Nuts

Hazelnuts: unexpected shift

January 9, 2023 at 11:36 AM , Der AUDITOR
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ORDU. Things have certainly turned crazy for hazelnuts in recent weeks. Not only have prices surged against all odds, for which Mondelez and Ferrero are partly to blame, but exports have also taken an unusual turn.

Twist in exports

Buyers in Europe may have been on holiday, but exports hit 10,626 mt worth USD 64 million in the last week of December. Shipments of pre-season contracts, in fact, intensified throughout December and total exports climbed to 130,606 mt worth USD 742 billion between 01 September and 31 December 2022. This is only 17% down in terms of volume and but 24% down in terms of value on the 157,715 mt of hazelnuts worth USD 977 billion exported in the same period in 2021.

Although exporters have been complaining about low demand throughout the season, the upsurge in December shipments has contributed to the recent price hike, which took suppliers by surprise. Domestic prices also rose to TRY 110/kg for raw Levant kernels size 11-13 mm and to TRY 116-117/kg for size 13-15 mm in the run up to new year amid limited supplies and an uptick in demand for bigger sizes. Suppliers also state that Mondelez and Ferrero bought large volumes in the domestic market. According to official reports the TMO was only able to purchase 131,000 mt of inshell hazelnuts.

Prices to remain high

At EUR 6.20/kg (USD 6.60/kg) the year has started off with prices not witnessed higher in January since 2020. Suppliers reckon that prices will remain at this level or even rise further if export demand continues at this pace. While demand will be remain driver in the next few weeks, attention will however eventually shift towards the new crop.

Hazelnuts, Turkey

Size

EUR/kg

USD/kg

Natural, 11-13 mm

6.20

6.60

Natural, 13-15 mm

6.65

7.08

Diced, 2-4 mm

6.90

7.35

Meal, 0-2 mm

6.25

6.65

Paste, premium

5.80

6.17

DAP Central Europe

 

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price chart, hazelnut kernels, natural, Turkey
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