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Walnuts: Chile will be back in the race soon

April 10, 2020 3:00 PM, Der AUDITOR
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SACRAMENTO/KIEV. Due to the high prices at the start of the season, US walnut exports are still well below last year's result. However, there were some signs of increased buying interest in March.

Price pressure boosts exports

Continued weak demand put pressure on the prices for US walnuts. In addition, the Chilean walnut crop 2020 is expected to be shipped within the next two to four weeks, which should slow down a price increase at the end of the season. In the meantime, prices are at a much more attractive level, as is also reflected in the March export figures. Currently Chandler walnuts, 80% LHP are traded on the European spot market for EUR 6.95 per kg FCA.

US walnuts

Type

EUR/kg

Chandler, LHP 80%

6.95

Chandler, LHP 40%

6.65

FCA Spain

Export performance is shifting

Since the beginning of the season, 251,145 metric tonnes of US walnuts with or without shell have been shipped both domestically and abroad, which is 11% less than last year. While domestic consumption is similar to last year at just under 62,500 metric tonnes, the export volume decreased by 14% to 188,653 metric tonnes.

March exports, on the other hand, were in some cases clearly against the current trend. While deliveries to Germany (+10% to 3,626 metric tonnes), China (+67% to 150 metric tonnes), India (+204% to 594 metric tonnes) and Turkey (+20% to 995 metric tonnes) increased significantly compared to the same month last year, exports to Italy (-42% to 434 metric tonnes), Spain (-10% to 1.244 metric tonnes) and to the United Arab Emirates (-87% to 440 metric tonnes) declined noticeably.

US walnut shipments in mt

Destination

2018/19

2019/20

Diff.

Europe

68,554

75,036

9%

Asia/Oceania

42,670

38,630

-9%

Africa/Middle East

99,403

67,575

-32%

Central/South America

90

320

255%

North America

68,896

68,141

-1%

Others

2,075

1,444

-30%

Total

281,689

251,145

-11%

California Walnuts; since the beginning of the season

Declining prices in the Ukraine

As market players report, the Ukrainian walnut market is clearly feeling the effects of the Corona pandemic. Due to lower demand, prices for walnut halves have fallen to EUR 6.48 per kg CPT Ukraine since the beginning of the month. An estimated 121,000 metric tonnes of walnuts were harvested in Ukraine last year, this year the result could be a good 126,000 metric tonnes again.

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