Ghana Said to Offer Cocoa From Next Crop as London Prices RallyIsis Almeida
Ghana, the second-biggest cocoa producer, offered beans from its next crop after prices rose in London, according to three traders with direct knowledge of the sales proposals.
The Ghana Cocoa Marketing Co., which manages sales on behalf of industry regulator the Ghana Cocoa Board, offered beans from its 2013-14 crop starting in October this week, said the traders, who asked not to be identified because they aren’t authorized to speak to the media. Futures traded on the NYSE Liffe exchange in London gained 2.5 percent last week.
Joe Forson, deputy marketing manager at the CMC, declined to comment when phoned today in Accra, Ghana. Asante Poku, deputy chief executive officer in charge of operations at the Ghana Cocoa Board, said yesterday he had no knowledge of the sales proposals, when contacted by Bloomberg.
Cocoa purchases from farms in Ghana reached 594,000 tons since the start of the season through Feb. 28, 17 percent lower than a year earlier, according to KnowledgeCharts, a unit of researcher Commodities Risk Analysis in Bethlehem, Pennsylvania.
Deliveries to ports in Ivory Coast were 649,249 tons from Oct. 1 through Dec. 31, according to the government. That’s a 7.5 percent decline from a year earlier.