Graded midcrop cocoa is trading at 450,000 naira ($2,647) a metric ton, down from NGN470,000 last week, said Bisi Omoyeni, a trader in Ile-ife, a major cocoa-growing and marketing center in Osun state.
"We are seeing a gradual fall in cocoa prices as marketing of the midcrop has begun replacing the main crop. The size of midcrop cocoa beans is smaller than those of the main crop and the crop sells at lower prices," Mr. Omoyeni told Dow Jones Newswires.
Farmers in Osun state began harvesting and selling the 2013-14 midcrop cocoa in mid-March following the end of the main crop harvest in the state, he added.
The midcrop harvest ends in August.
Osun state is the second-biggest producer of cocoa in Nigeria's largest cocoa-producing southwest region. The state and the four others-Ondo, Ekiti, Oyo and Ogun-account for 70% of Nigeria's annual cocoa production of 250,000 tons.
Mr. Omoyeni said the bean count of the midcrop cocoa being sold in Osun state stands at 170 grams per 300 beans whereas the bean count for good midcrop cocoa should be at least 260 grams per 300 beans.
"The midcrop cocoa beans on sale at the moment are small but the size and weight should improve when we get more rainfall in April and May," Mr. Omoyeni added.
Another trader in Oshogbo, the state capital, said exporters are purchasing and using the midcrop to blend the main crop they still have in their stores and warehouses.
Graded cocoa has been certified as fit for export by government inspectors.
source: http://online.wsj.com/
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