Cocoa farmgate prices in Ivory Coast's principal growing regions declined last week as falling prices on the futures market sapped export demand, farmers and buyers said on Tuesday. Mid-crop harvesting in the world's top cocoa producer is beginning to pick up after a slow start brought on by months of dry weather, with peak output expected by July.
A purchases manager for an international exporter said the average price at the port of Abidjan was between 720 CFA francs ($1.37) per kg and 760 CFA/kg, down from 780-800 CFA/kg the previous week. "The prices have fallen at the port, because in general the prices were irregular on the world market. Only the grinders are going full steam. The bean exporters are keeping calm because the volumes are not interesting," he said.
Cocoa futures in London and New York have fallen roughly 10 percent since mid-May as broad selling hit commodities markets on concerns about the world economy. Prices at Ivory Coast's second port, San Pedro, fell to 780 CFA/kg from 800 CFA/kg the week before, according to another exporter. Weak prices at the ports trickled down to farmers across the country last week. In the western region of Soubre, in the heart of the cocoa belt, farmers said the average price fell to about 600 CFA/kg from 650 CFA/kg the previous week.
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