Cocoa
Nigerian cocoa farmers are enjoying a price boom this year as cocoa prices in the world’s fourth-largest producer have reached the highest level in three years. Cocoa prices in Nigeria, peaked at NGN500,000 (USD2,941) a tonne at the end of February 2014 following rising prices on the international market and the strong demand for cocoa in the local market. Ghana Cocoa Board (COCOBOD) has come under fire for taking poor investment decisions that have denied the country the much needed foreign exchange.
Dairy
Arla, Scandinavia’s biggest dairy producer, estimates that one fifth of its annual turn-over will come from sales in growth markets by 2017. The co-operative has also got its sights set on China. Arla’s long-life milk is already for sale in China, where many consumers are known to pay more for western milk due to fears about potential food contamination of home-made products. One litre of organic long-life Arla milk costs $4.70 on the Chinese market.
Wheat
Russian wheat prices have added 9 percent in dollar terms since the start of the year mainly due to concerns over grain supplies from the Black Sea, triggered by Russia’s decision to annex Ukrainian region Crimea. Russia, expected to be the world’s fifth largest wheat exporter this year, shipped out 20.8 million tonnes of grains between July 1, 2013 and April 2, 2014, up 47 percent versus a year ago. In the Black Sea region, rainfall patterns are favorable for the development of the Russian wheat crop, but is expected to provide only modest relief to the dry conditions in the Ukraine.