Global: Cashews recovering after hitting rock bottom

The cashew market, after having reached the lowest levels of at least the last ten years in March, was affected by a bullish phase during April. Since the beginning of the month, the price of the W320 kernel originating in Vietnam has recorded an increase of 12%, returning to March 2023 levels. According to Areté calculations, uncertainty about the 2024 supply and sustained demand are the factors behind these increases. In fact, there are concerns regarding new crops from the northern hemisphere due to irregular weather linked to the El Nino phenomenon. In Côte d'Ivoire, the leading global producer, after the 2023 production record (1.3 million tonnes), the 2024 harvest could record the first decline after five consecutive campaigns of increases and with a quality lower than normal. There are also concerns in Cambodia, where the Cashew Association of Cambodia projects production to decline between 10-30% compared to 2023, in the wake of a low level of ...