Ivory Coast pre-sells next season's cocoa at market discount prices

According to people familiar with the matter, Côte d’Ivoire is selling its next season’s main-crop cocoa beans at prices far below international futures. The country has already sold about 350,000 tons of cocoa for the production season from September to February of the following year, at a price of 2,200–2,300 pounds per ton. These contract terms indicate that traders expect international prices to fall further. In the current mid-crop harvest, which is scheduled to end in August, Côte d’Ivoire has sold 300,000 tons in advance (with an expected total output of 500,000–600,000 tons). (Sina Finance)