Ivory Coast has resumed forward cocoa sales after regulator Le Conseil du Café-Cacao (CCC) agreed to sell mid-crop beans at parity with global prices, dropping premiums that had stalled buying, Bloomberg reported. The premiums had lifted offers $250–$470/ton above futures, leaving hundreds of thousands of tons unsold, according to the report.
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• The mid-crop (April start) is estimated at 400,000–450,000 tons, ~25% of annual output (Bloomberg).
• An X post cited forward sales of up to 200,000 tons at global prices, with activity restarting Wednesday (25 February) after premiums were removed. Rumours suggest efforts to offload the mid-crop to international buyers due to local grinders' reluctance, reflecting market dynamics where cocoa futures have fallen 31% in the past month to $3,057 per ton, down 66% year-to-date amid improved West African harvests, according to trader @Rebelty_8.
• New York futures have slumped roughly 75% from a near-$13,000/ton peak in late 2024 to around $3,100/ton, London futures are near three-year lows (Bloomberg).
The policy shift highlights pressure on top producers amid demand destruction and improved West African harvests. Agriculture Minister Bruno Nabagné Koné said the $400/ton Living Income Differential would not be rolled back (Bloomberg). Ghana has cut its farmgate price and is revising its pricing mechanism.
Separately, Ghana’s licensed cocoa buyers owe banks 7–8 billion cedis ($650m–$750m) and 2.2–2.5 billion cedis to farmers, straining liquidity, the Licensed Cocoa Buyers Association told Reuters. Buyers have delivered 580,000 tons to Cocobod but are awaiting payment; 70,000 tons remain in the fields. Banks are restructuring debt, with no immediate systemic threat.
‘TogetherCocoa’
On ESG, Nestlé, Lindt, Mars, Mondelēz and Hershey announced the Geneva-based TogetherCocoa Foundation to coordinate living income efforts in Côte d’Ivoire and Ghana (company statements).