Ivorian cocoa farmgate prices slip

ABIDJAN (Reuters) - Cocoa farmgate prices in most of Ivory Coast's main growing regions fell last week as low prices at port and rising supply weighed on the market, farmers and exporters said on Wednesday.

Prices in the port of Abidjan ranged between 570 and 625 CFA francs per kg compared with 550-650 CFA francs in the previous week, said a purchasing manager with an international cocoa exporter.

"The price has come down at the port. We've seen foreign demand weakening, which will drag farmgate prices down in the coming weeks," he said.

Benchmark world prices as set in London have fallen by 5 percent since the start of May. Cocoa futures for delivery in September traded at 1,619 pounds per tonne by 1127 GMT on Wednesday.

In the western Ivorian region of Soubre, the average price fell sharply by 105 CFA francs per kg to 485 francs as a result of higher supply in the region and lower prices in San Pedro port, farmers said.

"Prices are still coming down. Lots of farmers have sold at between 425 and 450 francs per kg because there's plenty of cocoa that's come out from the bush," said Roger Tano, whose farm is on the outskirts of Soubre.

Coffee and Cocoa Bourse (BCC) figures for the centre-western region of Daloa, which produces a quarter of Ivory Coast's national output, were not available but farmers said prices had fallen to 400-425 CFA francs per kg compared with an average of 425 francs in the previous week.

"The fall is a result of the prices exporters pay falling to 550 CFA francs per kg at most, compared with 580-600 francs the week before," said farmer Robert Allangba.