- Advertisement -spot_img
34.3 C
Lagos
HomeBusiness NewsIvory Coast to lower mid-crop cocoa farmer price - CCC

Ivory Coast to lower mid-crop cocoa farmer price – CCC

- Advertisement -spot_img
Top cocoa grower Ivory Coast will lower its guaranteed price for farmers for the April to September mid-crop due to a sharp drop in world cocoa futures prices, the marketing board said in a note to producers on Tuesday.

images?q=tbn:ANd9GcQCopw1hNxjScWnr2ZFDtL4

The farmer price, which is based on the average price attained by the Coffee and Cocoa Council (CCC) during forward sales, was fixed at 1,100 CFA francs ($1.80) per kg for the current main crop.
After several years of steadily increasing world prices, cocoa futures have tumbled rapidly since September, falling to the lowest levels in nearly a decade this month. Both London LCCc2 and New York CCc1 are down around 20 percent since September.
“This situation will mean that the price for producers for the mid-crop harvest will also be reduced,” the CCC said in the note, which was posted on its website.
The CCC has progressively raised farmer prices since introducing the forward sales system in 2012.
While the CCC did not say how much farmers would receive for the mid-crop, any reduction will likely be met with frustration by farmers already facing the fallout of a glut of beans caused by high production and a wave of export contract defaults.
© Reuters 

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img