ABIDJAN, Jan 15 (Reuters) - Ivory Coast’s Coffee and Cocoa Council (CCC) has sold nearly 720,000 tonnes of cocoa export contracts by Jan. 3 for the 2020/21 season, with prices that include a new $400 per tonne living income differential (LID), the cocoa regulator said on Wednesday.
Ivory Coast was expecting to sell forward around 1.6 million tonnes of next season’s crop. The LID was introduced by Ghana and top producer Ivory Coast in an effort to raise farmers’ incomes.
Ivory Coast and Ghana announced in July that all cocoa purchases for the 2020/21 season must include a LID of $400 per tonne in a bid to tackle pervasive farmer poverty.
The move was a major overhaul of how global cocoa was priced and buyers initially responded cautiously with only a few deals concluded in the period immediately following the announcement. (Reporting by Ange Aboa; Juliette Jabkhiro; editing by Louise Heavens)