(Ecofin Agency) - The world expects a record cocoa output this year. This was revealed by Jonathan Parkman who is in charge of agriculture at Marex Spectron.

Experts mainly count on better rains -as a result of La Nina weather phenomenon- to see these expectations met. According to the US weather agency, there is a 70% chance that La Nina will come.

Trusting the forecast, long term contracts on cocoa for December have reached $2,633 for a ton, thus 0.9% down and one of the lowest levels over the past three years, Agrimoney.com said.

In Cote d’Ivoire, global leading cocoa producer, producer price was raised by 10%, to 1100 CFA francs per kg. Experts believe the increase presents a risk, especially if cocoa’s price keeps slumping.

Aaron Akinocho