According to the Kenya Business Daily report on the 18th, due to the drop in international cotton prices, Kenyan cotton growers are eager to sell their cotton at a price higher than 65 shillings per kilogram ($1 for about 90 Kenyan shillings).
International cotton prices fell from US$1.78 per pound in 2011 to US$1 per pound this month, and the 43% price drop made it difficult for Kenya’s Cotton Development Authority to maintain its 2011 production price of 65 shillings per kilogram.
Samuel Lubanga, marketing manager of the Cotton Development Bureau, said: "The price of Kenyan cotton will fall to 50-55 shillings per kilogram, affected by the international market and international prices."
Harvest time in Kenya is not good for local cotton growers, because the Northern Hemisphere harvest season was the first to increase market supply before August, and when Kenyan farmers began harvesting in December, international prices have been pulled down.
International cotton prices fell from US$1.78 per pound in 2011 to US$1 per pound this month, and the 43% price drop made it difficult for Kenya’s Cotton Development Authority to maintain its 2011 production price of 65 shillings per kilogram.
Samuel Lubanga, marketing manager of the Cotton Development Bureau, said: "The price of Kenyan cotton will fall to 50-55 shillings per kilogram, affected by the international market and international prices."
Harvest time in Kenya is not good for local cotton growers, because the Northern Hemisphere harvest season was the first to increase market supply before August, and when Kenyan farmers began harvesting in December, international prices have been pulled down.
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