Nuts

Hazelnuts: explosive situation

December 13, 2021 at 12:05 PM , Der AUDITOR
Play report as audio

ORDU. Although the Turkish lira remained relatively firm last week, it has now plummeted to a new low against the US dollar and euro. Issue is that S&P Global Ratings lowered the outlook for the lira to negative on Friday coupled with speculations on new interest rate cuts on Thursday. According to Bloomberg, the central bank is expected to cut interest rates by another 100 basis points to 14%. Not all reactions make sense in the hazelnut market.

Illogical prices

As the lira continues to plummet, chaos prevails in the hazelnut market with traders pointing out that not all prices on offer make sense. Problem is that the market is largely driven by exchange rate fluctuations, which have become unpredictable. While some suppliers are constantly adjusting their prices, others have retained the same prices for weeks, despite the depreciation of the Turkish lira and the rise in raw kernel prices. Prices have, in other words, drifted far apart with differences exceeding EUR 0.50/kg frequently being reported and it

View related articles

Go to the News Overview
Nuts
Sep 28, 2023
ORDU. In Turkey the situation is still quite out of hand for hazelnuts. Main problem is that many suppliers signed contracts before it emerged that the crop would be much lower than anticipated. The TMO intends to leave exporters in the lurch.
Nuts
Sep 28, 2023
SACRAMENTO/TEHRAN. While California’s pistachio industry is refuting USDA intentions of declaring a mysterious discolouration as a damage with large-scale impact, US exports have hit a record. Yet, the opposite is the case in Iran.
Nuts
Sep 27, 2023
ATLANTA/PORTO ALEGRE. In the USA, the production outlook is mixed this year and different reports are causing confusion in the pecan market. In Brazil, however, an interesting development is taking place.
Nuts
Sep 27, 2023
HANOI. Vinacas reports that Vietnamese cashew exports reached a new record high in August 2023. Overall, Vietnam's cashew exports in the first eight months of the year are impressive.