Ivory Coast farmers are set to reap the largest crop in about three years this harvest because of strong rains that fell during the region's dry period, Ecobank Transnational Inc. said. Bean arrivals were 14 percent stronger from the beginning of the season from October 1 through this past Sunday, according to a division of Commodities Risk Analysis.
"The strength of deliveries has been distorted by middlemen withholding beans from last season's mid-crop in expectation of higher prices this season," states a Thursday report authored by head of soft commodities research Edward George with lender Ecobank in Togo, according to Bloomberg. "With main crop deliveries starting to slow, attention is focusing on the mid-crop."
At 9:15 a.m. on Thursday, cocoa futures climbed 0.58 percent, a $17 lift to $2,951 per metric ton.
The Wall Street Journal reported earlier this week that dry weather has been hovering about much of West Africa, which encompasses land where at least two-thirds of the globe's supply of cocoa is grown.
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