Cashew buying season opens as prices drop 16%

The Cashew nut Board of Tanzania (CBT) has announced 1,000/- and 800/- as indicative prices of standard and under grades of the cash crop, respectively.

During the previous 2012/2013 crop season, the indicative price was 1,200 and CBT collected 130,000 tonnes of the cash crop, with estimates for this crop season put at over 150,000 tonnes.

Speaking to reporters in Dar es Salaam, the CBT Vice Chairman, Mr Mudhihir Mudhihir said that the prices may rise or fall depending on the market forces as disused by the cashew nut stakeholders during their 2013 General Meeting in Dodoma.

“The domestic cashew prices are subject to fluctuations in the world market…farmers will get all information about exposing price which accepted.” he said.

Mr Mudhihir said the meeting agreed to address all challenges faced during the past seasons, with the auctions taking place at regions’ major cooperative unions under the close watch of CBT.

He declared next Monday as the season’s official opening day, urging all stakeholders like banks, farmers and buyers to finalise preparations for the opening day.

CBT General Director Mfaume Juma said the board will this season construct three cashew processing industries in Mtwara, Lindi and Coast regions to ease the crop’s marketing problems.
Source: Daily News, reported by Janeth Mtui, from Dar es Salaam, Tanzania
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