Cote d’Ivoire said it has sold in advance a million tons of cocoa from the 2017-18 season, a source close to the matter told Bloomberg. This is 5% up from estimates on last May 27, which stood at 950,000 tons.
According to the same source who asked not to be named, the Coffee and Cocoa Council plans to increase cocoa forward sales bringing them to 1.3 million tons before the beginning of the 2017-18 season which is to start on October 1.
Let’s recall that at June 30, cocoa purchases reached 1.82 million tons for the 2016-17 season, Bloomberg reports citing official documents from the government. In its forecasts for the 2016-17 season, CCC said the country should produce 1.91 million tons.