New bid with a catch
In refusing to lift the purchasing price of TRY 95/kg for in-shell hazelnuts Ferrero successfully kept a lid on the market, which became unhinged at the start of the season after it emerged that the crop would not live up to expectations. Shocking prices were witnessed in September and it took a long time for demand to revive again. Exporters were, however, relieved that sales picked up in November.
Yet, Ferrero changed strategy last week. In an unexpected turn the market giant raised the bid to TRY 98/kg for high-quality in-shell hazeln