Australian Macadamia Prices Slump to Lowest Level in 2023 on Ample Global Supplies

Macadamia prices in Australia have reached their lowest level in 2023 due to abundant supplies, with the wholesale price dropping to USD 29.56/kg in Sydney, down 4% since the start of the year. The ongoing harvest in the Southern Hemisphere, along with increased production in South Africa and Kenya, is keeping prices under pressure. Farmers in Australia are struggling as farmgate prices have dropped below production costs, and a quick rebalancing of supply and demand is unlikely due to future production from young trees. The low prices may persist until the end of 2023 if global demand does not recover.