Cocoa Futures Extend Slide as Ivory Coast Harvest Picks Up
Cocoa futures fell to the lowest in almost two weeks as a pickup in deliveries of beans to ports in Ivory Coast helped ease tight supply.
Bean arrivals at ports in the West African nation, the top grower, have reached 192,804 tons so far in the season that started Oct. 1.
That’s up from about 170,794 tons a year ago. It marks the first time in a year that arrivals are running ahead of year-earlier figures, according to ADM Investor Services Inc.
Heavy rains in Ivory Coast earlier this month disrupted cocoa farming and transportation. But wet weather has since eased, potentially boosting pod harvesting and drying.
Demand concerns have also emerged following mixed grindings data from Europe, Asia and North America last week.
Higher-than-average cocoa prices are expected to weigh on consumption in the 2024-25 season, analysts at Fitch Solutions’ BMI unit said in a note dated Oct. 18.
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