Ivory Coast Boosts Cocoa Sales Amid Mid-Crop Resurgence

Ivory Coast's Coffee and Cocoa Council has sold over 400,000 metric tons of cocoa export contracts to local grinders. The resumption of purchases followed a sharp drop in global prices, prompting the CCC to cut farm-gate prices to boost sales amid the mid-crop season.

In a significant boost to the cocoa industry, Ivory Coast's Coffee and Cocoa Council announced the sale of more than 400,000 metric tons of cocoa export contracts to local grinders. This move comes just 10 days after exporters resumed purchases.

Previously, only 10,000 tons had been sold due to a steep decline in global prices. Officials at CCC highlighted the 'great performance' following this uptick in sales, as the world's largest cocoa producer reduced the fixed farm-gate price paid to cocoa farmers to 1,200 CFA francs per kilogram for the mid-crop season.

Although the mid-harvest season started earlier this year, CCC's official warned that the drop in global prices has rendered Ivorian cocoa more expensive, leading to unsold beans accumulating at ports and inland, with the country's entire estimated 400,000 ton intermediate crop potentially affected.