West Africa’s cocoa giants are gearing up for what looks like another big harvest, putting further focus on whether a post-COVID-19 demand recovery can absorb a glut built up over the past year.
The main-crop harvest officially began on Friday in Ivory Coast and begins next week in Ghana, the world’s two top exporters of cocoa, accounting for about two-thirds of global production.
While their combined output is expected to fall in the new season, it would remain historically large, according to the countries’ regulators and analyst estimates.
Too much supply weighed on prices since the pandemic began, although signs of improving
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