Ivory Coast Cocoa Exporters Said to Seek Sale System Changes - Bloomberg
'Ivory Coast is forecast to produce 1.9 million metric tons of the beans in the season through September, according to International Cocoa Organization data. '
'Cocoa exporter associations in Ivory Coast told the government that the industry regulator should change the auctioning system of the world’s biggest grower by introducing separate sales for international and local buyers. '
'In the past, some firms have been wary of dealing with Ivorian firms due to concerns that the local companies do not have the infrastructure in place to guarantee the delivery and quantity. '
'Under the current system operated by regulator Le Conseil du Cafe Cacao, international companies bid in competition with their local units and give priority to the local branches, the exporters said. '
'This raises the potential for defaults because the contracts are allocated in December at the earliest, the exporters said. '
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'Ivory Coast is forecast to produce 1.9 million metric tons of the beans in the season through September, according to International Cocoa Organization data. '
'Cocoa exporter associations in Ivory Coast told the government that the industry regulator should change the auctioning system of the world’s biggest grower by introducing separate sales for international and local buyers. '
'In the past, some firms have been wary of dealing with Ivorian firms due to concerns that the local companies do not have the infrastructure in place to guarantee the delivery and quantity. '
'Under the current system operated by regulator Le Conseil du Cafe Cacao, international companies bid in competition with their local units and give priority to the local branches, the exporters said. '
'This raises the potential for defaults because the contracts are allocated in December at the earliest, the exporters said. '
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