Ivorian cocoa output could fall by up to 25%, farm minister says

Credit: REUTERS/LUC GNAGO

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PARIS, Feb 27 (Reuters) - Adverse weather in Ivory Coast, the world's largest cocoa producer, could hit output by as much as 25% this season, Agriculture Minister Kobenan Kouassi Adjoumani said on Tuesday.

"We are waiting for the intermediary (mid-crop) campaign for final estimates. For the moment we are at 20% (drop) but forecasts say that, if it (adverse weather) continues, it will fall 25% maximum,” Adjoumani told reporters on the margins of the Paris farm show.

"A drop of 25% is possible but no more,” he added.

Cocoa futures prices LCCc2 hit record highs on Monday and have gained more than 40% over the past month as the outlook for poor crops in top producers Ivory Coast and Ghana continue to deteriorate.

A Reuters poll of traders and analysts issued this month gave a median forecast for the 2023/24 (October/September) Ivory Coast crop of 1.8 million metric tons.

That represented a fall of nearly 20% from the 2022/23 crop, which has been estimated at 2.23 million tons by the International Cocoa Organization.

(Reporting by Sybille de La Hamaide Editing by Kevin Liffey and David Goodman )

((Sybille.deLaHamaide@thomsonreuters.com; +336 8774 4148;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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