Ivory Coast is confronting mounting cocoa stockpiles after farmers accelerated harvesting in fear that the government may cut the record farm-gate price following a sharp drop in global markets, according to Bloomberg. Analysts say growers are stripping trees aggressively and pushing beans forward, inflating early-season arrivals.

The faster harvest has created bottlenecks inland. About 120,000 tons of cocoa remain stuck in warehouses awaiting delivery notes, paperwork needed to transport beans to ports, said Kone Moussa, head of the Synapci growers’ union.

Exporters are also constrained. Bloomberg reported that licensed buyers are facing a cash crunch as the collapse in global prices erodes income needed to honour forward contracts, prompting banks to curb lending. With many unable to finance new purchases, middlemen and cooperatives have diverted beans directly toward Abidjan and San Pedro, leaving both ports congested for nearly three weeks. Weekly arrivals have climbed above 100,000 tons.

The regulator, Le Conseil Café-Cacao, has intermittently shut its arrivals-recording system to control the flow of trucks and has begun cracking down on buyers accused of offering below-minimum prices or manipulating weights. Four people have been arrested, according to a statement.

Cocoa futures have fallen by more than half from last December’s peak as expectations of a surplus strengthen. Strong early deliveries from the world’s top grower have reinforced that outlook, adding pressure to prices.

Cocoa futures have more than halved from their December peak as expectations of a larger surplus strengthen. Robust early deliveries from the world’s biggest producer have reinforced that sentiment, exerting additional pressure on prices and shaping the global outlook for the current season.