More accommodative weather this month and last in the globe's top producer of cocoa is projected to help production achieve its harvest target of 800,000 metric tons, according to the nation's industry regulator.
Bloomberg reports deputy chief executive officer Yaw Adu-Ampomah with the Ghana cocoa industry said the target of 800,000 metric tons is within reach this season. As the nation's third-largest export, cocoa reached a record amount of 1 million tons during the crop season for 2010-11.
"The rains delayed but have come in," the cocoa industry regulator told the news source in the capital of Accra late last week. "We could replicate last season's performance, the difference is not significant.
At 8:44 a.m. on Monday, cocoa futures fell 0.91 percent, a $21 loss to $2,292 per metric ton.
Monday's trade session opened with the soft commodity at its lowest rate in 21 weeks after Friday's market performance, The Wall Street Journal reports. The soft commodity's losses thus far this month as of Friday were 8.9 percent.
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