ABIDJAN: Cocoa beans in some parts of Ivory Coast are selling at more than a 100 CFA franc premium to the minimum farmgate price, farmers and exporters said, as grinders and exporters rush to secure high-quality stocks.
The mid-crop marketing season in Ivory Coast, the world's top cocoa producer, started on April 1. Last week, the government maintained the guaranteed minimum cocoa farmgate price at 750 CFA francs ($1.57) per kilogramme.
A purchasing manager at an Abidjan-based international cocoa exporter told Reuters prices at the port reached 860 CFA francs per kg at the end of last week.
"The quality is good right now compared to last season. The grinders and exporters are in a hurry to snap it up before the quality deteriorates," he said.
In the western region of Bouafle, competition was fierce and some buyers were paying well above the farmgate price.
"We have good quality cocoa but we don't know how long that will last," said farmer and cooperative manager Francois M'Bra, adding that they were buying 30 CFA francs/kg above the minimum price.
A spell of good weather, with a mixture of sun and rain, has raised hopes for the crop's quality and prompted farmers to begin harvesting the mid-crop cocoa early in the West African country.
The mid-crop produces smaller beans than the main crop and generally the lion's share of total volumes stay within the country for grinding.
In the eastern region of Abengourou, known for good quality beans, farmers said the farmgate price was in a range between 750-775 CFA franc per kilogramme. Farmers in the central, western region of Daloa also said they were offering beans above the farmgate price.
But prices were equal to the official price at 750 CFA francs in the western regions of Soubre and Duekoue, farmers said.
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