The world's top cocoa producer Ivory Coast had sold 950,000 tonnes of cocoa in contracts by the end of May for the 2021/2022 season at a country discount instead of its usual country premium, regulator and industry sources said on Tuesday.
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ABIDJAN, Feb 22 (Reuters) - Ivory Coast’s cocoa regulator is seeking to sell around 100,000 tonnes of cocoa held by domestic traders who had bought the beans from farmers but lack access to the international export market, industry sources said on Monday.
The Cocoa and Coffee Council (CCC) regulator is offering the beans with a discount of around 200 British pounds ($280.40) to 250 pounds per tonne, but buyers are demanding bigger discounts because of a supply glut.
A bumper crop and weak global demand caused by the coronavirus crisis, coupled with the introduction of a premium for farmers this year, has left hundreds of thousands of tonnes of unsold beans in warehouses in the world’s top grower.