Spanish Pistachio Prices Under Harvest Pressure, but Underpinned by Production Uncertainty

Pistachio prices in Spain are under downward pressure as the harvest comes into full swing. Pistachio kernel prices in major wholesale markets in Madrid, Spain, have decreased by 7% month-on-month to USD 13.88/kg. However, due to a hot and dry summer, with unexpected late rains during the harvest question marks over the size of the crop remain, limiting downward price risk. Prices are expected to move sideways over the next few days and pick a direction once more clarity on the crop is gained.