Bloomberg reports the most recent production amount in Ivory Coast totaled 1.5 million metric tons yet that will sink to 1.385 million metric tons, the lender said. Production capitalized on pleasant weather and strong maintenance of the crops.
"Given that the country is unlikely to experience the same ideal weather for a second consecutive season, Ecobank expects production to remain broadly stable at 1.385 million tons in 2011-12," states a report penned by soft commodities specialist Edward George with the bank's London offices, who also noted this year's harvest did so well because of "careful tending of aging trees, improved spraying and ideal weather for much of the season."
At 2 p.m. on Friday, cocoa futures edged up 0.04 in value, a $1 increase to $2,792 per metric ton.
Agence-France Presse reports Laurent Gbagbo, the former president of Ivory Coast who would not leave office after being declared the loser of November 2010 elections, is likely to stand trial for contributing to the deaths of 3,000 killed during the conflict following his refusal to leave office.
Gbagbo was apprehended in April by peacekeepers from the U.N. and France.
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