Brazil: Ivory Coast figures on cocoa may be skewed year-on-year

The last few days have been one of pressure in the cocoa market, due to the entry of the Ivory Coast crop, until then estimated at a high by the market. Despite the devaluation, Rafael Borges, from StoneX Brasil explains that after the beginning of the harvest with a 15% increase compared to the previous cycle, for four weeks now weekly deliveries in the country have been below the annual comparison. "Faced with this scenario, there are some viable explanations for the worst performance of the harvest recently. On the one hand, it is possible that the behavior of the numbers in recent weeks reveals an advance in cocoa deliveries in the Ports of Côte d'Ivoire, which may have been triggered by a greater urgency on the part of almond importers, who anticipated their purchases given the lower levels of physical stocks in Europe and Asia", says the consultancy report. "In fact, when analyzing the numbers of almond stocks, and above all the relationship between stock and demand, it is ...