Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
A tour bus carrying Chinese-speaking tourists crashed near a national park in southern Utah, killing at least four people and critically injuring up to 15 others, authorities...U.S. Newsread more
* Ghana, Ivory Coast proposed $2,600/tonne minimum price
* Minimum price aims to protect farmers' incomes
* Technical meeting on July 3 will iron out details (Releads on agreement on price, adds quotes)
ACCRA/ABIDJAN, June 12 (Reuters) - Buyers of Ghana and Ivory Coast cocoa agreed on Wednesday to a minimum price of $2,600 per tonne, as proposed by the two governments to address a perceived imbalance between farmers' incomes and money made by big commodities traders.
The two West African nations account for nearly two thirds of global output, yet they exert limited influence over international cocoa prices, which have stayed low in recent years due to overproduction.
Representatives from across the industry met in Ghana's capital Accra this week to discuss a common floor price for cocoa beans produced in Ghana and Ivory Coast that would protect farmers' livelihoods.
Traders, manufacturers and processors agreed to the proposed floor price of $2,600 per tonne, but requested a technical meeting on July 3 to address details of its implementation, the Ghanaian and Ivorian agriculture ministries said.
"This is a historic meeting during which suppliers and buyers have engaged and agreed on a price below which the producers will not sell," the chief executive of Ghana's Cocobod, Joseph Aidoo, said at a press conference.
His Ivorian counterpart, Yves Kone, said: "We arrived at a consensus and everyone agrees that the producers are not well remunerated and that something must be done to improve the conditions of producers."
Ghana and Ivory Coast earlier on Wednesday suspended forward sales of cocoa beans for the 2020/21 season until an agreement was reached on the floor price.
This suspension will remain in place while they implement the floor price, according to the ministries' statement.
The two countries agreed to harmonize their sales system earlier this year in an effort to exert more influence on international prices.
They have sought a minimum price for the main crop, calling for sales contracts below this threshold to be compensated by a living income differential. (Reporting by Ange Aboa in Abidjan and Christian Akorlie in Accra Writing by Sofia Christensen Editing by Tim Cocks and Susan Fenton)