ABIDJAN: Ivory Coast's cocoa sector reserve fund rose 58 percent to 120 billion CFA francs ($206.47 million) between June 2015 and January 2016, according to a document from the government Coffee and Cocoa Council (CCC) seen by Reuters.
The figure represents the highest level since the fund was established in 2012 to protect against a drop in the global cocoa price or in the event that a cocoa operator goes out of business.
Cocoa beans and products in Ivory Coast, the world's top cocoa producer, were down 2 percent at the end of the main crop season compared with the same period last season, the document said.
The sale of export contracts for the 2016/17 season has dropped from 10,000 tonnes per day to 600 tonnes per day between the end of April and now, a CCC source and a finance ministry source said.
This is a sign that almost all the 1 million tonnes forecast for next season's production, which starts in October, have been sold, the source said. The CCC puts export contracts for the coming season up for sale every day in two sessions.
At the end of April, CCC reached 1 million tonnes of export sales contracts for next season. "There isn't much to sell between now and the end of September," the CCC source said.
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