Cameroon cocoa prices mostly fell since last month as cash-strapped farmers in the central African state sold off the first beans of the new season, dealers said on Friday. Cameroon, the world's fifth-largest cocoa grower, started its 2010-11 season at the beginning of August after ending a 2009-10 harvest that officials believe will come in close to the previous year's 205,000 tonnes.
"Despite heavy rainfall, we are witnessing a slight increase in the supply of beans," said Cameroon Marketing Commodities (CAMACO) manager Joseph Nde. "Farmers are using all means to dry their beans and sell so as to raise enough money to send their children back to school."
The only exception was around the southwest growing town of Mamfe, where farmers said strong buying interest from Nigerian smugglers had boosted prices to a record. "Farmers are willing to sell to them because they pay cash on the spot while the co-operative takes some time to pay," said Dickson Tambe, executive secretary of the Mamfe Central Area Co-operative Union (MACECOOP).