Cocoa farmgate prices in Ivory Coast's growing regions rose last week, as several grinders tried to reach their buying targets ahead of the year end, farmers and buyers said on Thursday. Port and farmgate prices can be an indicator of volumes and cocoa bean quality, and can illustrate the local impact of price movements on international markets closely watching the top supplier's output after a weak 2008/09 harvest.
A purchasing manager of a European cocoa exporter said prices at Abidjan port ranged from 1,060 to 1,200 CFA francs ($2.62) per kg, compared with 1,100 to 1,140 the previous week. He said buying was mainly supported by grinder purchases. In the western region of Soubre, the heart of the cocoa belt, Coffee and Cocoa Bourse (BCC) data showed the average price rose by 10 CFA francs per kg to 995 but farmers said they were receiving around 1,025 CFA per kg.
An accurate average price for the centre-western growing region of Daloa, was not available but farmers said prices ranged from 1,025 to 1,040 CFA, compared with 1,030 CFA the previous week. "The prices are still increasing because of the high prices at Abdijan port and the strong competition in the bush," said farmer Magloire Gnankan.