Ivory Coast cocoa crop forecast 2016, Ivory Coast cocoa production outlook 2016 - Ivory Coast cocoa crop next season 2016 : Cocoa farmers in Ivory Coast will need more rain if the outlook for the next harvest is to improve in the world’s largest producer of the chocolate beans.
Showers forecast for coming days will bring “minimal relief” after rainfall was 40 percent below normal from July 1 to Aug. 19, according to MDA Weather Services and Speedwell Weather. Recent light rain wasn’t enough to penetrate the soil and help beans to develop, said Stanislas Koffi, head of the SCAT farmers’ cooperative in Tahe, southwestern Ivory Coast.
Cocoa, the third-biggest gainer in the Standard & Poor’s GSCI commodity index this year, may extend its 4.1 percent gain if dry weather persists through September,
Cocoa coffee future prices august 20, 2015 Cocoa futures edged up on technically driven buying. New York and London cocoa markets extended gains above 100-day moving averages, and were underpinned by concerns over dryness in parts of top growers Ivory Coast and Ghana.
New York December cocoa ended up $19, or 0.6 percent, at $3,135 a tonne, while London December cocoa closed up 7 pounds, or 0.3 percent, at 2,082 pounds.
Prices have fallen 7 percent since the peak to 2,083 pounds a ton by 4:07 p.m. in London as bean processing, an indication of demand, fell in Asia and North America and was little changed in Europe in the second quarter. Read Cocoa Prices Prediction 2016
Ivory Coast will face another dry spell from Aug. 28 to Sept. 5, Speedwell said in an Aug. 18 report. Rabobank International lowered its cocoa crop forecast for Ivory Coast by 50,000 tons to 1.7 million tons for next season, citing dry weather. Production in Ghana will be 7.8 percent less than previously estimated, the bank said in a report Thursday.
If current dry weather combines with El Nino effects, the crop starting in October will probably be smaller than in the past two years, according to Victoria Crandall, a soft commodities analyst at Lome, Togo-based Ecobank Transnational Inc.
El Nino reduces global cocoa production by an average 2.4 percent, with Ecuador being the most affected country, according to a study by the International Cocoa Organization. In West Africa, El Nino causes output to decline by about 2 percent in Ivory Coast and by 1.7 percent in Ghana.
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