Cocoa farmgate prices in Ivory Coast's cocoa growing regions rose last week, Coffee and Cocoa Bourse (BCC) figures showed on Friday, amid strong demand from grinders and exporters. Prices for the West African state's main export have been rising slowly but steadily since April and the end of a violent four-month power struggle that killed thousands and brought the economy to its knees.
In the coastal region of San Pedro, BCC figures showed the average farmgate price jumped to 700 CFA francs ($1.51) per kg from 660 CFA francs the previous week. Farmers said strong competition in the region led mainly by grinders was supporting prices.
"Prices are rising because of the grinders. They are buying lots of cocoa compared to this time last year," said Labbe Zoungrana, who farms near San Pedro. In the southern region of Aboisso the average price was at 640 CFA francs per kg from 625 CFA francs, according to the BCC figures, though farmers contacted by Reuters said they were receiving around 600 CFA francs per kg.
"Prices are up, but they're not over 600 CFA," said Etiene Yao, who farms near Aboisso. The BCC did not publish prices for the centre-western region of Daloa, but farmers said they rose to 600 CFA francs per kg from 550 to 575 CFA francs the previous week, as exporters were seen buying. "Merchants, purchasers and exporters are still buying up cocoa," said farmer Attoungbre Kouame.
The BCC also did not publish prices for the western region of Soubre, but farmers said the price remained steady at around 650 CFA francs per kg as beans were of good quality. A purchases manager of an international cocoa exporter said prices at the port of Abidjan ranged from 725 CFA francs to 880 CFA francs per kg from between 775 and 875 CFA francs the previous week.
Comments
Comments are closed for this article.