Cocoa farmers in the west Ivory Coast growing region of Sassandra are predicting this season's crop, boosted by good weather, will comfortably beat the previous year's and next season will start with a surge. Futures markets are keenly watching the world's top cocoa grower for signs that output this season, which ends in October, and next season, can top the 2008/09 crop of 1.22 million tonnes, which was the worst in five years.
This is despite the industry being in long-term structural decline due to aging trees and political turmoil. "This crop has been way better than last year's," said cocoa farmer Koanda Sulemango, as he and his workers spread through his six hectare plantation using knives and machetes to slash the ripe yellow pods from trees.
"The rains have been excellent, so the harvest is coming much sooner, much stronger. There are lots of ripe pods on the trees and more will be ready within six weeks," he said, standing by a cocoa tree bursting with green and yellow pods. Benchmark London cocoa futures hit a 32-year high of 2,465 pounds per tonne in July, but have since slipped to around 2,040, partly on expectations of a big harvest from West Africa.