Turkish Hazelnut Prices Surged in W39, Contrary to Expectations of a Price Reduction

Over the past week, Turkish in-shell hazelnut prices significantly increased in response to Ferrero's announcement of its buying price. During W39, hazelnut prices jumped to approximately USD 3.14 to 3.28 per kilogram (kg), a notable rise from the USD 2.55 to 2.74/kg seen just a month ago. Ferrero's announcement has triggered a degree of panic buying among industry stakeholders who harbor concerns regarding potential shortages. Additionally, delayed arrivals of raw materials due to heavy rainfall in the growing regions last week have exacerbated supply anxieties. Consequently, sellers take a cautious approach by holding off on offering their products until market volatility subsides. The current crop estimate suggests a production capacity of around 700 thousand metric tons (mt).