Hazelnuts: TMO raises the stakes

June 8, 2022 at 10:51 AM , Der AUDITOR
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ORDU. Although Turkey’s inflation soared to a 24-year high of 73.5% in May, the central bank is optimistic that the tide will turn. President Recep Tayyip Erdoğan also promised more interest rate cuts in a speech he gave on Monday. Prospects are, however, far from encouraging for hazelnuts and traders are speculating on how successful the TMO will be in the third round of sales.

Refiners cut capacities

Despite the central bank leaving the key interest rate untouched at 14% in the last five meetings Erdoğan’s comments have sent the lira tumbling against the US dollar and the euro. This has added to the growing lack of confidence in Turkey as people are left to scramble with soaring food prices and high energy bills.

As the population is having trouble making ends meet, spending has been cut for non-essential goods such as hazelnuts. Domestic demand is, in fact, so low that refining facilities have cut their capacities by half. Rising inflation, soaring energy, fuel and food prices are coupled with the war in Ukraine are, however, a global problem and there is no possibility that overseas demand for hazelnuts will pick up anytime soon. Inshell exports reached 289,645 mt at the end of last week meaning that weekly exports only climbed by 4,429 mt. This shows that no new contracts are being made at present.

TMO raises selling price

The TMO, however, remains unimpressed by the evident lack of demand for hazelnuts. Although the state-run organisation failed to sell all volumes in the second round of sales at a price of TRY 41.50/kg, it has now declared the third round of sales over 18,000 mt of inshell hazelnuts at a price of TRY 44.00/kg. The market had indeed anticipated such a move yet the TMO’s motifs remain unclear, and speculation is that the TMO’s intention is to drive up prices as far as possible before the end of the season to issue a high bid price at the start of the new season.

At present the market is still testing the waters regarding the prices for 11-13 mm and 13-15 mm hazelnut kernels. A wide gap exists with prices ranging at TRY 84.00-86.00/kg. Since no one wants to sell at TRY 84.00/kg and no one wants to buy at TRY 86.00/kg prices should eventually range at TRY 86.00/kg. Although some suppliers have raised their export prices for natural kernels size 11-13 mm, others have retained cheaper offers.

Hazelnuts, Turkey

Size, crop 2021



Natural, 11-13 mm



Natural, 13-15 mm



Organic, natural, 11-13 mm



Organic, natural, 13-15 mm



Diced, 2-4 mm









Organic, paste



DDP Central Europe


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