Intercontinental Exchange

• The previous largest delivery for ICE Sugar No.
• 11® occurred in October 2020 where 2.62 million tons went to delivery through ICE’s clearinghouse.
• The global benchmark price for raw cane sugar is formed on ICE’s markets each day, with sugar volumes up 22% year-over-year (y/y) and open interest (OI) up 31% at 1.64 million contracts.
• OI across the portfolio hit a record 4.78 million contracts in September 2023, beating the record last set in February 2020, with OI and volumes up 17% y/y.

• Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, and home to the largest soft commodity futures and options markets in the world, today announced the successful delivery of London Cocoa using fully electronic warehouse warrants, replacing for the first time the paper-based systems historically used by customers in the delivery process.
• ICE’s next generation Softs Deliveries Platform (“SDP”) records commodities stored in warehouses for delivery under ICE’s futures contracts, electronifying the grading, tender, delivery, and warrant management processes involved.
• ICE delivered 123,260 tons of London cocoa in September, the largest delivery of the contract since March 2017, with paper warrants migrated to electronic warrants on the SDP ahead of expiry.
• On average, approximately 13,500 paper warrants have been produced each year by ICE Nominated Warehousekeepers on behalf of sellers of London cocoa and Robusta coffee.

• Perusing the shelves in the coffee aisle, though, you see too many choices.
• Yet when it comes to commodity goods like coffee, the complex production chain can turn an uncomplicated habit into a complicated decision.
• As a coffee enthusiast and marketing professor who researches marketplace justice, I’ve long been fascinated with how ethics and coffee consumption are intertwined.
• Marketers attempt to simplify this overload by using buzzwords that sound good but may not get across much nuance.
• However, you might consider some of these terms when trying to decide between “100% Colombian” and the Vieira family.

Fair trade

• “Fair trade” implies the coffee is fairly traded, often with the goal of paying farmers minimum prices – and fixed premiums – above the C-price.
• There are a few different fair trade certifications, such as Fairtrade America or Fair Trade Certified.
• These relationships potentially allow the importers to work directly with farmers over multi-year periods to improve the coffee quality and conditions.

100% arabica

• There are several species of coffee, but approximately 70% of the world’s production comes from the arabica species, which grows well at higher altitudes.
• Like with wine, there are several varieties of arabica, and they tend to be a bit sweeter than other species – making arabica the ideal species for satisfying consumers.

Single-origin

• If someone labeled a peach as “American,” a consumer would rightly wonder where exactly it came from.
• Others have developed blockchain solutions where each step along the coffee’s journey, from bean to retail, is documented in a database that consumers can look at.

Shade-grown

• Farmers or importers are left justifying the cost and wondering if the specialized label can attract a large enough market to validate their decision to certify.
• That said, many farmers who have the ability will do shade-grown regardless, since it’s a better farming practice and saves some costs on fertilizer.
• In the end, all this information – or lack thereof – is a tool for consumers to use when making their coffee choices.

• CORSIA is the first global market-based carbon credit scheme, targeted at reducing emissions from international aviation.
• CORSIA is part of a basket of policy measures taken by the ICAO and allows airline operators to offset an amount of carbon dioxide emissions by retiring carbon credits.
• Initially, ICE’s futures contract will only support CORSIA eligible carbon credits issued by the American Carbon Registry (ACR), which is currently one of two ICAO-approved carbon credit programs.
• The CORSIA contract follows the launch in 2022 of ICE’s range of nature-based carbon credit futures contracts.