We are following dried fruits and nuts industry carefully to give you a better insight about the major commodities. Please find brief market updates for Hazelnuts, Cashews, Brazil Nuts, Dried Apricots, Dried Mulberries and Sultana Raisins below. BATA FOOD will continue to publish latest dried fruits and nuts industry news and our comments at our blog.
Feel free to follow us on social media to get industry updates directly.
For more information about our products and market news of other products, do not hesitate to contact us.
Just before Turkish constitutional referendum which held on 16 April 2017, Turkish Grain Office (TMO) – government organization to support prices in agriculture industry – stepped into market and announced that they will start procuring hazelnuts starting April 24th with minimum prices of 10.00 TL/kg for Levant quality inshell hazelnuts and 10.50 TL/kg for Giresun quality inshell hazelnuts.
With this obvious political movement, prices increased sharply around 10% and market is very firm at the moment. Farmers are asking for higher base price level but still relieved as they were lobbying for it since the beginning of crop.
There is no significant frost damage at hazelnut growing regions this year, but last week farmers started “storm damage” rumours, which we think is a manipulative action.
New crop forecast for Turkish Hazelnuts will be announced at INC Congress – Chennai / India on May 19th and we will have more idea about harvest size and quality.
The Subjective Estimate (usually more accurate than Objective Estimate) for 2017 California Almond production announced today at 2.2 Billion lbs which is based on a telephone survey of almond growers.
Forecasted production is 2.8% higher compared to last year’s production of 2.14 Billion lbs. Rain and weather conditions were mostly favorable at growing regions. However, growers mentioned that forecasted yield per acre is lower than last year due to rainfalls during bloom made it difficult to spray the trees during bloom.
The Objective Estimate for the 2017 California Almond Production will be released in early July.
Cashew market going up continuously after it is clear that Vietnamese crop down 30% and quality is not looking good. African market was expected to cover loss of Vietnamese products with an optimistic crop, but now it’s been said that African crop in general is not good either. Demand is still strong and we can tell that prices are unlikely to decrease until Autumn and recommend buyers to cover their needs for 3-4 months especially for Whole Cashews if not industrial grades.
It is a fact that crop is 70% down for Brazil Nuts and prices are increasing continuously at origin – though there are almost no offers. We are now getting exclusive offers from origin (Bolivia) over 9.50 USD/lb for Medium and Midgets and even at these levels stocks are moving very fast – with an expectation that prices will exceed 10.00 USD/lb easily.
Importers in USA and Europe trying to cover as much as they can, especially the companies who use Brazil Nuts in luxury mixes. Right now it is not about the price but availability for Brazil Nuts.
We are offering Brazil Nuts directly from reliable packers at origin or spot in EU, so feel free to get in touch with us to check prices and availabilities.
Dried Mulberry market is stable and a good crop is expected in Turkey similar to apricots. New crop will be ready around late August / early September and our most important concern is for Organic Dried Mulberries, as some sellers apply Hydrogen Peroxide for bleaching just like it’s being done for Dried Figs – which is prohibited.
We will have more idea about crop quality in few weeks and will start accepting new crop early contracts on late June.
With optimal conditions (without frost) of blooming at Malatya, Dried Apricot prices are lowered for new crop, though current crop prices remain almost same. Crop is expected to be around 150,000 ton, probably large sizes will be limited (as typical for the large crops) and we also think that Natural and Organic supply will be relatively expensive as farmers will try to extend shelf life by sulphuring apricots so they will have a chance to keep their stocks for next crop.
So new crop is already priced and some packers started offering, but we think there will not be historically low prices as farmers in Malatya will be lobbying government to intervene and support prices – just like hazelnuts.
Main risk period for Sultanas in Turkey passed without any frost damage. With a big crop in 2016, market is stable right now and prices are mostly taking shape with a good new crop expectations. Stronger Turkish Lira (from 3.90 USD/TL to 3.50 – 3.55 USD/TL now) pressures market price but we do not see any sharp increases in a short term and probably not for the new crop as well.