In Ecuador, cocoa producers are considered the new rich of the agricultural sector given the shift in their position in the global market, displacing leaders such as Ghana and the Ivory Coast, where crops are affected by pests and drought.

Faced with these unfortunate circumstances on the other side of the map, Ecuador is positioning itself in the cocoa market, with a positive rise in international prices.

Currently, a cocoa producer can receive $350 per quintal, or 100 kilos of cocoa, compared to previous years when they could receive as little as $100. It is known that the price of the “new gold” will begin to rise in 2023.

Last year, “the sector generated approximately $3.6 billion, $600 million more than the mining sector, in a country whose economy depends largely on the exploitation of natural resources.”

On the other hand, according to reports, between September and March, “the value of cocoa exports, at $2.9 billion, was even $480 million higher than that of the strong banana sector, according to the Central Bank. It is the first time in six decades that it has surpassed it.”

Added to this is the price of a ton of cocoa on the international stock exchange, which is now at $9,000. But this bonanza isn’t always without danger, as producers have faced extortion from criminal gangs operating in the region, demanding money in exchange for letting them work.

M.Pino

Source: swissinfo

(Reference image source: Andres Medina on Unsplash)

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The increase in the prices of items such as cocoa and coffee, together with the hydrocarbon sector, has maintained a good rhythm of the markets in Latin America, despite declines in the value of wheat and corn.

According to the Bloomberg Commodities Spot Index, which analyzes future contracts for 24 items, including food and raw materials, as well as minerals and hydrocarbons, an increase of 5 % was experienced in the first half. The products that gave the greatest impetus to commodity trading and generated profits for investors were coffee, cocoa and oil.

Cocoa, although down from its peak in April, overall rose in value 84% from January to June. For its part, coffee, a key product in the region’s markets, reached a price increase of 22.3 %, leading Bloomberg’s list of the 24 products in the basket analyzed.

In contrast, wheat and corn futures contracts suffered losses in the first half (8.88% and 12.73 %, respectively). One of the main reasons for this decline in the price of corn is the effect of climate change in the United States; and in the case of wheat, as a consequence of the Russia-Ukraine conflict.

Oil and copper price increased from January to June

With respect to oil, this main source of energy and key in the economies of Latin America, the benchmark WTI crude oil experienced an increase between January and June of 16 %, and it is expected that together with Brent crude oil, prices will average in the second half barrel of $80 and $84, respectively.

The last step in the commodities section is occupied by copper, with gains that represent an increase of 15.4 %. Credicorp Capital’s projections suggest that demand for this mineral, with China as the main market (50 % of world production), will double by 2035.

M.Pino

With information from BloombegLínea

(Main reference image source: Elle inlom in Unsplash)

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The Venezuela Committee of the World Farmers Organization, together with the Barlovento Cocoa Conglomerate and the National Trade Union Coalition, estimate that cocoa production in the country will gradually increase to 60,000 tons within three years with the planting plan that the country is structured.

According to the information provided by Ricardo Urpino, president of the Venezuelan Committee of the World Cocoa Farmers Organization, the goal is to double production and go from “26,343 tons today to producing about 60,000 tons” in the coming years. in accordance with what is established “in the planting plan in the cocoa-producing states.”

Urpino explained that the current production is “very little for a nation that was the first cocoa producer in the world and they must double to reach their goal.” In addition, he stressed that this increase is equivalent to approximately “15 million dollars, because we are talking about several tons of cocoa that we are going to handle through the organization with the producers.”

Benefits for cocoa farmers

Urpino stated his intention to extend the cocoa planting plan to all the states of the Caribbean country, especially in Miranda, Aragua, Sucre and Zulia, which are the regions where the cocoa fruit is produced. He highlighted that in the Barlovento region, farmers are planting 500,000 plants that, according to the data handled by the committee, represent 454 hectares.

“We have the alliances through the organization to project this great plan to the other states, because the question is, at least, in three years to plant 10 million cocoa plants and increase production.” he indicated

In addition, he emphasized that farmers will receive other benefits such as “primary health care, funeral insurance and other tools so that they feel comfortable and more confident to carry out the work” and can improve their quality of life.

From his perspective, working together with private companies and state agencies will facilitate the development of the planting plan and will provide greater development of the sector in the country, because the greater the production, the greater the personnel for the logistics and operation of the processes. in each company.

M. Rodríguez

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Source: themoneypost.io

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