Cocoa arrivals at ports in top grower Ivory Coast reached around 474,000 tonnes of beans by December 13, exporters estimated on Monday, compared with 383,960 tonnes in the same period of the previous season. Arrivals for the year so far are 23 percent above last year, despite the fact that the 44,000 tonnes estimated to have been delivered last week were well down on the exceptionally strong 88,373 tonnes delivered in the same week a year ago.
Farmers also reported rain over the last week, boosting hopes of a sustained crop in western growing areas as the sector moves towards a part of the season when volumes start to thin. "There are currently not enough pods on the trees to maintain the large volumes seen in previous weeks," the director of an exporting company in Abidjan said.
Ivory Coast, still recovering from a 2002-03 civil war that divided the country in two, produces about 40 percent of global cocoa. But it has struggled with declines in volumes because of aging trees, under investment and administrative chaos. "The cocoa is of good quality this year, at least for the moment. But what worries us most is the quantity," said the director of an exporting company in the port of San Pedro, which last week handled around half of the total arrivals.
Another exporter from a European company in San Pedro said he expected volumes to fall after the Christmas break. "The traders are working to get cash for the festive season and are delivering everything they have available. That will aid volumes until year end, at least," he added. Concerns over supply from West Africa and the prospect of rebounding demand after a recession-linked decline have helped drive cocoa futures to multi-decade highs. ICE March cocoa was trading at $3,392 per tonne at 1319 GMT on Monday.
Farmers in Ivory Coast have been hoping for enough rain to see volumes of beans sustained through the Harmattan, a dry wind that blows from December to March and which can damage crops or reduce output. "We had two good rains combined with some good sun. We are happy as the flowers and the small pods will be able to develop well ahead of the Harmattan," said Soubre farmer Koffi Kouame. "With the numerous rains that we have had this year ... I think we will have much more cocoa this January and February than we did last year," he added.