On Thursday, cocoa prices slipped following a stronger United States (US) dollar and a faster harvest in the Ivory Coast.
US cocoa futures for December delivery decreased by -0.77% to $7,334.00 per metric ton (MT) on October 31’s afternoon session.
In line with this, the dollar index rebounded from a week low and increased in value. Consequently, the commodity traded on the International Exchange (ICE) plummeted from a one-week record high.
Additionally, it prompted a long selling pressure in the New York (NY) cocoa contracts after the substantial price surge earlier this week.
At the same time, a faster rate of harvesting on the Ivory Coast undercuts the cost of the bean.
Based on the West African government data, farmers in the top-producing country of the product exported 284,633.00 MT to ports. Correspondingly, this records a boost of 26.00% from last year’s 225,698.00 MT shipment in the same period.
Moreover, the country’s regulator Le Conseil Cafe-Cacao improved the production outlook for the 2024/25 season. The Ivory Coast council adjusted the estimate from 2.00 million metric tons (MMT) to a range of 2.10 to 2.20 MMT.
In addition, the higher output by Cameroon also weighed on cocoa prices. According to the National Cocoa and Coffee Board, production leaped by 1.20% to 266,725 year-over-year.
Umi Cooperative Aims to Export Cocoa
As indicated by reports, a cooperative society of Umi in Markham Valley aims to export their own cocoa production.
Subsequently, the group reached out to organizations in the government and stakeholders to propose partnerships.
The cooperative in the Morobe Province already started growing cocoa clones and fabricating dryers. Similarly, farmers target encouraging other villages of Umi to venture into cultivating the top chocolate ingredient.
As stated by Society Secretary Junior Clive, they plan to establish a nursery to provide the necessities of individuals from the sector. He added that the group is seeing progress despite a slow start.
