The top-growing regions of the globe's largest producer of cocoa might not have as strong production due to inclement weather last week, Reuters reports.
Beans grown in the West African nation of Ivory Coast might not dry, which would harm flowers and young pods of cocoa, farmers and industry analysts told the news source. The main crop's harvest began earlier this month after significant changes and adjustments, which are drawing increased amounts of attention by traders, investors and analysts.
"We don't need strong rains right now. It can damage the flowers and small pods and reduce the harvest in January," farmer Amara Kone told the news source. In Kone's region, the western sector of Duekoue, heavy rainfall dropped for four consecutive days, prompting worries among other farmers about the nascent stages of growth of the soft commodity.
At 11:51 a.m. on Monday, cocoa futures fell 0.55 percent, a $13 loss to $2,353 per metric ton.
Bloomberg reports the soft commodity lost 1.8 percent last week after the number of contracts fell from 48,004 to 43,021 during that time period.
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