Nuts

Hazelnuts: TMO to provide new impulse

April 2, 2024 at 11:45 AM , Der AUDITOR
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ORDU. Sunday’s nationwide local elections dealt a heavy blow to president Recep Tayyip Erdoğan and his ruling AK Party (AKP) in Turkey. Now the TMO and Ferrero will play a decisive role for hazelnuts.

What will the TMO do?

Erodğan suffered his biggest electoral defeat on Sunday as his chief rival Ekrem İmamoğlu was re-elected mayor of Istanbul and his Republican People’s Party (CHP) retained Ankara and gained 15 mayoral seats in 15 other cities across Turkey. Contrary to this, opinion polls predicted a tight race in Istanbul and losses for the main opposition party. Yet, analysts agree that the economy was a decisive factor as inflation has neared 70% with people struggling with a cost-of-living crisis. Exporters are also finding it hard to obtain financial support as banks refuse to issue loans and interest rates are high. Voters, in other words, decided to punish the AKP this time and İmamoğlu is emerging as a potential contender for Erdoğan in the next presidential election.

As the TMO, which holds an estimated 100,000 mt plus, did not become active before the elections this may very well change soon. Attention is fixed on what the state-run organisation will do next. While some suppliers highlight that the TMO holds supplies that are up to two years old insisting that it will not make much difference if the organisation decides to sell consensus is rather that the TMO will sell its stocks and that the selling bid will have a huge impact on prices. Ferrero’s response to the offer will also be a defining factor. Apart from this the market is quite stable. After the prices for raw kernels surged to an eight-year high in March the market started to turn direction at the end of the month. Quotations still, however, range much higher than in the last few years.

Hazelnuts, Turkey

Type

EUR/kg

USD/kg

Natural, 11-13 mm

7.70

8.27

Natural, 13-15 mm

7.85

8.43

Diced, 2-4 mm

7.75

8.32

Meal, 0-2 mm

7.08

7.60

Paste

7.05

7.57

DAP Central Europe

Exports not bad at all

Considering that average export prices have surged by 24% on last year to USD 7.32/kg exports are performing rather well. Total exports amount to 185,563 mt this season so far, which is only 6% down on last year. In terms of value exports have even risen by 17% to USD 1.3 billion.

Hazelnut exports, Turkey

Season

mt

USD

Avg. USD/kg

2023/24

185,563

1,359,377,355

7.32

2022/23

196,938

1,164,125,570

5.91

Black Sea Exporters Union, 01/09-24/03

 

 

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