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Hazelnuts: the tide is turning

May 10, 2021 10:35 AM, Der AUDITOR
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ORDU. Hazelnuts have certainly defied the trend. While the prices for many agricultural commodities have surged in recent weeks, buyers in the hazelnut market have rather profited from attractive prices. With attention shifting more and more towards the new crop, however, the tide is starting to turn. Issue is that prospects appear to be far from encouraging in other producing countries such as Azerbaijan or Georgia. Suppliers in Turkey, in other words, have no need to panic. Trading will, however, be very much subdued this week.

No need for TMO to interfere

Trading will be cut short this week as the end of Ramadan will be celebrated as of Wednesday and many businesses in Turkey will remain closed until Monday. Contrary to expectations, the TMO will no longer interfere as a buyer in the market this season. Market players now agree that there is no need for this as growers are getting good prices and exports are certainly picking up, although they initially lagged behind this season. Turkey has shipped 215,000 mt of hazelnut kernels overseas this season so far. Although there is little chance that exports will reach last year's record of 340,000 mt, chances are good that they will range on a similar level as two years ago when c. 270,000 mt were shipped overseas.

Encouraging prospects in 2021/2022

One reason for the rise in exports is that production declines are expected in Italy. Businesses here have already started buying hazelnuts in Turkey. On top of this, the voices being raised in Azerbaijan and in Georgia are highly cautious, which is a sure indication that prospects are anything but encouraging in these producing countries. Production in Turkey is, by contrast, expected to be normal. Counting for the INC production estimate, which will be issued in June, has already started. Turkey is, in other words, expected to be the big winner in 2021/2022. As the TMO will probably issue higher bid prices for the new crop there is no pressure for the growers to sell their stocks at present.

Hazelnuts, Turkey

Size

EUR/kg

Natural, 11-13 mm 

5.00

Diced, 2-4 mm 

5.45

Meal, 0-2 mm 

5.25

Hazelnut paste

4.88

DDP Germany

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