Still not much cocoa available in January because the weather is very bad," Dakhri Sanusi, secretary general at the association told Reuters. Last month Sanusi told Reuters that cocoa output in Indonesia could fall 5 percent this year as extreme weather and heavy rain caused by La Nina disrupts agriculture and the production of other commodities.
Indonesia, the world's third biggest cocoa bean producer after Ivory Coast and Ghana, was late last year forecast to produce 500,000 tonnes of cocoa beans in 2010, down from 550,000 tonnes in 2009, the Association said. But the unusually long rainy season has wreaked havoc on most of the country's plantation crops, tightening supply to global markets and driving up prices.
Southeast Asia's largest economy also slapped an export tax on its cocoa beans from April last year in a bid to divert more fermented beans to local grinders. The tax ranges from zero to a maximum 15 percent on all cocoa bean exports, calculated on a base price set monthly by the trade ministry. ICE benchmark March cocoa fell $39 to close at $3,313 per tonne on Tuesday, just below last week's one-year peak of $3,420 per tonne. Cocoa prices have also rallied in response to the export ban called by Ivory Coast presidential claimant Alassane Ouattara on January 23, aimed to starve tax revenues from his rival for the presidency, Laurent Gbagbo.
Cocoa Bean Exports From Indonesia Plunge
Cocoa bean exports from Indonesia’s main growing provinces on Sulawesi island plunged 69 percent in April from a month earlier as the country imposed duty on overseas shipments. Coffee exports from Sumatra increased. Read More...
Indonesia cocoa exporters seek to rework contracts
Indonesian exporters have around 40,000 tonnes of cocoa beans in warehouses that are ready to be shipped and have been contracted for overseas, Halim said. Exporters have also bought about 30,000 tonnes from local suppliers for April-May shipment at a price that did not include the 10 percent export tax. Read More...
UPDATE 2-Indonesia to set new export tax on cocoa beans
Indonesian grinders have had to import fermented cocoa beans from West Africa, which increased costs for grinders. Based on the decree, beans will not be subject to any export tax if cocoa prices in the United States market in the previous month average at $2,000 a tonne, cost, insurance and freight (CIF). Cocoa beans exports will be subject to a 5 percent tax if U.S. cocoa prices average at $2,000-$2,750 per tonne and a 10 percent tax if cocoa prices average at $2,750-$3,500 a tonne. Read More... For the latest updates PRESS CTR + D or visit Stock Market news Today
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