ABIDJAN, May 9 (Reuters) - Ivory Coast 2019 cashew output is expected to drop to 730,000 tonnes from 761,000 tonnes last year, due to bad weather conditions, the head of the state cotton and cashew council said on Thursday.
Council director Adama Coulibaly also said the market was slow compared to last year, due to a lack of financing and Vietnamese and Indian buyers’ reluctance.
He added that by May 6, cumulative cashew purchases were at 371,531 tonnes, down from 530,977 tonnes last year in the same period.
Ivory Coast has cut the 2019 farmgate price for cashews to 375 CFA francs per kilogram from 500 CFA francs.
Last year, international prices for cashews fell sharply and exporters in Ivory Coast were paid less than the the state-imposed price. Vietnam and India are key markets for Ivory Coast’s cashew nuts.
The cashew marketing season in Ivory Coast, the world’s top producer, opened officially on Feb. 15 and will close in late December. (Reporting by Loucoumane Coulibaly; Editing by Juliette Jabkhiro and Alexandra Hudson)