Wet cocoa bean price up nearly five times, tops ₹255 a kg
The price of wet cocoa beans this year has overtaken the cost of dry cocoa beans during the same period a year ago.
Central Arecanut and Cocoa Marketing and Processing Cooperative (Campco) Ltd, which is aggressive in this market, bought wet cocoa beans at ₹255 a kg and dry cocoa beans at ₹825 a kg on Monday.
During the year-ago period, farmers received around ₹55/kg for wet cocoa beans and ₹220 a kg for dry cocoa beans during year-ago period.
A Kishore Kumar Kodgi, Campco President, told businessline that the cooperative is now offering farmers a price of ₹255 a kg for wet cocoa beans. The cooperative procures cocoa from major cocoa growing centres in the Karnataka and Kerala markets.
He said Campco has been supporting farmers by offering them competitive prices.
11% lower global output
The commodity’s price has increased sharply in the past three weeks. Three weeks ago, Campco was buying wet cocoa beans at ₹160-175 a kg and dry cocoa beans at ₹600 a kg.
In a recent interaction with businessline, Krishnakumar HM, Managing Director of Campco, said global cocoa production has declined by around 11 per cent, especially in Africa. Climate change, El Nino’s impact, and a viral disease related to the cocoa root have led to plant destruction in some parts of the globe, which has led to an increase in the price of the commodity in the global market.
A kg of wet cocoa beans yields around 280 gm to 320 gm of dry cocoa beans. However, wet cocoa beans yield decreases during the rainy season.