The timing of the report, released just ahead of this month's European Cocoa Forum in Malta, underscores how traders are positioning themselves as stabilisers in a sector defined by volatility.
Cocoa and Coffee Under Pressure
Cocoa endured another year of structural production deficits, record-low stock levels, and price extremes. Coffee, meanwhile, marked a fourth consecutive year of global deficit, with shortfalls estimated at 7.5 million bags. Arabica and Robusta prices rose to record levels, driven by climate pressures and expectations around the EU Deforestation Regulation (EUDR), which could be delayed again.
Anthony Myers
Ingredients markets were no less unsettled: vanilla prices slumped, while clove markets oscillated between shortage and oversupply. Touton says its teams navigated these conditions by leaning on market intelligence, trading expertise, and local presence in producing regions - managing to fulfil 100 % of contracts despite the turbulence.
Patrick de Boussac, outgoing CEO of the Touton Group, described the report as a testament to “the collective intelligence that drives Touton forward,” noting that “financial solidity, sustainability commitment, and trust-based partnerships have enabled us to keep our promises.”
Anthony Myers
Hartree’s Proposed Takeover: A Strategic Turn
In a development first reported by CocoaRadar, Hartree Partners, LP is in exclusive negotiations to acquire Touton SA — in a deal that could close by January 2026, pending regulatory approval and employee consultations. The move aligns with Hartree’s recent push into soft commodities (following its acquisition of ED&F Man Commodities) and could reposition Touton under a larger global trading platform.
Sources say Touton’s long-time CEO, Patrick de Boussac—who is nearing retirement—may be seeking an exit as part of the transition.
While both parties have remained mostly silent, the implications for the cocoa sector are significant: a Hartree takeover would consolidate upstream supply control under a firm already backed by deep financial resources.
Strategic Reinforcements
Touton's 2024–25 report details a series of structural moves aimed at reinforcing the business:
- Finance: Diversified funding sources with more than 50 financial institutions.
- Sourcing: Expanded the Positive Agri Culture by Touton (PACT) program beyond Ghana to Uganda, Tanzania, and Madagascar. PACT STANDARD now carries Global Coffee Platform recognition.
- Climate: Advanced its second global carbon footprint assessment and continued progress toward 2035 SBTi targets.
- Compliance: Completed a double-materiality assessment under the EU Corporate Sustainability Reporting Directive (CSRD) and mapped 250,000 plantations in preparation for EUDR traceability requirements.
- Food Safety: Secured IFS Broker certification, becoming one of the first global traders in cocoa, spices, and vanilla to secure the standard.
From Strategy to Results
Touton reports concrete impacts across its supply chains:
- Deforestation risk assessments now cover more than 320,000 plantations in Africa.
- Child labour monitoring systems have been extended to 138,000 producers, supported by local protection committees and youth “agri-preneurs” in Ghana.
- Supplier compliance has exceeded 90 %, with certification programs being scaled in Nigeria, Cameroon, and Central America
CocoaRadar's Bottom Line
The report’s release comes as the cocoa and coffee sectors brace for another challenging year. While market volatility has put traders under scrutiny, Touton’s strategy suggests a broader industry trend: emphasising traceability, regulatory readiness, and partnerships as key levers for long-term resilience.
About Touton
The Touton Group, based in Bordeaux, France, is a leading international player in the trade and sustainable transformation of tropical agricultural commodities with 175+ years of expertise, 700+ employees in 14 countries, and long-standing partnerships with tens of thousands of producers, Touton continues to place people and sustainability at the heart of its value creation.