Strong early Ivory Coast arrivals reported for the 2018/19 main crop
Cumulative cocoa bean arrivals at the major Ivorian ports of San Pedro and Abidjan were estimated to total 327,000 MT as of Nov. 4, reports Reuters. Arrivals to date are thus up almost 46 percent from cumulative arrivals for the same period last season, which were estimated at 224,000 MT of beans. In the last reported week, arrivals totaled 81,000 MT, up nearly 45 percent from arrivals during the same week last season.
Favorable crop conditions have helped boost production, recent drier weather has supported harvest and drying, and the stronger farmgate price set by the CCC has encouraged growers, who may have held back beans at the end of the 2017/18 midcrop in anticipation. Reduced rains could also help slow the spread of black pod disease and improve bean quality. Favorable pod development is being reported for beans that will be harvested later this season.
Strong arrivals should weigh on potential bullish price moves.
Ivory Coast cocoa production history
Source: ICCO, trade sources, McKeany-Flavell
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