Cocoa Prices Forecast to Continue Rising
The world’s big commodity funds forecast cocoa prices will continue rising due to thin supply amid shrinking output in the world’s biggest cocoa growing areas.
In Vietnam, Cargill bought fermented cocoa at VND50,000/kilo on Oct 16 in central highlands Dak Lak province, up VND2,700/kilo from early October.
Vietnam is considered as a country with big potential in production and export of high-quality cocoa.
According to the statistics of the Ministry of Agriculture and Rural Development, Vietnam has 12,000 hectares of cocoa, concentrating in provinces of Dak Lak, Ben Tre, Tien Giang and some southeastern provinces.
Only 4,800 hectares of the area are harvestable with expected yields of 1,000 tons in 2009. (Vietnam Agriculture)
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