{"id":161226,"date":"2019-12-06T10:30:13","date_gmt":"2019-12-06T15:30:13","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=161226"},"modified":"2019-12-06T08:05:28","modified_gmt":"2019-12-06T13:05:28","slug":"cocoa-analysis-higher-ivory-coast-output-bearish-for-cocoa-price","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/12\/cocoa-analysis-higher-ivory-coast-output-bearish-for-cocoa-price\/","title":{"rendered":"COCOA Analysis: Higher Ivory Coast output bearish for cocoa price"},"content":{"rendered":"
December 6, 2019<\/div>
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By IFCMarkets<\/a><\/strong><\/p>\n

Higher Ivory Coast output bearish for cocoa price<\/strong><\/p>\n

Cocoa production is up in Ivory Coast. Will the cocoa price<\/a> decline?<\/p>\n

Ivory Coast cocoa production is up in October: cocoa grinders processed 4.4 % higher beans compared to the same period last season. Grinders processed 47,000 tons of beans from the start of the season on October 1 to the end of October compared to 45,000 tons for October of last season, according to exporters\u2019 association GEPEX report. Ivory Coast is the world\u2019s top cocoa producer. Higher cocoa production in bearish for cocoa price. At the same time dry weather in Ivory Coast is an upside risk for cocoa. In the center-western region rainfall was 3.5 millimetres (mm) last week, 1.4 mm below the five-year average. And rainfall has been low in central, southern and northern regions too. Farmers are concerned the dry Harmattan winds from the Sahara may result in lower yields as Ivory Coast entered the dry season running from November to March when rain is scarce or light.<\/p>\n

\"COCOA<\/p>\n

On the daily timeframe the COCOA: D1<\/b> has been rising after retracing lower following price closing at 17-month high three weeks ago.<\/p>\n