Nuts

Cashews: slight increase in global production

July 27, 2022 3:30 PM, Der AUDITOR
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REUS/YAMOUSSOUKRO. After Cambodia massively revised its crop figures upwards, the INC had to adjust production estimates for 2021/22 once again. A slight increase is expected for the new season.

The Cambodia mystery

In its latest July estimates, the International Nut and Dried Fruit Council (INC) had to revise its March forecasts for the 2021/22 season upwards once again. The figures from Cambodia had already caused confusion in the global market for months, especially as Vietnam's imports from Cambodia had partly exceeded the country's total crop, according to the Vietnam Cashew Association (Vinacas). The INC now reports that Cambodia had under-reported its crop volume last year; this was still 300,000 mt in the March forecasts and is now twice as high at 600,000 mt after the correction. This also increases the global production estimate for the 2021/22 season to 4.41 million mt.

Côte d'Ivoire still on the rise

Côte d'Ivoire will again produce by far the most raw cashew nuts in the 2022/23 season. Having already broken the 1 million mt barrier last year, it is estimated to increase its production by another 50,000 mt in the current season. India follows in second place, although according to the INC it could record a decline of 8.5%. Production of RCN is also declining in Vietnam, Benin and Brazil, for example, while countries such as Nigeria, Guinea-Bissau and Burkina Faso can boast significant increases. If the current INC forecasts come true, Togo could even double its crop this year.

Cashew production (RCN), in mt

Country

2021/22

2022/23*

Diff.

Côte D'Ivoire

1,000,000

1,050,000

5.0%

India

738,000

675,000

-8.5%

Cambodia

600,000

550,000

-8.3%

Vietnam

400,000

350,000

-12.5%

Nigeria

240,000

275,000

14.6%

Guinea-Bissau

180,000

225,000

25.0%

Tanzania

220,000

225,000

2.3%

Benin

240,000

220,000

-8.3%

Ghana

180,000

180,000

0.0%

Burkina Faso

100,000

130,000

30.0%

Brazil

135,000

120,000

-11.1%

Indonesia

115,000

120,000

4.3%

Guinea Conakry

60,000

90,000

50.0%

Mozambique

65,000

85,000

30.8%

Senegal

35,000

50,000

42.9%

Togo

20,000

40,000

100.0%

Gambia

15,000

20,000

33.3%

Mali

7,000

10,000

42.9%

Kenya

6,000

5,000

-16.7%

Others

54,000

55,000

1.9%

Total

4,410,000

4,475,000

1.5%

INC, July 2022; *Harvest from January '22 through June '22 (Northern hemisphere), from September '22 through February '23 (Southern hemisphere)

Slight price declines

Many producing countries are struggling with difficult weather conditions this season. For example, heavy rains in Cambodia and Vietnam have caused the crop to be harvested late and in some cases damaged. The situation is better in the African growing countries, where, according to the INC, there are also numerous training courses to help growers achieve better yields.

Prices on the European spot market have declined slightly in recent weeks; cashew kernels, WW320 from Vietnam currently cost EUR 6.40/kg FCA Spain.

Cashew kernels

Type, origin

EUR/kg

USD/kg

WW320, Vietnam, FCA Spain

6.40

6.48

WW240, Vietnam, FCA Spain

6.80

6.88

WW450, Vietnam, FCA Spain

6.10

6.17

W320, FOB India

8.07

8.19

W240, FOB India

8.71

8.84

Trade sources

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