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Hazelnuts: far from normal

March 28, 2022 9:33 AM, Der AUDITOR
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ORDU. Some normality has returned to Turkey’s hazelnut market as speculations are rife over the potential impact of frost. Rumour also has it that the TMO is planning the next round of sales. The current situation is, however, far from normal.

Inflation and frost

Issue is inflation, which is causing concern over elevated energy, fuel and food prices in Turkey. Hazelnut suppliers are already feeling the impact in Turkey’s domestic market. Demand would normally be high with Ramadan, which is just about to start on 02 April. Things are, however, different this year as exploding costs have limited people’s purchasing power. Although domestic demand has picked up to a certain extent, traders report that there is no chance the ability to buy will climb to levels witnessed in recent years.

Inflation will certainly also impact market prices, which currently range at TRY 39/kg for inshells and at TRY 78/kg for kernels size 11-13 mm and 13-15 mm. Traders reckon that the TMO intends to issue another round of sales in April over 15,000-20,000 mt for TRY 40-41/kg. Should inflation continue to rise, prices may range higher.

Speculations over frost-related damages are circulating in the market and have prompted some suppliers with large stocks to hold back until a clearer picture emerges. Traders have, however, largely dismissed claims over extensive crop damages, especially since reliable observers, who work for Ferrero, report that no damages have been witnessed so far. Although sub-zero temperatures may be witnessed in altitudes above 500 m, temperatures are rising at present and weather conditions are improving throughout Turkey.

Fixed prices

The Turkish lira may have lost in value against the euro and the USD at the start of March but has remained relatively firm over the past two weeks with minor fluctuations. Demand has reportedly picked up in Europe and especially in Southeast Europe. Prices have remained relatively firm since Mid-March with natural kernels, size 11-13 mm, trading in a range of EUR 5.37-5.50/kg (USD 5.90-6.04/kg)  DDP Central Europe.

Hazelnuts, Turkey

Size

EUR/kg

USD/kg

Natural, 11-13 mm

5.40

5.93

Diced, 2-4 mm

5.60

6.15

Meal, 0-2 mm

5.65

6.20

Paste

5.30

5.82

DDP Central Europe

 

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