CCI Nuts Market Update: Hazelnuts, Macadamia, Cashew, Apricots and Figs

Hazelnuts Turkish Competition Authority (Rekabet Kurumu) have started on-site inspections in Ordu/Trabzon area of traders' records and stocks. The trigger is the wide gap between the TMO purchase price of 250 lira per kg (about $5.1 per kg) and free-market in-shell prices of around 170–190 lira per kg (about $3.7 per kilo), and producer groups want the largest exporters and the Ferrero Group examined first. Farmers are selling heavily to the TMO, which has booked appointments for about 210,000 mt, already taken in around 60,000 mt, and raised quotas in several districts. The Ferrero Group has broken with its usual practice by buying kernels instead of in-shell nuts. It has contracted about 21,000 tons of kernels at TRY 420–425/kg (~$8.5 per kg) for delivery by mid-October, is rejecting some lots based on quality specs, and must still buy 45,000 tons in-shell at the TMO price by year-end, most likely in November or December. Supply remains thin because rain has delayed the high-altitude harvest, EU buyers are holding back while China keeps buying, and F.O.B Istanbul prices for 11–13 mm kernels have eased to USD 8.6/kg.       

Oregon hazelnut prices recovered 67% last season to $2,800 per ton. After several weak years, the higher income could raise growers' tax bills and reduce Social Security payments for those collecting benefits before full retirement age. Schedule J income averaging can soften the federal income tax impact. Growers can reduce that exposure through deductible expenses, equipment purchases or SEP-IRA contributions.     

Macadamias The INC's July estimate puts global in-shell mac production at 391,000 mt, 14% above the last year levels. Suppliers warn that an unusually strong El Nino lasting into next year could cause flooding in Kenya and crop losses in RSA and Australia, which would darken the outlook for 2027. That risk may lead major purchasers to build stocks over the coming months, which should firm the market somewhat. For now, prices have dropped sharply in recent weeks even though demand has picked up. Style 1L has fallen the most, with some Kenyan suppliers offering as low as USD 10.5/kg C&F basis.

Dried Apricots   Turkey's dried apricot market is still quiet, though traders report a modest rise in demand. Raw material and export prices have held at the previous week's levels, and no major swings are expected. Raw material ranges from TRY 50/kg for industrial grades to 320 lira per kg for Jumbo, while No. 2 is offered at USD 7,100/mt F.O.B. Mersin. Growers are frustrated that the TMO has not yet announced purchase prices and no longer expect it to start buying soon. Exports are running well ahead of last year: 7,600 tons of new-crop product had shipped by 19 September, against 5,000 tons a year earlier.

Dried Figs Growers in Aydın are waiting for the Turkish Grain Board (TMO) to announce base prices. Meanwhile, deliveries to Tariş continue but are expected to stop at the end of September. Without official guidance, open-market raw material prices have fallen another 20 lira per kg to130–200 lira per kg. The export season officially opens on 28 September, with only lots that pass analysis being bought. Conventional Lerida No. 2 is quoted at USD 10,300/mt F.O.B. Izmir, while organic offers vary widely from supplier to supplier. Weekly exports have more than doubled year on year to 767 mt, although the season total of 56,147 mt is about 3,700 mt behind last year, and Aydın authorities have stepped up warehouse inspections, roadside checks and traceability controls to limit mycotoxin risks.

Cashews Weather in Tanzania's growing regions is optimal. The Cashew Board is targeting more than 750,000 mt, but traders expect a more realistic 600,000–625,000 mt, with the season due to open in late October or early November. In Vietnam, several small packers have shut down after losing money, which has nudged local prices up slightly. Vietnamese packers are turning down US bids of about $3/lbs for W320 because the margins are too thin, and China remains their largest buyer. In India, strong demand in Panruti and Mangalore and low packer stocks are keeping W320 firm at USD 8.2–8.9/kg. Trading there is expected to slow for a few weeks once the first festive buying wave ends. We look forward to meeting our customers at the upcoming SIAL Paris Expo, contact us to set up a meeting.

1 USD ~ 0.88 Euros            

1 USD ~ 48.9 Turkish Lira