"It's hot and it's not raining. When it rains it's not much," said Lambert Yao, who farms in the outskirts of Abengourou. "The mid-crop is lost for us, because there isn't much on the trees." Overall, however, the weather appeared to bolster predictions of a bumper crop that exporters say could reach a record 2 million tonnes and which has already contributed to a supply glut that has sent prices plummeting since last year.
July London cocoa fell 2 pounds, or 0.1 percent, on Tuesday to 1,433 pounds a tonne. July New York cocoa rose $27, or 1.5 percent, to $1,839 a tonne after ending 1.6 percent lower on Monday. In the centre-western region of Daloa, which accounts for about a quarter of national output, farmers reported two abundant showers. "Harvesting is still weak and the beans are very small," said Daloa farmer Albert N'Zue. "With good rainfall and plenty of sunshine, the quality can improve in July."
Copyright Reuters, 2017