | Origin |
| Brazil | South America | Origin and destination |
| Peru | South America | Origin |
| Dominican Republic | Caribbean | Origin |
| Colombia | South America | Origin |
| Papua New Guinea | Oceania | Origin |
| Venezuela | South America | Origin |
| Madagascar | East Africa | Origin |
| Uganda | East Africa | Origin |
| Sierra Leone | West Africa | Origin |
| Liberia | West Africa | Origin |
| Togo | West Africa | Origin |
| Mexico | North America | Origin and destination |
| Netherlands | Europe | Destination |
| Germany | Europe | Destination |
| Belgium | Europe | Destination |
| United States | North America | Destination |
| Malaysia | Southeast Asia | Destination |
| Turkiye | Europe | Destination |
| United Kingdom | Europe | Destination |
| Switzerland | Europe | Destination |
| France | Europe | Destination |
| Singapore | Southeast Asia | Destination |
| China | East Asia | Destination |
| Japan | East Asia | Destination |
Origins and destinations outside this list trade on request. We are not limited to the locations shown here.
Timing
Harvest is when the crop is taken at origin. Arrival is when a shipment from that origin typically lands in a consuming market. The gap between them is processing, grading and the voyage.
HarvestArrival
| Origin | J | F | M | A | M | J | J | A | S | O | N | D | Window |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cote d Ivoire | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Harvest Oct to Jul, arrival Dec to SepMain crop from October to March, mid crop from April to July. Shipment out of Abidjan and San Pedro. |
| Ghana | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Harvest and arrival | Harvest | Harvest and arrival | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Harvest May to Mar, arrival Jul to MayMain crop from October to March, light crop from May to July. Shipment out of Tema and Takoradi. |
| Ecuador | Harvest and arrival | Arrival | Harvest and arrival | Harvest | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest | Harvest | Harvest Mar to Jan, arrival Jan to AugMain harvest from March to June with a second peak from November to January. Fine flavour Nacional and Arriba shipped out of Guayaquil. | ||
| Indonesia | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest May to Oct, arrival Jul to DecSulawesi main harvest from May to September, with a secondary crop later in the year. | ||||
| Nigeria | Harvest and arrival | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest Apr to Jan, arrival Jun to MarMain crop from September to January, light crop from April to June. |
| Cameroon | Harvest and arrival | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest Sep to Jan, arrival Nov to MarMain crop from September to January out of Douala. | |||||
| Peru | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest Apr to Oct, arrival Jun to DecMain harvest from April to October, with fine flavour material out of San Martin, Cusco and Piura. | |||
| Dominican Republic | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Harvest Mar to Nov, arrival Apr to DecHarvest spread across most of the year with a peak from March to July. | ||
| Colombia | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Harvest Apr to Dec, arrival Jun to FebTwo harvests, the larger from October to December. | ||
| Papua New Guinea | Arrival | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Harvest May to Nov, arrival Jul to JanMain harvest from May to November. | |||
| Madagascar | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Arrival | Arrival | Harvest May to Oct, arrival Jul to DecSambirano valley harvest from May to October, almost entirely fine flavour Trinitario. | ||||
| Brazil | Arrival | Arrival | Harvest | Harvest | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest and arrival | Harvest May to Dec, arrival Jul to FebBahia and Para harvest from May through to December. |
Windows outside this pattern trade on request, including carry, forward positions and stock already sitting in a destination warehouse.
Customs, packing and contract terms
Indicative terms for cocoa. Tariff classification is the importer’s responsibility and limits change, so confirm both against the destination customs authority and the current regulation before you fix a contract.
- HS heading1801.00 Cocoa beans, whole or broken, raw or roasted
- PackingTea in foil lined paper sacks, plywood chests or corrugated cartons of 20 kg to 60 kg. Green coffee in 60 kg or 69 kg jute bags, or 1 t bulk container liners with GrainPro or equivalent barrier for specialty lots. Cocoa in 62.5 kg or 65 kg jute bags.
- Container loading20ft: 18 t to 21 t bagged. 40ft: 24 t to 26 t with a bulk liner. Coffee and cocoa are weight limited, tea is volume limited.
- Contract and arbitrationCoffee on the European Coffee Contract or GCA terms with ICE Futures US as the price reference, arbitration under ECF or GCA rules. Cocoa on Federation of Cocoa Commerce or CMAA contracts with FCC arbitration in London. Tea on the rules of the selling auction centre or on the terms of the importing association.
- Destination limitsEU pesticide MRLs under Regulation 396/2005, where anthraquinone and glyphosate are the recurring tea failures. Ochratoxin A and aflatoxin limits and cadmium limits on cocoa under Regulation 2023/915. EUDR (Regulation 2023/1115) due diligence with plot geolocation applies to cocoa and coffee. US FDA import alerts apply to pesticide residues and to mould.
Common questions
What grades of cocoa does SIP Global trade?
We quote 26 published grades of cocoa, including Grade I - Good fermented cocoa, Grade II - Fair fermented cocoa, Substandard - Off grade, Mouldy bean - Cut test defect, Slaty bean - Cut test defect and Insect damaged bean - Cut test defect. Every grade is tied to a delivery point and a settlement route. Grades outside the published list are priced on request.
How is cocoa graded?
Cocoa is graded by the cut test on a counted sample of beans, by bean count per 100 grams, and by moisture and defect limits under ISO 2451. Grading runs on 4 systems: Cut test, Bean size, Physical and chemical requirements and Type and certification.
Where does SIP Global trade cocoa?
We trade cocoa in Cote d Ivoire, Ghana, Ecuador, Indonesia, Nigeria, Cameroon, Brazil and Peru and 22 further markets. Origins and destinations outside this list trade on request. We are not limited to the locations shown.
When is cocoa harvested and when does it arrive?
Typical windows are Cote d Ivoire: harvest oct to jul, arrival dec to sep; Ghana: harvest may to mar, arrival jul to may; Ecuador: harvest mar to jan, arrival jan to aug; Indonesia: harvest may to oct, arrival jul to dec; Nigeria: harvest apr to jan, arrival jun to mar. Harvest is when the lot is taken at origin, arrival is when a shipment from that origin lands in a consuming market. Windows outside this pattern, including carry, trade on request.
What is the HS code for cocoa?
Cocoa is normally classified under HS 1801.00 (cocoa beans, whole or broken, raw or roasted). The heading follows the form the goods are in at the border, and national tariffs extend it beyond six digits, so confirm the full line with the destination customs authority before you fix a contract.
How do I get a price for cocoa?
Send the grade, the origin and the delivery window to the SIP Global desk. That is enough for a trader to come back with a level and a settlement route. 2 listed cocoa markets are published on this page, each with its full specification and terms. We take both sides, physical and financial, prompt to long dated.
Standards and data sources
The grading language on this sheet follows published standards. Trade volumes and tariff lines are public record. Verify anything here against the source.
- ISOInternational Organization for Standardization
- UN ComtradeOfficial international trade statistics by HS code
- ITC Trade MapBilateral trade flows and tariff data
- FAOSTATFAO production and trade series for agricultural commodities
Price this with our desk
Grade, origin and window if you have them. If what you are carrying does not fit the sheet above, describe it in your own words and a trader will take it from there.