ABIDJAN: Ivory Coast's Coffee and Cocoa Council (CCC) has sold 1.6 million tonnes of cocoa export contracts by July 12 for the 2019/20 season, which begins in October, two sources at the industry regulator said on Thursday.
Forward sales will now be halted because of uncertainty about the size of the next crop, the source said. Ivory Coast had sold 1.7 million tonnes of cocoa by the end of September last year.
Ivory Coast is expected to produce 2.2 million tonnes of cocoa for the 2018/19 season.
Since 2012, Ivory Coast has sold 70-80pc of the crop in advance to fix a guaranteed price to farmers.
Weather conditions are less favourable this year compared to last season at the same time, including a harsher dry season and below-average rains, the sources said.
Ivory Coast will take measures to limit its production to 2 million tonnes beginning with the 2020/21 season, the CCC sources said.
The main buyers of Ivorian cocoa are Cargill, SucDen, Barry Callebaut, Olam and Totuon names.
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