West African Growers Hold Back Cocoa in Risky Bet on Price Gains
Workers unload sacks of cocoa beans at a rebagging facility in San-Pedro, Ivory Coast.
Photographer: Paul Ninson/BloombergTakeaways by Bloomberg AI
Cocoa regulators in the world’s top growers Ivory Coast and Ghana are holding back bean sales for next season in the hope of higher prices, a risky bet that’s adding to liquidity woes in the futures market.
Forward sales by the two West African nations, which together account for about half of global cocoa production, have lagged their usual pace as the regulators favor selling closer to the start of the season and more spot deals, according to people familiar with the matter.