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Sunday, December 10, 2017

Cameroon's Cocoa Prices Dip, Amid Huge Harvests--Traders, Farmers

File photo : Cameroon Flag

Farmers in Cameroon's key cocoa-growing Center region are accepting prices lower than 4% for cocoa this week, compared to the week earlier, as production grows, traders and farmers said Sunday.

They said each kilogram of cocoa beans in the province was selling for 700 and 800 Central African francs ($1.25 - $1.43), down 4.76% from XAF725 and XAF850 traders paid for cocoa beans last week.

Unlike the last season, Cameroon has enjoyed excellent weather conditions in recent months, prompting higher yields and supplies of the crop.

"Cocoa prices continue to plunge because of good harvest," said Alphonse Emmanuel Nguile, vice president of a cocoa and coffee farmers' organization.

By Emmanuel Tumanjong , for Fox Business