Indian Cashews Could Give up Recent Gains as Harvest Pressure Looms

The wholesale price of cashew kernels in India increased by 14% since the start of 2023, to USD 9.65/kg on February 20th. Prices found support from increased consumption in India throughout 2022, as imports increased 57% to 1,375,020 MT. However, the recent price gains could be undone as the Northern Hemisphere harvest comes in. 87% of the globe's cashews are produced in the Northern Hemisphere and the harvest will last until June, putting prices under downward pressure until the second half of 2023.