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Hazelnuts: snow in the growing regions

May 25, 2020 at 2:24 PM , Der AUDITOR
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ORDU. The low temperatures in the growing regions, accompanied by snowfalls, gave rise to two opinions in the Turkish hazelnut market: was the crop damaged or not?

Different opinions

In some parts of Turkey, snowfalls occurred at higher altitudes on Monday morning, among others in the hazelnut region of Giresun. Some market players reported to the Turkish Ministry of Agriculture that the weather change would have a negative effect on the crop. However, the majority of them agree on the possibility of minor adverse effects as the snowfall line of >1,500 m or >1,800 m should be uncritical for the hazelnuts (source: Turkish media, market players).

Until a few days ago, traders had been optimistic about the coming season, as the crop of at least 600,000 metric tonnes was set higher than originally expected. This week, various teams of exporters and the Export Union want to take counts again in the fields. By the end of this week, the corrected estimates could already be available.

Tough trade and falling prices

The Turkish trade has had a tough start to the week, as the festival of breaking the fast after Ramadan has been celebrated since Saturday. The market is also becoming calmer overall. Exporters should have stocked up as much as possible for their contract deliveries and spot purchases are hardly taking place. With the end of Ramadan, demand from the domestic market is also expected to be rather moderate. The focus is on the new crop. At the end of last week, commodity prices eased again and export prices declined slightly.

The TMO and market leader Ferrero have reportedly not yet commented on their plans for the coming season. These, along with the exchange rate and the upcoming crop forecasts, are key factors in determining price developments in the coming weeks.

Hazelnuts, Turkey

Size

EUR/kg

Natural, 11-13 mm

7.45

Diced, 2-4 mm

7.95

Meal, 0-2 mm

7.35

Hazelnut paste

6.65

DDP Germany

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price chart, hazelnut kernels, natural, Turkey
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Price chart Hazelnut kernels, Natural, 11-13 mm, Turkey

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