Cocoa futures in London surged as unexpected heavy rains in Ivory Coast, the world’s top cocoa producer, delay the new season harvest and hinder the transport of beans to ports, further tightening global supplies.
“The rains took everyone by surprise because it’s not the usual rainy season,” said Julien Gonkapieu, a farmer in western Ivory Coast. “Flooded roads are preventing us from moving cocoa beans from plantations to collection centers.”
The most active cocoa contract climbed by as much as 2.3%, reaching £5,200 per ton in London. The supply of cocoa remains tight after last season’s significant shortages sent prices soaring to record highs. While the new season, which began on October 1, was expected to boost supplies, the rains are presenting new challenges.
Meanwhile, authorities in Nigeria, Togo, Benin, and Ghana have issued warnings following record-breaking rains in the Sahel region last month that caused widespread damage, killing 1,000 people and affecting over 5 million across West and Central Africa.
Here’s a summary of farmers’ feedback from key cocoa-producing countries:
Ghana
Farmers report the rains are benefiting their crops. A grower in southwestern Ghana stated, “The harvest is progressing well, and the rains will help produce more pods for the mid-crop season next year.”
Nigeria
The heavy rains have caused black pod disease, damaging mature cocoa pods in the southwest.
Cameroon
Farmers have increased spraying to prevent the spread of black pod disease in some regions. However, in the northern Center production zone, a combination of rain and sunshine is helping the harvest and fostering healthy pod development.
