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by: Celine Camoin | May 6, 2024
Major cocoa producers in Ivory Coast and Ghana, in the midst of one of their worst harvests in decades, have no beans on hand to meet deliveries of up to half a million tonnes pre-sold, about a quarter of current world prices. Two industry sources told Reuters.
The beans were pre-sold for around $2,508.00 per ton, while prices on the market reached around $8,000 (down from a few days ago). The volume in question represents approximately 20 percent of the production of the two countries.
It is unclear whether these contracts will be postponed, under the same conditions, to next season.
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