Ivory Coast expects increased cocoa production to ease global supply shortage

Mimosa, June 28 (BNA): Ivory Coast anticipates a rise in cocoa production for the upcoming season, aiming to alleviate the global supply shortage that has driven prices to record highs. As the world’s largest cocoa producer, Ivory Coast is banking on improved weather conditions to achieve this goal.


According to Bloomberg News, informed sources indicate that Ivory Coast expects its cocoa output to reach 2 million tonnes in the next season, starting on October 1. In contrast, the International Cocoa Organisation projects the country’s current season production at 1.8 million tonnes, with an average annual production of 2.2 million tonnes over the past five years.


Ivory Coast has already sold about 800,000 tonnes in advance on global markets before the national cocoa board halted pre-sales.


Sources report that the Ivory Coast cocoa board plans to adopt a mix of pre-sales and spot sales as part of a market reform strategy.


Adverse weather conditions, tree diseases, and aging trees in Ivory Coast and Ghana have led to a decline in current season production, pushing New York commodity exchange futures prices to over $11,000 per tonne.


 


M.A.






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