AFRICA: Cocoa crop destroyed
African cocoa producers are destroying more than 250,000 tonnes of cocoa after withdrawing it from the market.Four countries: Ghana, Nigeria, Cameroon and Ivory Coast who produce around 70% of cocoa worldwide have agreed to destroy the cocoa and in a statement explained: "the aim is to raise prices and improve the quality of cocoa on the world market," after prices hit their lowest levels in February for 27 years.Apparently the amount of cocoa crop involved is around 8% and even though there is a recovery, it's not enough to bring prices back to their previous levels.According to the International Cocoa Organisation by destroying some of the next crop hopefully it will reverse the decline that they believe is due to the Asian and Russian financial crises in 1997 and 1998 and the declining role that governments are taking in trying to stabilise the market in producer countries.Earlier this year coffee producers agreed to withhold beans from the market if the price does not recover.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 16 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Nestle India grows with global, digital innovation
- Analysis: Tyson's shrewd investment in Beyond Meat
- How Nestle tackles Indian challenges - interview
- Lamb Weston goes it alone: six things to learn
- Thailand: convenience to continue to thrive
- Mars launches Maltesers in the US
- Bel takes majority stake in MOM Group
- Campbell backs US nutrition start-up Habit
- Mondelez focuses on margins as sales slip
- Nestle's Buitoni to remove GMOs
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Packaged Food: Quarterly Statement Q3 2016
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Meat Processing in China - Industry Market Research Report