Top cocoa exporters in Ivory Coast, Africa are reported to have halted purchases of cocoa because they believe the price they have to pay producers is too high.
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US agribusinesses Cargill and Archer Daniels Midland suspended purchases of cocoa on Friday, reported Reuters, citing industry sources.
Swiss chocolate maker Barry Callebaut and some other smaller exporters have also halted purchases, the sources said.
The fall in world market prices means exporters cannot afford to pay the minimum price to farmers, one source at a leading exporter told Reuters. Farmers, meanwhile, maintain the minimum price is too low.
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