Cocoa Mar 24 (CC=F)
- Financial Times
Anglo American to slash production in bid to cut costs
Mining group says measures will lower capital expenditure by $1.8bn between 2023-26 as it seeks to bolster share price
- Financial Times
Falling corn prices heap pressure on farmers
The price of corn has tumbled to a three-year low as supplies from the US and Brazil surge while demand stagnates, helping to cool food price inflation but heaping pressure on farmers who had been expecting high prices to last. Corn, which is used predominantly for animal feed and to produce ethanol, has been trading below $4.50 a bushel in Chicago in recent days, its lowest level since December 2020. The fall in prices, which has come after US farmers expanded their crop acreage last year in response to high prices, just as demand was dropping off, is proving a boon for hedge funds, who have been raising their bets on price falls.
- Reuters
Ghana COCOBOD to finalise $800 mln cocoa loan this month
Ghana's cocoa marketing board COCOBOD plans to finalise a $800 million syndicated loan with banks by the end of the month and will pay interest of nearly 8% in a reflection of tightening credit conditions, a board executive said on Tuesday. Ghana, the world's second largest cocoa producer behind Ivory Coast, uses an annual syndicated loan to finance bean purchases from farmers. "We want to draw down as quickly as it is approved," COCOBOD Deputy Chief Executive Officer Ray Ankrah told Reuters.
