Cameroon raises cocoa farmgate price for 2023/2024 season

Cameroon has raised the fixed farmgate price it pays to cocoa farmers to 1,500 CFA francs ($2.47) per kilogram for the 2023/2024 season from 1,200 CFA francs last season, Trade Minister Luc Magloire Mbarga Atangana said on Thursday.

The price is the highest since 2015, the minister said, adding that it was increased due to a global production shortfall. London cocoa futures on ICE

steadied on Thursday , having hit a 46-year peak above £3,000 per metric ton in the previous session.

Cocoa remains supported by concerns the market is heading into a third straight deficit in the 2023/24 (October to September) season, with weather signals from key producing region West Africa still worrisome. ($1 = 608.0000 CFA francs)

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