The world’s biggest cocoa producer reportedly stopped export sales as it closed out the season 10% down on last year, equating to a drop of 250,000 tons.
If we consider that production will be down this year, we have finished our sales for this yearYves Kone – General Manager, CCC
Last years harvest was always going to be hard to beat, however, as it marked a record high for the country of 2.3 million tonnes.
The country is now focused on the sales contracts for the 2022/23 harvest, which is currently being sold at a discount of around $200 a tonne. This is a move previously criticised by some observers, as being a way to circumvent the required Living Income Differential premium of $400 a tonne, aimed to help alleviate farmer poverty.
The CCC clearly doesn’t believe it has the leverage yet to impose higher prices and may explain why they are keen to foster more local purchasing power.