Commodities
Ivory Coast Cocoa Farmers Win Price Hike After Futures Soar
- Payments rise by 50%, remain far below levels on global market
- Cocoa futures reverse earlier gain, edging below $10,000 a ton
Cocoa beans are laid out to dry at a farm in Azaguie, Ivory Coast.
Photographer: Andrew Caballero-Reynolds/BloombergThis article is for subscribers only.
Ivory Coast agreed to pay cocoa farmers more for their beans, heeding calls for a price hike after futures surged to more than $10,000 a ton.
The world’s top producer of the chocolate ingredient will offer 1,500 CFA francs ($2.46) a kilogram for the mid-crop harvest that runs to Sept. 30, Minister of Agriculture Kobenan Kouassi Adjoumani said Tuesday in Abidjan. That’s a 50% increase on payments for the main-crop season that just ended.