Farmgate cocoa prices rose between five and 25 percent in Cameroon, the world's fifth largest producer's main growing regions on the back of tight supplies as the main cocoa harvest season tails off, farmers said on Monday.
Farmers said prices rose to about 980 CFA francs ($1.89) from 930 CFA francs per kg in Kumba, in the South West region and from 800 CFA francs to 1000 CFA francs in Ebolowa in the South region.
“We have seen a significant increase in prices this month compared with last month, rising from 800 CFA to 1,000 CFA francs per kg of beans. Our hope is that things will continue this way until the end of the season,” said Efa Essien, a farmer in Ebolowa in the South region.
Emmanuel Nguile, a farmers who is also a local cooperative head in the Centre region, said there were very few beans left in the farms as the main harvest draws to a close.
“But demand remains strong as more buyers keep streaming in from Douala and Yaounde (the commercial and political capitals respectively),” Nguile said.
Cameroon's cocoa season runs from August to July with the main harvest taking place between October to January/February, while a smaller mid crop is harvested from May to July.
In the Eastern region of the country however, prices fell sharply by 20 to 25 percent to between 500 CFA and 600 CFA francs from 800 to 850 CFA francs per kg. Farmers said the fall was due to a lack of buyers who usually come in from neighbouring Gabon and Congo Republic.
“Since we do not always have many buyers from Yaounde and Douala because of the long distance and poor state of roads, our prices have dropped significantly,” said farmer Janvier Gbaman in Bertoua, in the East region
Gbaman said most farmers were stockpiling their produce due to the low prices, hoping that the situation would improve in the coming days or weeks.
Cocoa output in the Central African nation hit a record 240,000 tonnes in 2010/11, and Cameroon's Cocoa Development Authority (SODECAO) has forecast 250,000 output tonnes in the 2011/12 season. Cocoa exports reached 106,347 tonnes by end-November. - Reuters