Commodities
Ideal weather for cocoa growers sets new production record for 2020-21 balance sheet
In its latest monitoring of world production, grindings, and stocks of cocoa beans, the ICCO report several revisions have been made to the 2020-21 cocoa balance sheet.
On the supply side, the production estimate has been adjusted up by 34,000 tonnes to 5.175 million tonnes, almost 1% above estimate provided in its previous Bulletin.
A higher yield observed in most of the major producing countries underlined the upward revisions, with conducive weather conditions globally playing a major role in setting a new production record.
On the demand side, grindings have been adjusted higher by almost 51,000 tonnes to 4.911 million tonnes based on increased use of beans as reflected in the trade of cocoa products.
The ICCO said despite the challenges of COVID-19, the opening of economies worldwide in 2021 has stimulated the overall recovery observed in the 2020-21 season’s grindings.
Cocoa grindings in 2020-21 are heading towards pre-pandemic levels – from an estimate of 4.707 million tonnes in 2019-20 to 4.911 million tonnes in 2020-21, which reflects a 4% year-on-year increase.
Rains in Africa
As Cote d’Ivoire, the largest cocoa-growing country in the world, heads into its dry season, local reports state that although rainfall is scarce, farmers across the country told local media soil moisture remains high and that leaves are green on the cocoa trees, with plenty of pods ready to be harvested in January.
“If we have good rains, the harvest will not stop abruptly in January," said Gerard M'Bra, who farms near Daloa, where 0.6mm of rain fell last week, 3.6mm below the five-year average.
