National Times (New York) – Cameroon, Indonesia and Malaysia are seeing a fall in the annual cocoa bean production, beating the drum for higher prices for the brown gold.
Last month, the International Cocoa Organization (ICCO) halved its forecast for the expected global cocoa surplus in the 2018/19 season as growth in grindings, a proxy for demand, is set to outpace production increases.
Prices for Cocoa in Cameroon have stayed above FCFA 1,000. The prices usually fall below FCFA 700 during the raining season and rise in the dry season.
Insecurity in the Cameroon’s South West and East Region have seen the production of the cocoa across the country fall by over a 30 percent of the last two years.
Growing demand for palm oil and plantations is driving prices for palm oil in Indonesia and Malaysia. Farmers and communities are turning cocoa plantations in the more profitable palm plantations.