Cocoa Prices Fall in Nigeria Due to Poor Midcrop Beans

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By Obafemi Oredein

Special to Dow Jones Newswires

IBADAN, Nigeria–Cocoa prices fell this week in Nigeria’s key producing states, industry officials and traders said Wednesday.

They attributed the lower prices to the poor quality of the 2021-22 season’s midcrop because of weather problems.

“Buying and selling of cocoa is at a low level, buyers and exporters do not find the midcrop on sale attractive,” said Bayo Omololu, a trader. “The size of the beans is very small while the weight is low because of the dry spell which hindered the growth of cocoa in the country.”

Graded cocoa certified fit for export by government inspectors is trading at 1.1 million Nigerian naira ($2,646) a metric ton in Ondo state, the country’s largest cocoa producer, said Toba Adenowuro, a cocoa desk officer at the state’s Ministry of Agriculture.

Cocoa fetched NGN1.2 million in Ondo state in the southwest region, on Friday, according to an industry official.

In Cross River state, the second-largest cocoa grower in Nigeria, the chocolate ingredient is selling for NGN1 million to NGN1.02 million from NGN1.16 million last week, according to a trader.

In Ogun state, located in the southwest region, cocoa fetched NGN1 million, down from NGN1.05 million a week ago, said Nojeem Olomide, an official of the Cocoa Association of Nigeria.

Vincent Ohwojakpor, a trader in Edo state, the biggest cocoa producer in the country’s midwest region, said cocoa is trading at NGN900,000 to NGN950,000 from NGN900,000 to NGN1 million on Monday.

Prices remained flat on week in Osun state, the country’s third-largest cocoa grower, at NGN1 million, and Akwa Ibom state in the southeast region at NGN900,000.

Write to Barcelona editors at barcelonaeditors@dowjones.com

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