ABIDJAN/ACCRA, Mar 9 (Reuters): Top cocoa producers Ivory Coast and Ghana will keep farmgate prices unchanged for their respective mid-crop and light crop harvests despite current record global price levels, sources within their marketing bodies told Reuters on Friday.
Poor main crops in both West African nations are expected to lead to a global supply deficit of 375,000 tonnes this season. London cocoa futures have roughly doubled since the start of last year, while New York prices are up about 90 per cent during the same period.
Ivory Coast and Ghana, which are currently bringing in their main crop beans, sometimes adjust the price buyers must pay farmers for their smaller second harvests.
Two sources at Ivory Coast's Coffee and Cocoa Council (CCC), however, said the price levels at which the bulk of this season's beans were sold forward last year, meant that a farmgate increase was not possible for the April-to-September mid-crop.
"The CCC has considered several options to make farmers benefit from the global rise in prices ... but it is not possible," said one source, who asked not to be named as he was not authorised to speak publicly.
Ivory Coast to maintain cocoa farmgate price levels
FE Team | Published: March 09, 2024 23:45:00
Ivory Coast to maintain cocoa farmgate price levels
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