Soybeans, corn futures see above 1% increase as U.S. crop condition slump
Businessam Staff
July 17, 2018
Chicago soybean and corn futures saw an increase of more than one percent each on Tuesday supported by a slight decline in the condition of both crops which have benefited from near-perfect weather across the U.S. Midwest. Wheat edged higher, recouping last session’s deep losses as the market was supported by lower production in the […]
Insurgency denies Nigerian farmers sorghum export opportunity
Temitayo AyetotoMay 28, 2018
Sorghum farmers in Nigeria have been denied a unique opportunity to benefit from the trade spat between China and the United States as a result of continuing insurgency in the country, especially in the northern parts of Nigeria. Chinese importers seeking alternative sources of sorghum are finding Nigeria, the world’s second-largest producer, unable to fill […]
China rouses interest in Indonesia palm oil import
Temitayo AyetotoMay 7, 2018
China’s interest in Indonesian palm oil appears roused as Li Keqiang, the premier, State Council of the People’s Republic of China has said on Monday the country was considering raising import quota of Indonesian product by at least 500,000 tonnes, according to a report monitored by businessamlive.com. Speaking after a meeting with Indonesian President Joko […]
Olam sees cocoa demand overwhelming output next season
Businessam StaffApril 24, 2018
The world’s third-biggest processor, Olam International Ltd. has indicated rising consumption will probably flip the global cocoa market into a shortage next season, according to a newswire report seen by business a.m. Demand is rising and some producing countries including Indonesia are struggling to boost output, Gerry Manley, head of cocoa at the Singapore-based company, […]
Repositioning Nigeria’s cocoa export for global competitiveness
Businessam StaffApril 23, 2018
By Joe ITAH That the world economy is driven by knowledge and technology with some developed countries of the world running trillion dollar economies lends credence to the fact that Nigeria more than ever before needs to diversify its economy from dependent on oil to non-oil. This is more so when one juxtaposes our economy […]
Cocoa posts higher future prices, rising 5.5% above trading speculations
Businessam StaffApril 18, 2018
Cocoa futures were higher on Wednesday, boosted by a stronger-than-expected first quarter grind in Europe. Europe’s first-quarter cocoa grind rose 5.5 percent from the same period last year to 358,432 tonnes, the Brussels-based European Cocoa Association said on Wednesday. Traders had expected a rise of about two to four percent. “It’s better than expectations and […]
Cotton prices expected to hit five-year high in 2018/2019 season
Temitayo AyetotoApril 3, 2018
Cotton prices may edge up to their highest in five years next season, according to International Cotton Advisory Committee forecast cutting inventories to the lowest since 2011-2012. The intergovernmental group, in its first forecast for cotton prices in 2018-19, which starts in August, saw them averaging 84 cents a pound, as measured by the Cotlook […]
Ghana may struggle to repay lenders’ $1.3bn cocoa loan, unlikely to meet crop target
Businessam StaffMarch 13, 2018
Joseph Boahen Aidoo, the chief executive officer of Ghana Cocoa Board said Monday that the country may struggle to fully pay back loans of $1.3 billion as this season’s harvest will likely be smaller contrary to what was earlier anticipated. The world’s second-biggest grower after Neighboring Ivory Coast signed for the loans with lenders such as Credit […]
Cocoa exporters in Ivory Coast demand refund on deficit supply
Businessam StaffMarch 1, 2018
Temitayo Ayetoto, with agency… Exporters of cocoa commodity in Ivory Coast are demanding that the industry regulator returns the costs and credit guarantees offered for contracts unmet due to a shortage of beans, according to four people familiar with the matter who spoke to the Bloomberg news service. The world’s biggest cocoa producer exporters are […]
Ivory Coast loses 125,000 tons of cocoa to smuggling
Businessam StaffFebruary 28, 2018
Ivory Coast lost an estimated 125,000 metric tons of cocoa this season through the smuggling of beans to neighboring countries where farmers and traders are paid better prices, according to sources who spoke with Bloomberg. The industry regulator of the world’s biggest cocoa producer estimates that the country lost as much as 100,000 tons through […]