Last year's record of 1.5 million metric tons will trump this year's production of 1.4 million metric tons if there are no reforms and unless the weather becomes enormously favorable to the crop, states a report authored by commodities specialist Edward George. The West African nation kicked off auctions in January to be sure farmers acquired a guaranteed price for the cocoa beans.
"The reforms are definitely a work in progress," George said. "We're working with a hedge fund that wants to completely reorganize the production side to increase yields, have training and set up cooperatives."
At 2 p.m. on Thursday, cocoa futures fell 3.14 percent, a $74 loss to $2,285 per metric ton.
Reuters reports cocoa futures' losses on Thursday were attributable to investor sales, according to brokers who also noted the Ivory Coast's mid-crop harvest might have augmented market pressure.