Bean arrivals at major Ivory Coast ports from October through mid-July were estimated near 2.09 MMT, up from 1.91 MMT a year prior. This is an increase of around 9.4 percent YOY. Midcrop arrivals are expected to surpass half a million metric tons, surpassing last year’s record.
Forward selling of Ivory Coast’s 2019/20 crop totaled 1.6 MMT of cocoa as of Jul. 12. Last year, total forward selling through September had reached 1.7 MMT. Uncertainty over next year’s crop may have helped drive the decision to halt forward selling at this point. According to AFP, both Ivory Coast and Ghana resumed forward selling of the 2020/21 crop year last week. The countries had halted forward selling of that season’s crops as they pushed for a farmgate price floor, now modified to a proposed premium of $400 per MT of beans that the two countries claim have been agreed upon by major market players.
Cocoa futures weekly history
Source: DTN, McKeany-Flavell
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