Ivory Coast, the world’s biggest cocoa producer, will keep the price paid to farmers for their beans unchanged as the smaller of two annual crops is set to start next month, according to the industry regulator.
The fixed price of 725 CFA francs ($1.43) a kilogram (2.2 pounds) will remain in effect “until further notice,” Le Conseil du Cafe-Cacao said today on its website. The so-called mid-crop will begin April 1, it said.
The regulator also urged buyers and cooperatives still holding beans from the main crop, which started in October, to sell them by March 31, according to its website.
Ivory Coast reformed its cocoa industry this season. Changes include a price guarantee to farmers that is 60 percent of the world market value for the chocolate ingredient and selling of 70 percent to 80 percent of the crop before the season starts.
To contact the editor responsible for this story: Claudia Carpenter at firstname.lastname@example.org