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Hazelnuts: Traders stir panic

July 4, 2017 at 12:25 PM , Der AUDITOR
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ORDU. In the middle of last week, the Turkish Ministry of Agriculture started a new survey of the hazelnut plantations. Opinions, however, differ greatly.

It is seething

Some Turkish traders are firmly convinced that the initial estimates of about 700,000 mt are grossly exaggerated. Instead, they expect the same to happen as last year, a high proportion of empty shells and therefore a small crop. Other market players, however, report that current surveys still confirm that the crop will be good.

Raw nut prices for the current crop have meanwhile dropped to 7.70-10.00 TRY/kg, whereby smaller hazelnut kernels (<11-13 mm) are not affected by the price decline because of low supplies.

Turkish hazelnut kernels

Product 

EUR/kg

Whole, 11-13 mm 

5.27

Diced, 2-4 mm 

5.55

Meal, 0-2 mm 

5.05

Hazelnut paste

4.99

DDP Germany

 

Wishful thinking

One reason why the official crop estimates are being contradicted is because traders and farmers want to ask for more money. The farmgate prices for the new crop are currently set at 12.00 TRY/kg. Sellers hope that the TMO will step in with intervention purchases at the beginning of the season. This has, however, not been confirmed.

Overall, the market is optimistic regarding the new crop. This sentiment will probably still be shaken a few times in the next few weeks by hysterical reports about e.g. the weather and fungal diseases.

 

Attached Files

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Hazelnut kernels natural price chart

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