In recent weeks, the price of cashew nuts from West Africa has risen sharply. This increase is the result of the low production rate of Asian states such as India and Vietnam, leading to a downward re-evaluation of the forecasts for the 2021 campaign in this region. This state of affairs is pushing Asian processors, who are used to obtaining supplies on the local market, to turn to West African production in order to make up for the lack of cashew nuts.
The direct consequence of the arrival of these new buyers on the West African market is the competition that is created with the usual buyers of this market. As a result, the demand for cashew nuts is very high this year, much to the delight of African producers. African processors must, in order not to be overtaken by the Asians, quickly obtain supplies from producers. The greater the demand, the higher the prices. The big winners of this dynamic campaign are the growers whose products are acquired at good prices, unlike in previous years.
Whether in the field or in the warehouse in Côte d’Ivoire, prices have risen both internationally and locally. According to Pierre Ricau, Chief Analyst of N’Kalo, it is therefore rare, very rare that the minimum price set by the State is respected, while today it is imposed on almost the entire territory.
As a reminder, our company Prime Prestige, one of the leaders in the export of raw materials has started its campaign this year for the happiness of our farmers on the one hand and international customers on the other.