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Company News from Wednesday, June 12, 2019
Source: clbadfmonline.com
2019-06-12
The new pricing structure will come into effect on October 1, 2019.
Fair Trade USA will raise the floor price and the fixed premium imposed on companies that pay cocoa farmers as part of its certification scheme, the organization said on Tuesday.
The increase is aimed at improving livelihoods in a sector that has long been fighting against farmer poverty, child labor and deforestation.
The non-profit organization will raise its minimum price for conventional cocoa from $ 2,000 to $ 2,400 per tonne. For organic cocoa, the price will be $ 300 higher than this minimum or the market price, whichever is higher at the time. The premium, used to fund community projects, will increase from $ 200 to $ 240 per tonne.
The new pricing structure will come into effect on October 1, 2019.
The 20% increase in prices aligns Fair Trade USA with the minimums set by the European Fairtrade International in December, these recently announced minimums affecting US-based brands and manufacturers.
According to the press release, in 2018 more than 22,000 tons of cocoa beans were sold by fair trade cocoa farmers.
According to data from the International Cocoa Organization, nearly 4.8 million tonnes of cocoa were produced worldwide in 2018/2019.
Representatives from Côte d'Ivoire and Ghana, the world's largest cocoa producers, met on Tuesday and Wednesday in Accra, Ghana's capital, to discuss farmers' incomes. Both countries are working to better harmonize their pricing systems.
Côte d 'Ivoire has set its guaranteed farm price at 750 CFA per kilogram (about US $ 1.29 per kg, or US $ 1,290 per tonne) for the 2018/20 main season, while Ghana has set its guaranteed price at 7.6 cedis (about US $ 1.41 per kilo or US $ 1,410 per ton). ).
Tuesday, futures prices in New York stood at $ 2,539, an 11-month high for the contract, but prices fell to $ 1,901 this year.
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