Word: cocoa
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...economic integration of Latin America. (This week in Buenos Aires, the Inter-American Development Bank will launch an economic integration study unit−its first branch office in Latin America.) As for sagging commodity prices, Johnson promised to strengthen the international coffee agreement and seek ways to stabilize the cocoa market. That very afternoon, he added, he would ask Congress to eliminate the 1?-per-lb. sugar-import fee−which would guarantee Latinos another $40 million a year in sugar revenues...
...farmer reflected a curious detachment in the Dominican Republic four months after the abortive revolution. To the people of the country's farms and villages, Santo Domingo might as well be on Mars. What concerned them most was the sorry shape of the sugar, cocoa and coffee markets, the absence of rain, the shortage of food, the need to get pencils and books for the kids returning to school-in short, the same things that concerned them before Santo Domingo erupted...
Bitter Sugar. Hit hardest are the producers of cocoa, which dropped 45% this year to a postwar low of 120 a Ib. in mid-July, and has rebounded only 10 since then. Brazil, Cameroon, Togo and the Ivory Coast have been hurt, and Nigeria is paying its cocoa growers partly with promissory notes instead of money. Worst battered is Ghana, where cocoa produces 60% of the national income. Because of the price drop and Dictator Kwame Nkrumah's overly ambitious development schemes, the country is struggling with the severest economic crisis in its eight-year history. Factories in Accra...
...situation is almost as bitter for sugar, whose market has been swamped by an unexpected increase in the Cuban crop. The price is off even more than cocoa's-to a 100-year low of 20 a Ib., 60% less than a year ago. Fourteen Latin American nations feel the pinch. Efforts to revive the paralyzed economy of the Dominican Republic are hampered by the fact that sugar is its No. 1 crop-responsible for more than 50% of its earnings in world trade...
...glide up? The main reason is that commodity supplies are largely unpredictable, depend chiefly on the weather. International marketing agreements that could bring stability have been hard to negotiate and harder still to enforce. Castro upset the world sugar pact; the world coffee agreement is riddled with holes, and cocoa producers have repeatedly failed to agree on quotas and prices...