West African cocoa farmers hope for more rains as midcrop begins
In West Africa, growers are hoping that dry weather will be broken by some gains to bolster bean sizing and quality in the midcrop.
A more prolonged dry period could threaten tree health and pod-setting for the new main crop.
ICCO estimates 2019/20 production and grind near 4.73 MMT and 4.67 MMT, yielding a surplus of 10,000 MT and estimated carryout of 1.73 MMT. For 2020/21, ICCO forecasts production at 4.84 MMT and grind at 4.69, for a surplus of 102,000 MT and carryout of 1.83 MMT.
Also bullish: Ivory Coast cut its midcrop farmgate price to 750 CFA francs, down from last midcrop’s 825 francs and from the main-crop price of 1,000 francs. Authorities suggested that the cut would have been steeper without the LID.
West Africa rainfall, percent of normal (30 days)
Posted by: Information Services Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.