Feb. 13 (Bloomberg) -- Output of cocoa from Nigeria, the fourth-biggest producer, may fall by 20 percent this season due to rain-induced losses at the start of the growing period, according to Olam International Ltd.
Cocoa bean purchases from the beginning of the main-crop season on Oct. 1 to Feb. 7, declined 29 percent to 110,000 metric tons, compared with 155,000 tons a year earlier, Anant Patil, a business development manager at agricultural commodity trading company Olam Nigeria Ltd., said by phone from Lagos on Feb. 9.
“Cocoa is coming out slowly, so I think that the crop is not as much as last year’s,” Patil said. Rain damaged flowers on the trees, preventing them from maturing and washing away fertilizers, he said.
Nigeria ranks behind Ivory Coast, Ghana and Indonesia in cocoa production, according to the International Cocoa Organization.
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