Cocoa prices in top grower Ivory Coast slid last week as losses on the futures market and continued bean quality problems dampened demand among exporters, farmers and exporters said on Thursday. Growers were also eager to unload their stockpiles to raise money for their childrens' school fees ahead of the new academic year, which was also depressing prices, they said.
"Prices have continued to fall in the port of Abidjan because of the irregularity of the futures prices in London and because of the quality," said one purchases manager for a European export company in Abidjan. "Grinders have been the biggest buyers," he said. Prices at the port of Abidjan ranged from 980 CFA francs ($1.90) to 1,010 CFA per kilogram, from 990-1,040 CFA the previous week, he said. "The beans are pretty humid. There is still mould as a result of the weather up country, but the size of the beans has generally improved," he said.
In the western region of Gagnoa, the average price fell to about 700 CFA, from 700-750 CFA the previous week, as farmers were selling off beans to pay their childrens' school fees, growers said. "The return to school is next week. The farmers need money," said co-operative manager Francois Badiel. "The humidity of the beans remains very high and this also plays into the price."
In the western region of Soubre, at the heart of the cocoa belt, the average price fell to 650-700 CFA from 700-750 CFA because middlemen refused to pay more as old beans of poor quality were mixed with recently harvested beans, farmers said. In the centre-western region of Daloa, farmers said the average price was 700 CFA francs from 700-750 CFA as a consequence of the drop in prices at the port of Abidjan. Price data from the Coffee and Cocoa Bourse BCC were not available.
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