Reported 11 months ago
Ivory Coast, the top cocoa producer, is restricting bean exports to secure supplies for local processors, potentially further tightening the global cocoa market. Due to a shortage this season, the country postponed contracts from the main crop to the smaller mid-crop, usually reserved for local factories. The regulator is now prohibiting companies without processing facilities in the country from buying beans from the mid-crop until the end of the month, exacerbating the global supply crunch and risking defaults on contracts with exporters. This move aims to support domestic processors crucial for Ivory Coast's cocoa production targets but has historically been a topic of contention for local companies.
Source: YAHOO