Ivory Coast plans to bring forward the start of its cocoa mid-crop season for the first time, a move aimed at slashing farmgate prices and clearing a growing stockpile of unsold beans, four sources told Reuters. The decision is intended to tackle a glut triggered by a sharp fall in global cocoa prices, which have dropped approximately 50 percent this year to near three-year lows, leaving Ivorian cocoa uncompetitive in international markets.
Under the new plan, cocoa harvested next month will be classified as mid-crop rather than main crop. Farmers will be paid between 800 and 1,000 CFA francs ($1.45–$1.81) per kilogram, far below the main crop price of 2,800 CFA francs per kg maintained since October. Officials hope the lower price will stimulate demand from exporters and grinders who have refused purchases at previous levels, allowing the country to clear thousands of tonnes reportedly piling up in inland warehouses and at ports.
The price collapse has exposed the fragility of Ivory Coast’s fixed-price model when global markets move sharply. The Coffee and Cocoa Council (CCC) has maintained the $400-per-ton Living Income Differential designed to protect farmer earnings, but the combination of high fixed prices and falling global futures rendered Ivorian beans uncompetitive, with premiums reportedly reaching $250–$470 per ton above futures. The mid-crop adjustment aligns offer prices closer to market realities while preserving the differential mechanism.
For the Ivorian economy, clearing the stockpile is essential to maintain farmer incomes, preserve bean quality, and sustain exporter relationships. Prolonged storage degrades cocoa quality, potentially damaging Ivory Coast’s reputation as a premium supplier. The forward purchase commitment, estimated at 400,000 to 450,000 tons for the mid-crop, provides some certainty to global buyers while allowing the CCC to manage supply without triggering a price collapse.
