Cocoa deliveries to warehouses in Brazil rose in the last week, data from the Bahia Commercial Association showed, due to brisk farm-gate sales in minor growing states, while the upcoming mid crop harvest still weeks away. Arrivals from both top cocoa-growing state Bahia and other regions rose by roughly half in the last week compared to the same period last year, the data showed.
They were also boosted by imports of nearly 50,000 bags. The harvest is still lagging last year's cumulative total however. The first forecast for Bahia's Temporao or mid crop will probably be released within the next two weeks, cocoa analyst Thomas Hartmann said, adding that the initial outlook for the May-September harvest looked "quite positive".
Despite its name, Brazil's mid crop is now the larger of its two annual harvests. The South American country was once the world's No 2 cocoa grower but it was banished to sixth place after fungal witch's broom disease swept in the 1990s. Farm gate prices were in the range of 67 to 69.50 reais ($37.92 to $39.34) by Tuesday. New York and London cocoa futures traded marginally lower in a comparatively quiet day's business.
Comments
Comments are closed for this article.