Abidjan, Sept 30 - Cocoa farm-gate prices in Ivory Coast's main growing areas rose last week as quality improved and farmers were reluctant to sell before the fixing of new guidelines due early October, farmers said on Tuesday.
Buying is expected to pick up rapidly as exporters aim to build stocks in the two months before presidential elections, the timing of which is a major source of uncertainty.
"Whether elections happen on November 30 is what's preoccupying buyers. They want as many beans as quickly as possible because they don't know what's going to happen on that day," said a purchasing manager with a European exporting firm.
Presidential elections are intended to draw a line under a 2002/03 conflict that split the country, but observers doubt preparations are sufficiently advanced for voting to go ahead as planned.
In the southern region of Divo, the average cocoa price jumped to between 400 and 450 CFA francs ($0.994) per kg from 350 and 400 CFA two weeks ago.
Many farmers were reluctant to sell because they expect a higher level when the new guideline price is announced in October. The main crop season begins on Oct. 1.
A new management committee whose job is to oversee the cocoa sector, a crucial part of the economy in the world's top grower, began to work last week after the dissolution of the Coffee and Cocoa Bourse, whose reputation had been severely tainted by allegations of corruption.
In the western region of Soubre, in the heart of the cocoa belt, the average price rose to about 450 CFA francs, up from around 400 CFA francs in the previous week, as buyers for grinders were active. "Buyers for processors have been asking for lots of cocoa. Merchants tell us that processors want more beans," said farmer Koffi Kouame.
In the western region of Daloa, the source of one quarter of Ivory Coast national output farmers said the average price reached 450 CFA francs, up from 300 in the previous week, as cocoa was of good quality and merchants sought more beans.
Benchmark prices in New York peaked at over $3,000 per tonne in July, partially on worries about the quality of the Ivorian crop, but since fell to around $2,600 per tonne as commodities prices were depressed by global financial turmoil.
Black pod disease remains a major concern for exporters, who estimate this year's crop may be cut by as much as 8 percent as a result of infection.