Italian Hazelnut Prices Trend Downward, Could Test Recent Lows

Hazelnut prices in Europe are trending lower once more, giving up some of the gains they made early in 2023. In the last week of February hazelnut kernels were trading at USD 13.75/kg in wholesale markets in Verona, while in-shell hazelnuts sold for USD 5.39/kg. Wholesale prices in Italy decreased 3% over the last month as the Turkish Grain Board released some of its inventory into the market. Georgia and Azerbaijan are also offering hazelnuts at very competitive prices in the market, with ample supplies available. Global supply and demand dynamics will keep prices under downward pressure, and the decade-low prices seen in September 2022, could again be tested.