Dong Nai: The soaring price season

According to some growers it in two districts: Thong Nhat, Trang Bom, which growers are now starting to enter it early harvest, the price of which is at a high level over the same period last year, is trading at 46-50 thousand / kg fresh, up about 16-18 thousand over the same period.

But it increases the productivity rates declined sharply, the current per hectare which was estimated to yield 1.5 - 2,5ta / hectare, down from 60-80% over the same period.

Causes that decrease productivity in the recent past due, when it is in the period of flowering, fruit set, having unseasonal rains make the pests to thrive, leading to it from drying cotton, fruit fall do reduced productivity. Main yield reduction was made scarce supplies push prices higher things.

According to the Vietnam Cashew Association, expected in 2017, the country exported 360 000 tonnes will be individual, with a turnover of $ 3 billion, an increase of about 3.4 in volume and 5.6% in value over the same sign. And to achieve that goal, branch of Vietnam has to import about 1.3 tons of crude.

Source: Dong Nai Newspaper

Months in decline in exports of cashew nuts

The first month of cashew exports slump

According to preliminary statistics of the General Administration of Customs, in the first months of 2017, the country had exported 18 070 tons of people of all kinds, grossed 164.5 million (down 27.2% in volume and 11.9% decrease in turnover compared to May 1/2016) and compared to the last month of 2016, the exports of cashew nuts also decreased 32% in both volume and turnover.

United States, China and the Netherlands remain the Top 3 biggest markets cashews kinds of Vietnam; while exports to the US reached 6,071 tons worth USD 57.4 million (accounting for 33.6% of total exports of cashew nuts of the country and accounted for 35% of total turnover), down 14% in volume but up 6.8% of turnover compared to June 1/2016).

Cashew exports to China months reached 3,416 tons, earning about 31.1 million dollars (19% of total exports and the country's cashew nuts), down 41.6% in volume and 27 , 6% of turnover compared to June 1/2016).

Export to the Netherlands 2,081 tons, earning about 19.4 million dollars (12% of total exports and the country's cashew nuts), down 26.8% in volume and 11% in value compared to January 1/2016).

In the first months of 2017, exports of cashew nuts to the majority of the market turnover declined compared to the first months of last year; however there are a few market grew stronger; notably including exports to the Greek market but not very high export volume, but compared with the same period last year, it increased to 150% and 246% increase in turnover (40 tons worth $ 396,500).

Besides being a market hit a high as well: exports to Australia increased by 45% in volume and 75% in value; to the UK increased by 35% in volume and 58% in value; New Zealand increased by 31% in volume and 57% in value.

In contrast, exports of cashew nuts on a 50% decline in the market such as Canada (-51%), Hong Kong (64%), Israel 81%), Taiwan (-77%), Pakistan (-83 %).

Preliminary statistics on the export of cashew GDC T1 / 2017
Unit: USD
Market	T1 / 2017		T1 / 2016		+/- (%) T1 / 2017 compared with T1 / 2016
	(Tons)	Value (USD)	(Tons)	Value (USD)	Measure	Value
total	18 070	164 458 109	24 835	186 667 417	-27.24	-11.9
USA	6071	57,435,140	7082	53,775,319	-14.28	6.81
China	3,416	31,142,624	5851	42,986,627	-41.62	-27.55
Netherlands	2081	19,439,219	2843	21,887,248	-26.8	-11.18
Australia	908	8294178	626	4738154	45.05	75.05
Brother	852	7274856	629	4609697	35.45	57.82
Canada	458	4478345	940	7414622	-51.28	-39.6
Virtue	470	4317563	871	6807893	-46.04	-36.58
Thailand	396	3531736	605	4699683	-34.55	-24.85
United Arab Emirates	346	2981602	428	2947026	-19.16	1.17
India	444	2675056	491	3243650	-9.57	-17.53
Italia	272	2053891	271	1496987	0.37	37.2
New Zealand	230	2026172	175	1293938	31.43	56.59
Fall	207	1905514	427	3199864	-51.52	-40.45
Japan	190	1663128	212	1640124	-10.38	1.4
France	132	1461243	173	1414715	-23.7	3.29
Belgium	96	912 874	79	612 255	21.52	49.1
Hong Kong &

Source: Vinacas.com

Cashew prices have risen by 30% in Cambodia

In Cambodia the price of fresh cashews has jumped by about 30 percent over the price last year after the industry experienced shortages and the fact that the harvest will not get into full swing until early next month.

A lack of investment in technology to process the cashews has also been partly blamed for the price hike.

Oum Uon, the president of a cashew nut association in Kampong Thom province, said fresh cashew prices had risen to about 8,500 riel (about $2.12) per kilo, compared with 6,500 riel ($1.60) per kilo last year.

Mr. Uon also said the yield for cashews this year would be less than the previous year because of unfavorable weather. This pushed up prices.

On Monday, representatives from the South Korean firm, Hwashin Construction, met Agriculture Minister Veng Sakhon to discuss potential investments of about $200 million on cashew nut exports and the development of irrigation systems in Cambodia.

Source: khmertimeskh.com

World Cashew.com Crop Report for March-April-May 2017 (1)

Mon Feb 20 2017

Weather conditions are highly favorable for the cashew crop in India, Vietnam, Nigeria, Ivory Coast, and Guinea-Bissau.

Moisture content in the soil is said to better compared to last year.

Except Vietnam, all the above countries are highly optimistic about this year’s crop size. However, the progress of harvest will be very slow till the second half of March.

We think that the crop-size of both India and Vietnam will be much better compared to last year’s negative growth.

Ivory Coast expects above 7 lakh tons and Guinea-Bissau expects more than 2 lakh tons.

Situation of the Indian state of Maharashtra should be a lesson for the Vietnamese cashew sector. After few years of bumper crop, cashew harvest is facing disaster after disaster in this state.

Vietnamese industries as well as farmers are more research oriented. They will tackle the situation

Source: http://worldcashew.com/

Cashew export predicted to earn $3 billion

According to VINACAS, Vietnam’s current cashew tree area is about 300,000 hectares, mainly in the southern provinces of Binh Phuoc, Dong Nai and Ba Ria Vung Tau.

However, 2017 cashew output is forecast to be about 300,000 tons, 150,000 tons less than in 2016 and 250,000 tons lower than initial estimates.

The ENSO phenomenon (a combination of El Nino and La Nina) and a shorter dry season were cited as the main reasons for the drop in cashew output.

In order to achieve the export goal, enterprises plan to import some 200,000 tons of raw cashew for processing.

VINACAS advised the sector, especially cashew trading firms, to instruct farmers on intensive cashew farming to enhance output and quality while linking up with State, scientists, business partners and farmers to develop stable material growing zones.

The General Statistics Office reported that total cashew exports hit 18,000 tons in January 2017, bringing home 164,000 USD, down 27.8 percent in volume and 12.6 percent in value year-on-year.

Vietnam exported 347,000 tons of cashew last year, earning 2.84 billion USD, up 5.6 percent in volume and 18.4 percent in value annually.

The US is the largest importer of Vietnamese processed cashew, accounting for 35 percent of the total. Europe makes up 25 percent, followed by China with 18 percent.

Source: http://english.vietnamnet.vn

Shortages push up cashew price

February 22, 2017

The price of fresh cashews has jumped by about 30 percent over the price last year due to shortages of the nut and the fact that the harvest will not get into full swing until early next month. A lack of investment in technology to process the fresh cashews has also pushed up prices. Oum Uon, the president of a cashew nut association in Kampong Thom province, said fresh cashew prices had risen to about 8,500 riel (about $2.12) per kilo, compared with 6,500 riel ($1.60) per kilo last year. He added that the processing, packaging and distribution costs of cashews made up the shop price of $15 to $17.50 per kilo.Mr. Uon said the yield for cashews this year would be less than the previous year because of unfavorable weather. This pushed up prices. He said that his association comprised more than 300 families in three districts in Kampong Thom province – Prasat Sambour, Prasat Balangk and Kampong Svay. He added that the association expects to get about 30 tonnes of fresh cashews from this year’s harvest. Thiv Vanthy, the director of the agriculture department in Kampong Thom, said the weather had varied for cashew farmers in different parts of the province, but there was a high standard of fresh nuts.

Besides the local market, the main markets for fresh cashews were Vietnam and Thailand.He said that prices had climbed from about 3,000 riel ($0.75) to about $2 per kilogram this year, from 5,000 riel ($1.25) last year. Kampong Thom had about 25,000 hectares of cashew plantations, providing and average yield of 500kg  to 800kg  per hectare.“We always help promote new technology on growing, harvesting and storage to farmers,” Mr. Vanthy said.

“Our experts always come to help them.“Farmers are really happy with the price of cashew nuts rising this year, however we don’t have any investment in high technology to process cashew nuts in our province,” Mr. Vanthy said. Loeng Kimsean, the owner of Chamkarleu Cashew Nut, said the prices had jumped dramatically. Harvesting would be in March, though in some areas the harvest had started. Mr. Kimsean, who has planted five hectares of cashew nuts, said his produce was only for his own processing.

“This year, the yield will be lower than last year when one hectare provided less than one tonne of fresh cashew nuts while it was three tonnes in 2015,” he added. Mr. Kimsean said the yield of cashew nuts was low, but prices were high. On Monday, representatives from South Korean firm Hwashin Construction met Agriculture Minister Veng Sakhon to discuss potential investment of about $200 million on cashew nut exports and development of the irrigation system in Cambodia.

Source:http://www.khmertimeskh.com

Chile expects to produce 20% more nuts than in 2017

February 17, 2017

Despite the catastrophic rains the balance for 2016 was positive

According to Andres Rodriguez, the CEO of the Chilean Walnut Commission and a member of the nut trade committee (a committee that also involves representatives of Chilenut), Chile expects its nut production to increase by 20% in 2017. According to conservative forecasts, production is expected to go from 75 thousand tons in 2016 to 90,000 tons in this period.Rodriguez said that this good news was backed up by an absence of frost in spring, except in some specific cases, and the suitable temperatures that allowed a good flowering, which together augur an auspicious harvest in the months of March and April.Industry figures are also promising for the long-term. In the next 5 years, production should double as the orchards that have been planted in recent years should start their full production. The estimated planted area for 2017 is 43,662 hectares, and only 60% of this area is in total productivity, according to the Chilean Walnut Commission.Shelled nut exports in 2016 amounted to US $93.4 million. Their main destinations were Turkey, Italy, and the United Arab Emirates. Meanwhile, nuts in shell exports amounted to US $137.7 million, and the most relevant importers were Brazil, Germany, and Italy.

Robustness after the catastrophe of 2016

Looking ahead, we can say that 2016 was a tremendously positive year for the Chilean walnut industry, independent of the catastrophic rains in April year.The sector achieved a greater opening of the Chinese market. India approved phosphine fumigation. The sector held an excellent annual conference with more than 500 attendees, and at the end of the year, the Chilean Walnut Commission, which brings together nut exporters, and Chilenut, which brings together producers of this fruit, achieved a Joint Operating Agreement.The year, however, had a rocky start. In April, there were bad weather fronts of an unprecedented magnitude; the situation became catastrophic because it was full harvest season. Producers had huge losses in volume and quality, which impacted the product's price."Those rains hit us hard. We lacked responsiveness, many producers didn't have the infrastructure to collect their fruit and dry it. We had the nuts in high humidity conditions and it took a long time to dry them, which clearly affect their quality," said Fernando Cabrera, the manager of Agricola Huertos del Valle.

Prospects in China and India

We were affected by the weather, but achieved interesting things in the two most populous countries: China and India.A container with Chilean nuts in shell arrived in China in May, for the first time ever. It was an initial business of US $ 200,000. "This is just the beginning for a giant market like China, where we expect to ship at least 10 times more product in 2017," said the export manager of the company, Rémi Decottignies.He also said that the Chinese were willing to pay premium prices for Chilean nuts, a product that can be used as snacks, roasted, in salads, or to make nut milk. "The Chinese middle class is consuming more of these kinds of products."Andrés Rodríguez, said that while they had access for shelled nuts since 2014, 95% of Chinese imports (from other countries) were of in shell nuts. That's why this agreement, which was achieved in January, was the most anticipated.

In August, after a long negotiation process, India authorized phosphine fumigation for Chilean nuts. Thus, the authorization replacing fumigation with methyl bromide was formalized. This will facilitate access to the Indian market.Nut imports in India increased in recent years, in 2015 the volume of in shell nut imports grew by 900% over the previous year. India has a market of 1.3 billion people and a strong culture of nut consumption, so the possibilities that this new scenario creates are auspicious for the nut industry, even more so when considering that the authorization for the use of phosphine was only granted to Chile.

Source: www.chileanwalnut.com

Farms in southern Vietnam suffer from abnormal rains

February 16, 2017

In Dong Nai Province, many kinds of perennial and fruit trees died due to prolonged and heavy rains during the dry season. Productivity has just reached 30 per cent as compared to last year’s crops. Nguyen Thi Kim Mai, a farmer in Phu Ngoc Commune in Dinh Quan District, said “the mango trees could not be fruit-bearing because the unseasonal rains made fungus attack the flowers”. Mai’s family is growing 14ha of mangos and 10 ha of cashews. In previous years, her family harvested about 200 tonnes of mangoes, which brought a profit of hundreds of million of dong per year along with VND500 million profit from cashews.

However, since late last year, the abnormal weather has caused her family’s mangoes and cashews yields to dramatically decrease. Pepper growers have also suffered similar losses, with hundreds of hectares of pepper destroyed and many households pushed to bankruptcy. Tran Van Hoanh, a pepper grower in Song Ray Commune of Cam My District, said his family has 10,000sq.m of pepper that usually yields 5 tonnes and a profit of VND600 million annually. But since earlier this year, the unseasonal heavy rains destroyed 70 per cent of the total trees.

“Many working hours of my family members and money lent from banks ware washed away”, he said. According to the farmer, pepper was considered a “gold” tree, but it needed a big investment. Growing one hectare of pepper cost VND600-800 million. The tree just bears the beans after 4 years, said Hoanh.

“My family would lend more from banks for re-growing. But I was not sure about the weather”, he said. “The weather was developing unusually, and I was worried about diseases to the trees. And the farmers could not deal by themselves”, he said. According to Dong Nai Province’s Cultivation and Plant Protection Department, the province has about 11,500ha of mangoes, 40,000ha of cashews, 14,300 ha of peppers, and 11,000ha of rambutans. Tran Lam Sinh, the department’s head, said local government has set up working teams to inspect the situation and draw out measures to help farmers prevent diseases from spreading. The recent abnormal weather has damaged dozens of hectares of mangoes and rambutans and destroyed hectares of peppers.

Pepper and cashew growers in Binh Phuoc Province have suffered the same situation, due to the impacts of climate change. Binh Phuoc Province is considered Viet Nam’s cashew kingdom. The farmers earned big profits last year, when the yield reached 202,000 tonnes on total area of 149,000ha and the price was at peak as compared previous years, reported the provincial Agriculture and Rural Development.

However, this year will be hard.

“The unseasonal rains destroyed cashew flowers, so this year the yield will definitely reduce by 50 per cent”, Nguyen Van Chien from Bu Gia Map District told Dau Tu (Investment) Review. “The weather this year was so strange. I had never ever seen heavy rains in February. The rain destroyed all my flower-bearing trees”, said Nguyen Van Tu in Dong Phu District.

Scarce for export demand

The unusual weather has not only caused losses for farmers but also for exporting businesses. The big concern for pepper and cashew exporting businesses is lack of products to fulfill contracts signed this year. According to Tran Hoang Son, director of Gia Bao Cashew Company, the cashew price will increase to VND50,000 from VND45,000 per kg due to crop losses.

“The increase of price is not the only concern. The product scarcity is really a headache for the business”, Son said. We were afraid we’d lack products to fulfill the contracts this year, he said.

Hua Thi Lien, director of Viet Pepper Company based in HCM City, expressed her worries about foreseen losses of pepper crops.

Our companies signed big contracts with partners in India, Canada, and China, she said. The company will definitely suffer losses due to price hikes and lack of products for export, Lien said.

Source:http://english.vietnamnet.vn

Tanzania: Shilling Stabilised in 2016 On Increased U.S Dollar Inflows

February 16, 2017

Dollars inflows from cashew nut exports and improved liquidity from government spending contributed to shilling stability, which remained unchanged in the last quarter of last year. According to the NMB Market Digest, the shilling traded at the same levels following continued dollar inflows from cashew nuts exports worth about 200 million US dollars (about 435bn/-).

However, the impact of the inflows was lighter compared to increased demand for the local currency that was a result of improved liquidity in the market from government spending. The pair in the last quarter closed at 2181 which is lower than 2182 that staged in the preceding quarter. Unlike most of the year end whereby local currency appreciates as liquidity tights, 2016 was different leaving the US dollar/shilling pair trading flat.

"Overall, the currency was stable in 2016 on account of limited volatility, tight liquidity throughout the year which forced the central bank to participate on both sides of the market with a bias to buying US dollars in order to distribute the local currency liquidity," stated the report. Also, despite an increase in global oil prices year on year basis from a close of 47.07 US dollars per barrel in 2015 to 58.04 US dollars per barrel in 2016 and oil being the major part of the country's imports, there was only limited volatility on the local currency. The country imports dropped adding to the stability of the local currency.

The shilling depreciated by only one per cent last year against 25 per cent depreciation seen in 2015. Similarly, the diminishing aid inflows had only limited impact on the shilling. The decline of donor aid led to the need by the government to fund the budget domestically whereby the government focused to double revenue collection and hit the target of 16.3 per cent GDP in 2016/17 which is expected to curb the local currency depreciation. Furthermore, the last quarter in 2016 witnessed the decreasing trend in money markets activities. Traded volumes in the quarter under review totaled 2.35tri/-, which is higher than 2.31tri/- recorded in quarter three.

Source:http://allafrica.com

Cote d’Ivoire : cashew sold at 0.71 $ per kg in 2017

February 18, 2017

In Cote d’Ivoire, minimum price to cashew producers is FCFA 440/kg (0.71$) for the ongoing season, which started on Feb 16. This was disclosed by the government at the end of council of ministers held last Wednesday.

The new rate is FCFA90 more than FCFA350 in place during the previous season. It will be applied to all “well dried nuts with no foreign material hampering its quality”.

By increasing producer price, the Ivorian government satisfies the farmers who asked for the increase to “help fight poverty in some of the areas where the crop is grown”.

Last year, cashew farmers had a total revenue of FCFA325 billion from their activities, reports Ivorian Press Agency (AIP). Cote d’Ivoire produced 650,000 tons of cashew that year, thus being world’s leading cashew producer.

Source:http://www.ecofinagency.com

VINACAS: The amount that inventories in the country and the world is relatively low

Tue Feb 07 2017

Up to nearly the end of 1/2017, that inventories of the domestic market as well as relatively low world. Buyers are watching and waiting for the seasonal changes to purchasing decisions, as well as price adjustments in the first quarter / 2017.

So VINACAS said that businesses will have to balance and import more raw materials for production until the beginning of the 2017. Currently, some enterprises are waiting for shipments imported from Tanzania and Indonesia in January and 2/2017. By this time there are also very few offerings from Tanzania and Indonesia by the end of service customers and low inventory while businesses signed nearly sold out.

It's the world's inventory is not much

VINACAS said, in North America and Europe, inventory of what's coming this time is not much. Therefore, buyers are watching and waiting for the seasonal changes to purchasing decisions, as well as price adjustments in the first quarter / 2017. According to forecasts, by 2017 the human cost in the range of 4-4 25 USD / lb and the price will drop below $ 4 / lb in a short time.

At the same time, demand for individual purchase in India, mostly in high-level group of raw white (WW240) but in small quantities due to high price. However, commodities are now attracting more interest in what's not is that shell and cashew nut shell oil prices tend to rise again.

Also, in the Ivory Coast and West Africa, the current season is normal and expected in early May 3/2017 ro service. Cotton Council and Article Ivorian forecast, the floor price of crude farmgate expected in 2017 is 500 CFA / kg.

Ministry of Agriculture and Rural Development estimated that 1/2017 exports over the same period last year fell 20% to 20 thousand tons and decreased 4% to $ 76 million.

Meanwhile, import volumes increased cashews 62% to 57 thousand tons with a turnover of 124 million, up more than 2 times compared to the same period last year.

Besides, a few things in Binh Phuoc transaction was carried out from mid-January to the purchase price is 53,000 VND / kg. Although, it's price fell 1,000 VND / kg compared to the peak prices recorded in the last two months in 2016, but this is still a high price at the moment, thanks to the export market are rising again.

Source: VNB - PL.XH

Cote d’ivoire anticipates record cashew output in 2017

Mon Feb 06 2017

According to executive director of the National Council for the marketing of Cotton and Cashew Council (CCA), the output of the Ivory Coast in 2016 dropped to about 650,000 tons, from a record high of 702,000 tonnes in 2015. However, , good weather is forecast to boost production in the exporting country the world's largest crude to record highs in 2017.

Production of crude in 2016 decreased due to adverse weather and cashew entered the recovery phase after the high yield in 2015. Good weather at the end of 2016 will be the conditions for cashew production in 2017 reached record high. CCA aims production of crude by 2020, 1 million tons. 1 decade ago, Ivory Coast produced only 80,000 tons of crude annually.

Strong demand from Asia boosted production growth of 10% / year when the government continuously supports promoting this sector as part of the economic recovery plan, after the civil war ended in 2011. Only 90,000 tons of crude processed in local representative in 2016 but said CCA will increase 140,000 tons in 2017 when the new plant goes into operation.

Source: Reuters

Insufficient processing causes Nigeria to lose $1.4billion in 2016 on cashew exports

Wednesday, 01 February 2017

(Ecofin Agency) - Nigeria’s inability to process cashew nuts in significant quantities for export resulted in the loss of $1.4 billion in 2016. Data from the National Cashew Association of Nigeria (NCAN) showed that the country exported a total of 160,000 metic tons of cashew valued at $300 million in 2016.According to the Vice president, Nigeria Agribusiness Group, Emmanuel Ijewere, about 90% ($270 million) of cashew exports in 2016 were unprocessed.“The cashew industry is a massive industry that is waiting to be tapped. Processing is where the money really is but we process very little for export. A ton of processed cashew, as we speak, is sold for $12,000 while a ton of raw cashew is $1,200. You can see the difference is massive,” Anga Sotonye, an executive member of the National Cashew Association and the chief executive officer, Universal Quest Limited, told Business Day.Sotonye urged the government to learn from Ivory Coast and put in place incentives to attract investment and promote processing in the cashew industry. “With processing of cashew nuts, the government will create massive jobs for the unemployed youths and generate a lot of revenue,” he added.Nigeria is the fourth largest producer of cashew in Africa and the sixth in the world with an output of 160,000 metric tons per year. A production which is expected to reach 500,000 metric tons by 2020. The main export destinations for the crop are Europe, India and the United States.

Source: http://www.ecofinagency.com/agriculture/0102-36386-insufficient-processing-causes-nigeria-to-lose-1-4billion-in-2016-on-cashew-exports

Vietnam Cashew nuts can 'game master' global

Thu Jan 19 2017

Aims to export 360,000 tons of people with a turnover of approximately US $ 3 billion in 2017, the Vietnam Cashew Association (Vinacas) that we can fully master the game on global market conditions.

According to statistics of the Ministry of Industry and Trade, in 2016, Vietnam exported 348,000 tons of people, turnover reached 2.84 billion dollars, up 5.6% in volume and 18.4% in value compared to the same period in 2015.

Vietnam Cashew nuts are exported to 90 markets, of which the US accounts for the highest market share of about 35%, European countries and the UK at 25% and China 18%.

Thus, since 2006, consecutively in the past 11 years, Vietnam's export processing country the greatest thing in the world, accounting for over 50% of crude processed and 42% of global exports of cashew kernels.

However, to achieve such impressive export, in 2016 the enterprises (companies) have to import raw cashew biggest production so far is 1.06 million tons, up 14% compared to the previous year, mainly from the African region. With a growth rate as today, Vinacas expected, in 2017, imports of crude is estimated at 1.1 million tonnes. Meanwhile, domestic crude production was only 400,000 tons.

Talking to reporters e-Government, Mr. Nguyen Duc Thanh, chairman of Vinacas said though import large quantities of crude, but the processing machinery is quite modern, domestic enterprises can be increased about 30% of the value of raw cashew nuts. Thus, the import is positive. But the company also disadvantaged by large supply dependency.

According to Thanh, domestic enterprises need to overcome is the weakest link is not close, sometimes up everyone to buy. While if the same DN synergies, we can fully master the game, because Vietnam is export processing greatest thing in the world, accounting for over 50% of crude.

Vinacas forecasts in 2017, this sector continues to grow due to the demand of the world consumption is not reduced. However, in terms of price, according to Mr. Ta Quang Huyen, Deputy Chairman of Vinacas, after years of continuous growth, the price of which may have peaked during late 2016. As a result, these companies need to regularly update changes in market prices to a reasonable adjustment in production trading.-.

Source: Chinhphu.vn