Nuts

Hazelnuts: tough decisions

June 28, 2021 at 10:44 AM, Der AUDITOR
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ORDU. Local reports over shrubs losing large amounts of hazelnuts in Turkey have not been confirmed so far. However, the market is in disarray as producers backed the wrong horse in reckoning with an increasingly weak Turkish lira. Problem now is that the lira is much more stable than anticipated and suppliers have to backtrack. With prices drifting further apart buyers are prompted to act.

Lack of interest in long-term contracts

Reports over shrubs losing large amounts of hazelnuts have not been confirmed so far and inshell production is still expected to range just below 800,000 mt. As the Turkish lira is trading firmer again this has prompted exporters to raise their prices. One problem, however, is that producers had anticipated a weak Turkish lira prompting some to consider this in inssuing offers for this year's crop. Now they are waking up to reality. Issue is that the market is less willing to speculate on exchange rate fluctuations and that prices have to be adjusted.

Prices are in fact drifting further apart, even for raw kernels, with higher prices being issued more and more often. This has prompted some buyers to respond, which has nominally revived demand. Traders are, however, still dissappointed with the buyers' lack of willingness to commit to long-term contracts. And yet, it should be noted that the TMO still has to issue a bid price and that Ferrero's response will be decisive. 

 

Hazelnuts, Turkey

Size

EUR/kg

Natural, 11-13 mm 

5.30

Diced, 2-4 mm 

5.70

Meal, 0-2 mm 

5.50

Hazelnut paste

5.15

DDP Central Europe

 

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