Farmgate cocoa prices in Ivory Coast's main growing regions rose last week, supported by improved quality of beans and firm demand from buyers for export and local grinding, farmers and buyers said on Tuesday. The mid-crop in the world's top cocoa producer is marketed from April to September, but a five-month dry spell that carried into March delayed the start of harvesting.
Farmers said the first beans of the crop are now starting to leave the bush. The International Cocoa Organisation said last week that Ivory Coast's total output for the 2011-2012 season is seen at 1.35 million tonnes, down from last year's record of around 1.5 million tonnes, due to weather. In the western region of Duekoue, farmers said the average price rose last week to between 575 CFA francs ($1.13) per kg and 600 CFA/kg, from 500-550 CFA/kg the previous week as improved bean size triggered strong demand from buyers.
"Demand is strong and we are seeing bean sizes of about 115 beans per 100 grams. Three weeks ago they were still between 120 and 130 beans per 100 grams," Kone said in reference to export requirement which stipulates that anything above 115 beans per 100 grams are not eligible for exports.
In the centre-western region of Daloa, which produces about a quarter of Ivory Coast's national output, farmers said farmgate prices rose to 575-625 CFA/kg, from 550-600 CFA/kg. In the western region of Gagnoa, farmers said the average price was around 600 CFA/kg, from 550-575 CFA/kg. "Because there was not enough cocoa in the past months, buyers are scrambling to get their hands on as much cocoa as they can and are putting farmers under pressure," said local farmer and cooperative manager Francois Badiel.