{"id":20547,"date":"2024-06-12T09:42:23","date_gmt":"2024-06-12T09:42:23","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=20547"},"modified":"2024-06-13T05:40:01","modified_gmt":"2024-06-13T05:40:01","slug":"ivory-coasts-ban-of-unprocessed-cocoa-bean-exports-rallies-international-prices","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/06\/12\/ivory-coasts-ban-of-unprocessed-cocoa-bean-exports-rallies-international-prices\/","title":{"rendered":"Ivory Coast\u2019s ban of unprocessed cocoa bean exports rallies international prices"},"content":{"rendered":"\n

Ivory Coast <\/u><\/a>on June 7, 2024 temporarily halted unprocessed cocoa bean exports, edging the international cocoa price to a five-week peak.<\/p>\n\n\n\n

National regulator Le Conseil du Caf\u00e9-Cacao informed export firms with no grinding facilities that they wouldn\u2019t buy cocoa beans till end June. <\/p>\n\n\n\n

At the same time, cocoa futures for July delivery in London and New York witnessed a daily price increase. The London price increased by 2.24% <\/u><\/a> while that in New York rose by 2.30% day-on-day on June 11.<\/p>\n\n\n\n

In its part, the Nasdaq index recorded a June 11 price of $9,910<\/u><\/a> per tonne, higher than $9,687 on June 10.<\/p>\n\n\n\n

Historically, June 2024 has seen a sustained cocoa price of above $9,000 per tonne on Nasdaq. So far, it was lowest on June 5 at $9,408 a tonne and highest on June 7 at $9,933 a tonne.<\/p>\n\n\n\n

Meanwhile, traders in Ivory Coast call the government\u2019s decision a ploy to benefit international grinders<\/u><\/a> based in the country.<\/p>\n\n\n\n

This is even as the world\u2019s top cocoa-producing nation shipped 1.53 million tonnes between October 1 and June 9. The shipments registered a 29% fall <\/u><\/a>in volume, year-on-year.<\/p>\n\n\n\n

According to Ecom Agroindustrial, C\u00f3te d\u2019Ivoire\u2019s cocoa production ending September 2024 will slump by 21.5% to 1.75 million tonnes, an eight-year low.<\/p>\n\n\n\n

Bigger Deficit<\/strong><\/h3>\n\n\n\n

The above projection echoes a May 31 report by the International Cocoa Organization (ICCO) of 439,000 tonnes in global supply deficit.<\/p>\n\n\n\n

While only a 17% increase from February\u2019s 374,000-tonne deficit, the latest projection is however way higher than 2022-23\u2019s 74,000-tonne deficit. <\/p>\n\n\n\n

The agency adds that the fact that \u201cunrelenting\u201d grinding is still happening amid high price rallies forecloses end-year supply declines.<\/p>\n\n\n\n

The ultimate price rally factor besides Ivory Coast\u2019s export ban and ICCO deficit review is U.S.\u2019 ports cocoa inventories. Indeed, inventories were down to 3,105,525 bags <\/u><\/a>on June 7, a 40-month low and this could turn bullish for cocoa prices. And as the following statistics show, much banks on Ivory Coast\u2019s future production.<\/p>\n\n\n\n

Ivory Coast Cocoa Statistics <\/strong><\/h2>\n\n\n\n

Ivory Coast produces the world\u2019s highest volume of cocoa beans, equal to 44% of global production. Output swung from 2.248 million tonnes in the 2020-21 season to 2.121 million tonnes in the 2021-22 season. The 2022-23 season realized 2.241 million tonnes while the 2023-24 season\u2019s estimates were at 1.8 million tonnes.<\/u><\/a><\/p>\n\n\n\n

What are the historical prices of Ivory Coast\u2019s cocoa beans in the 2023-24 season?<\/strong> <\/p>\n\n\n\n

In Q2, 2023, Ivory Coast exported cocoa at CFA Francs 1,260<\/u><\/a> ($2.04) per kg. The rate rose to CFA Francs 2,731 ($4.43) in Q4, 2023 and CFA Francs 2,682 ($4.35) in Q1, 2024. <\/p>\n\n\n\n

How does Ivory Coast rank in world cocoa consumption? <\/strong><\/strong><\/p>\n\n\n\n

Ivory Coast had the highest cocoa consumption rate among 160 nations, at\u00a06.41 kg<\/a><\/u> per person per year, in 2021. Only Iceland and Luxembourg and Ireland came closest at over 5 kg each while Ethiopia finished last at 0.010 kg.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ivory Coast on June 7, 2024 temporarily halted unprocessed cocoa bean exports, edging the international cocoa price to a five-week peak. National regulator Le Conseil du Caf\u00e9-Cacao informed export firms with no grinding facilities that they wouldn\u2019t buy cocoa beans till end June.  At the same time, cocoa futures for July delivery in London and New…<\/p>\n","protected":false},"author":3,"featured_media":19780,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\nIvory Coast\u2019s ban of unprocessed cocoa bean exports rallies international prices - Selina Wamucii | Food & Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2024\/06\/12\/ivory-coasts-ban-of-unprocessed-cocoa-bean-exports-rallies-international-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ivory Coast\u2019s ban of unprocessed cocoa bean exports rallies international prices - Selina Wamucii | Food & Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Ivory Coast on June 7, 2024 temporarily halted unprocessed cocoa bean exports, edging the international cocoa price to a five-week peak. 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