Ivorian farmgate cocoa prices mostly up
http://africa.reuters.com/country/GH/news/usnL0858 [2008-7-10]
Tag : Cocoa Beans
Cocoa farmgate prices in Ivory Coast's main growing areas were mostly up in the week of July 1-6, as a scarcity of beans and strong demand from exporters and grinders supported price levels, farmers said on Tuesday. But price figures in several regions were not available because activity was flat there, one Coffee and Coca Bourse (BCC) official said. In one region, Divo in the south, farmgate rates fell by 85 CFA francs per kg to 505 CFA francs ($1.21) as some farmers rushing to make a profit from recent high prices did not properly dry their beans before selling them, farmers said.
Overall, prices in the bush remained generally firm and well above the guideline price of 500 CFA francs ($1.20) per kg because of high demand from grinders, a buyer for a European exporter told Reuters. "Cocoa is scarce," the buyer said. "Grinders with large capacity keep asking for more to keep their factories running." London benchmark September cocoa futures were up 11 pounds at 1,553 pounds a tonne in modest volume of 8,235 lots at 1520 GMT.
Benchmark September cocoa on ICE was up $23 or 0.8 percent at $2,903 per tonne at 1511 GMT, in dealings from $2,857 to $2,925. Cocoa futures were underpinned by concerns over a possible supply shortfall from the world's three leading growers, Ivory Coast, Ghana and Indonesia. Demand for cocoa around the world is robust.
In Ivory Coast's western region of Soubre, at the heart of the cocoa belt, average prices rose sharply by 65 CFA francs per kg to 530 CFA francs. Farmers said buyers hurrying to collect significant amounts of beans had pushed prices up. "The buyers are searching hard for cocoa. When you have some, they hurry to buy it at a very good price," farmer Salem Kone said. Below are average farmgate prices in CFA francs per kg for the week of July 1-6, as quoted by private buyers, cooperatives and shippers, and published by the BCC.
Cocoa farmgate prices in Ivory Coast's main growing areas were mostly up in the week of July 1-6, as a scarcity of beans and strong demand from exporters and grinders supported price levels, farmers said on Tuesday. But price figures in several regions were not available because activity was flat there, one Coffee and Coca Bourse (BCC) official said. In one region, Divo in the south, farmgate rates fell by 85 CFA francs per kg to 505 CFA francs ($1.21) as some farmers rushing to make a profit from recent high prices did not properly dry their beans before selling them, farmers said.
Overall, prices in the bush remained generally firm and well above the guideline price of 500 CFA francs ($1.20) per kg because of high demand from grinders, a buyer for a European exporter told Reuters. "Cocoa is scarce," the buyer said. "Grinders with large capacity keep asking for more to keep their factories running." London benchmark September cocoa futures were up 11 pounds at 1,553 pounds a tonne in modest volume of 8,235 lots at 1520 GMT.
Benchmark September cocoa on ICE was up $23 or 0.8 percent at $2,903 per tonne at 1511 GMT, in dealings from $2,857 to $2,925. Cocoa futures were underpinned by concerns over a possible supply shortfall from the world's three leading growers, Ivory Coast, Ghana and Indonesia. Demand for cocoa around the world is robust.
In Ivory Coast's western region of Soubre, at the heart of the cocoa belt, average prices rose sharply by 65 CFA francs per kg to 530 CFA francs. Farmers said buyers hurrying to collect significant amounts of beans had pushed prices up. "The buyers are searching hard for cocoa. When you have some, they hurry to buy it at a very good price," farmer Salem Kone said. Below are average farmgate prices in CFA francs per kg for the week of July 1-6, as quoted by private buyers, cooperatives and shippers, and published by the BCC.
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