Ivory Coast cocoa prices rise

Cocoa farmgate prices in Ivory Coast's principal growing regions continued to rise last week, propelled by local grinders' purchases and high ports prices, farmers and exporters said on Wednesday. The 2009/10 crop in Ivory Coast, the world's top cocoa producer, is being closely watched by traders after a disappointing harvest last season with expectations the current crop will be at best level with the 2008/09 season.
The farmgate price can be an indicator of local volumes and bean quality, but also reflect prices on international markets. Prices at the port of Abidjan ranged from 1,020-1,100 CFA ($2.29-$2.47) per kg compared with between 990 CFA francs to 1,090 the previous week, a purchases manager of an international cocoa exporter said. "The Liffe (London International Financial Futures and Options Exchange) was quite high and that supported the port price. Grinders dominated purchases," he added, noting that the good quality of beans also fed into the price.