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Hazelnuts: prices are anything but sustainable

May 25, 2021 at 10:33 AM , Der AUDITOR
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ORDU. The spotlight is on the current hazelnut crop again after prices took a rather surprising turn in Turkey last week. Issue is a rather curious statement made by President Erdogan himself concerning the purchase price for tea produced in the Rize Province. Although this has a massive impact on the hazelnut market, traders reckon that the current price trend is anything but sustainable.

Tea sparks sharp rise in hazelnut market

Erdogan stated that support would be provided for Rize tea meaning that the purchase price will range 18% higher than last year. The move came despite production expected to be similar in size to last year. Intention is to provide compensation for inflation. The news immediately sparked a temporary rise in the hazelnut market as raw kernel prices nearly rose by 20%, even for the 2020/2021 crop. Issue is that if an 18% compensation for inflation should also apply to hazelnuts the TMO may very well issue a bid price of TRY 25.0

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