June 13 Bad weather and crop disease have
hampered the cocoa crop in second-largest producer Ghana,
forcing processors there to import beans at rates higher than
usual, sources familiar with the matter told Reuters.
NEW YORK Fair Trade USA will increase the floor price and fixed premium it requires companies to pay cocoa farmers under its certification system, the organization said on Tuesday.
NEW YORK U.S. stockpiles of Venezuelan cocoa swelled in May to levels not seen in at least five years, a Reuters analysis showed, as exporters in the crisis-hit country hit by U.S. sanctions scramble to raise cash however they can.
FLORENCIA, Colombia Colombia's isolated south could be crucial to the country's push to expand coffee production by nearly 30 percent despite low global prices, its growers federation says, as farmers seek to ramp up productivity amid security improvements.
NEW YORK Starbucks and Mercon Coffee Group separately announced sustainability-focused loan facilities on Monday, signaling the coffee sector's growing emphasis on sustainability as climate change and low global prices threaten the future of the crop.
NEW YORK Brazil's farm minister said on Wednesday that a U.S. agreement to conduct further inspections on the country's meatpacking system is a step toward reopening the United States to fresh Brazilian beef, but is not sufficient.
(Corrects to remove the word "all" from headline; fixes description of coffee type in first paragraph)
NEW YORK, March 19 Ghana's Cocobod signed a $300
million three-year loan with several international lenders on
Tuesday to refinance central bank-raised cocoa bills and finance
production enhancement programs, one of the lenders said in a
BOGOTA/NEW YORK A proposal by Colombian coffee growers' federation that producer countries sell their high-quality harvests untethered from the New York market price could encourage buyers to look for alternative providers, importers and exporters said.
(Adds details from report, background)
By Ayenat Mersie
NEW YORK, March 13 South Africa's sugar tax
could slash industry revenues and prompt restructuring of the
country's sugar sector, the U.S. Department of Agriculture
(USDA) said in a report published on Wednesday.
The tax, introduced last April, has slashed the beverage
sector's use of sugar by 30 percent, the USDA attache in
Pretoria said, marking a major win for health advocates who have
sought to curb sugar consumption in an effort to fight health
epidemics of obesity and diabetes.
The initial law imposed a tax of 2.1 cents on beverages for
every gram of sugar in excess of 4 grams per 100 milliliters.
Last month, the government raised the tax to 2.21 cents per
gram, a 5 percent increase.
The sugar tax could reduce the sugar industry's revenues by
up to $129 million in the 2018-19 marketing year and in turn
reduce prices paid to sugarcane growers, the USDA report said,
Even without the tax, South Africa's sugar sector had been
beleaguered by low futures prices , competition from
imports and droughts.
"The current crisis in the sugar sector may be an
opportunity for the industry to restructure and for government
to reconsider the support measures it should be providing to the
industry," the USDA report said.
The tax could also present an opportunity for some U.S.
exporters of alternative sweeteners as well as to beverage
manufacturers capable of reformulating their products to contain
less than the 4-gram threshold, the USDA said.
On Monday, shares in South African sugar producer Tongaat
Hulett Ltd fell more than 14 percent to trade at their
lowest level since 1993. Shares of the struggling company fell
after its chief executive said last week that a review of past
accounting practices at the company could affect previously
reported financial information.
In October, raw sugar from South Africa made a rare
appearance in the cash delivery against an ICE Futures U.S.
contract, often seen as a buyer of last resort.
(Reporting by Ayenat Mersie; editing by Jonathan Oatis)