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Tridge Analysis

W42: Weekly Nut Update

Updated Nov 4, 2022
Tridge's global market analysts and country representatives take a deep dive into what happened during W42 in the global nut landscape including almond, cashew, walnut, hazelnut, chestnut, macadamia and pistachio. In the EU, almond buyers are in no hurry to sign contracts as the market situation is unpredictable due to a negative price trend. There is high inventory pressure in the Vietnamese domestic market due to exporters of cashew kernel slowing down or halting exports. In the Bronisze market in Poland, the price of walnuts oscillated between 5 and 15 PLN/kg on 17-10-2022. The Turkish price of 50 yield hazelnuts increased by 50 cents to 44 liras and 50 cents in W42. In Hungary, Italian chestnuts were offered at an average weekly price of HUF 2,380/kilogram in week 41. On the other hand, the Kenyan macadamia has seen its prices decline by 10% compared to 2020 and 2019 due to reduced demand from the US and Europe. In conclusion, the US pistachio crop had low yields in 2022 with high yields expected in 2023 due to the alternate bearing nature of pistachios.


EU: Buyer’s Market for Almonds in the EU as Retail Sales Volumes Decline

The almond market in the EU is currently a buyer's market, with purchasers in no rush to sign contracts and waiting and seeing how prices develop into the future. Several discounted offers if prepayment is agreed demonstrate that sellers are becoming increasingly desperate to move almond volumes. Retailers are also seeing sales volumes declining around 20-30% for the nut and dried fruit category, which is not creating any major need to buy in the near term. This is a favourable time for buyers but creates a negative outlook for next year's sales. Volumes of custom cleared Carmen Supreme commodities in the EU are found for as low as FCA USD 4.23-4.34/kg for the 2021 harvest. In essence, the general price trend for almonds is negative in EU markets.

India: High Demand for Nuts in W42

In W42, there is a high demand for dry nuts in India due to the holiday season and Diwali approaching. Almost all nut processing units are working at full capacity to fulfill the current nut demand. Forecasts indicate that post-Diwali (from November) there will be a drop in demand, and stock will be high. The demand for In-shell Almonds and In-shell Cashews is already starting to drop.


Vietnam: High Prices for Indonesian Raw Cashew Nut Exports to Vietnam in W41

In W41, there have been offer prices for the new crop 2022 of Indonesian raw cashew nuts to Vietnam for an October 2022 delivery, from USD 1.31-1.35/kg (32,000-33,000 VND/kg) for Approx. USD 1400/mt. This price level is lower by about USD 0.12/kg (3,000 VND/kg) compared to October 2021, but it is still high compared to the average export price of raw cashew nuts. Buyers/factories are expecting the price of raw cashew nuts to drop further by about USD 1,100/ton to buy.

Vietnam: Spot Price of Cashew Kernel in W41

In October 2022, large Vietnamese exporters of Cashew kernel are slowing down or stopping exports, causing inventory pressure in the domestic market. In W41, the spot price for W320 is USD 2.45-2.55/lb, but small factories are accepting to sell at a discounted price of USD 0.05-0.10/lb to free up warehouses. For contracts signed for long delivery from January to March 2023, the price is USD 2.40-2.45/lb.

Tanzania: Slow Collection of 2022/23 Tanzanian Raw Cashew Nuts in Union Warehouses As Farmers Await Auction Price

Since the start of the 2022/23 raw cashew season in Tanzania , there has been a slow collection of raw cashew nuts into union warehouses. The main reason is that farmers want to see the first auction price before moving their goods into union warehouses, as there has been speculation about a huge price drop for the first auction for the 2022/23 season compared to the 2021/22 season.

Tanzania: Transparent Auction Procedure for the Sales of 2022/23 Tanzanian Raw Cashew Nuts

The Government of Tanzania has received and approved various stakeholders' opinions regarding improving the auction operation procedure for the 2022/23 Raw Cashew Nut season. For the 2022/23 season, the procedure to purchase raw cashew nuts will be open and transparent, in which bid requests letters for the purchase will now be received in the bid tender box with a seal on the day of the auction itself from 10:00 a.m. to 2:00 p.m. in the specified auction area in front of the farmers. Unlike before, where bid requests were dropped in the bid tender box at the Union Offices one day prior to the auction day. Upon completion of the bid request collection procedure, the bid tender box will be opened, and the winning bidders will be announced following the farmers' consent and agreement to sell.

Tanzania: Tanzanian Farmers Refused To Sell Raw Cashews at the MAMCU and TANECU Cooperatives’ Auctions

Due to the extremely low buyer bid prices, Tanzanian farmers declined to sell the 2022/23 season's raw cashew nuts at the first auction for MAMCU cooperative union and TANECU cooperative union. In the MAMCU cooperative union, the lowest bid price for 6.5M kg of raw cashew nuts was USD 0.77/kg, and the highest bid price was USD 0.86/kg. Meanwhile, in the TANECU cooperative union, farmers have denied selling 1.6M kg of raw cashew nuts after buyers' bids ranged from USD 0.70/kg, the lowest, to USD 0.86/kg, the highest. The following auction is scheduled for October 28, 2022.

Turkey: Turkish Cashew Traders Prefer Domestic Production Due to Competitive Prices

Cashew prices continue to fall in Turkey. The domestic price for the WW320 EXW warehouse is USD 7.53/kg + VAT (TL 140 + VAT). Considering that the CIF Turkey any port value of cashew is around USD 6/kg, the DDP warehouse price, which consists of customs duty and inland shipping, is around USD 7/kg + VAT (TL 130 + VAT). For this reason, importers prefer sourcing cashews from the domestic market instead of importing by themselves because the difference is not worth the financial risk and liability.


Turkey: Walnut Harvest Has Started in Sındırgı

Harvest has started with the arrival of autumn in walnut orchards in Sındırgı district. The yield has doubled. While walnut growers were in a hurry to harvest, the produce was plentiful and the products were of good quality compared to last year. Walnut orchards continue to be created in many parts of the district. In addition, harvesting is carried out in large gardens using technological agricultural tools. Walnuts, which are kept for a while, are separated from their green shells with the help of special machines or by hand.

Turkey: The harvest of the world-famous Adilcevaz walnut continues

Harvest of the world-famous Adilcevaz walnut continues. The harvest period has come to an end for Adilcevaz walnut, which is one of the best walnuts in Turkey with its oil, aroma and size compared to other walnuts. It has also made a name for itself with its certified production. Sapling production has also increased in recent years in Adilcevaz, which meets the walnut needs of most of the region.

Turkey: Harvest Has Started in the Walnut Garden of Tekirdağ Viticulture Research Institute

Harvest has started in the walnut garden planted for trial purposes in Tekirdağ Viticulture Research Institute. The harvest was carried out in the walnut garden, which was created within the scope of the project of Tekirdağ Namık Kemal University and Tekirdağ Viticulture Research Institute, supported by TÜBİTAK. Stressing that they get more yield every year, Yaşasın said, "We established our walnut orchard in 2015. This is our 4th yield year. We started with 250 kilograms in the first year, and increased to 1,800 kilograms in the second year and 3,200 kilograms in the third year. "Our expectation from the harvest this year is around 6 tons," he said.

Hungary: Prices of Agricultural Products at the Budapest Wholesale Market

On the Budapest Wholesale Market in W41, domestic cleaned walnuts (nut guts) were sold at an average weekly price of HUF 3,800 (+27 percent) per kilogram, and foreign market at HUF 3,800-4,320.

Moldova: The 2022 Walnut Harvest Is Slower Than Expected

Given the favorable weather conditions, representatives of the Union of Nut Producers Associations of Moldova assumed that the harvesting of walnuts this year would be completed a week - ten days earlier than in 2021. Accordingly, the first batches of dried and sorted inshell nuts will be exported already in mid-October. According to EastFruit, due to low demand from wholesale buyers of walnuts from Romania and Moldova, as well as uncertainty about the actual level of starting prices for it, the harvesting process for late varieties of walnuts (Chandler) has slowed down.

Poland: The Prices of Walnuts for 2022 Were Announced

Last week, walnuts on the market in Bronisze cost from 5 to 20 zlotys per kilogram. Last year, at the same time, walnuts were priced from 18 to 22 zlotys per kilogram. Today (17.10) on the Bronisze market, the prices of walnuts oscillate between 5 and 15 PLN / kg. On the Elizówka market square, shelled walnuts cost from 30-35 PLN / kg. On the stock exchange in Poznań, you have to pay PLN 35-80 for a 5 kg bag of walnuts.


Turkey: Hazulnut Prices in Ordu Have Increased Today

The price of 50 yield shelled levant quality hazelnuts, which the Turkish Grain Board continued to purchase from 52 liras, was stuck at 44 liras, 8 liras below the TMO, in the free market in Ordu for a long time. The price of 50 yield hazelnuts increased by 50 cents to 44 liras and 50 cents. According to the yield, the prices are as follows; 50 yield 44.50 TL, 51 yield 45.39 TL, 52 yield 46.28 TL, 53 yield 47.17 TL, 54 yield 48.06 TL, 55 yield 48.95 TL, 56 yield 49.84 TL. Stock market and withholding tax are deducted from these prices.

Turkey: ÇKs Warning to Farmers From Giresun Chamber of Agriculture

Giresun Chamber of Agriculture President Nurittin Karan warned farmers to update their Farmer Registration System (ÇKS). Noting that the farmers who do not update their farmer member records will become passive and cannot benefit from supports such as field-based income support, diesel and fertilizer in hazelnuts. They were also reminded that the deadline for applications is 31 December.

Italy: Growing Quantities of Hazelnuts, but the Economic Crisis and Drought Weigh On

After a 2021/22 campaign to forget, in which production, due to frosts, reached one of the worst levels in recent years, now the quantities of hazelnuts collected show a marked increase for most of the Italian regions. This is what emerged from the EU-Turkey annual meeting on hazelnuts in which Confagricoltura and CIA actively participated, illustrating the progress of the national sector.

Spain: The Hazelnut Production in Catalonia Can Reach 7,000 Tons

The production of in-shell hazelnuts in Catalonia could reach 7,000 tons for the 2022-23 campaign, which would be 39% higher than last year (5,044 tons), which was similar to the previous year (5,587 tons). The three harvests would be very far from the 12,371 tons of shell hazelnuts of the 2019-2020 campaign, and the last two were even well below 50% of the productive potential of Catalonia, according to data from the Federation of Agricultural Cooperatives of Catalonia (FCAC).

Poland: The Prices of Hazelnuts for 2022 Were Announced

Last week, hazelnuts on the Bronisze wholesale market cost from 8 to 14 zlotys per kilogram. A year earlier, in the same period, hazelnuts were sold for PLN 9 to PLN 15 per kilogram. Today (17.10) on the Bronisze market, the prices of hazelnuts are at the level of 8 to 12 PLN / kg. Last week, on the Elizówka market, hazelnuts with shells cost PLN 12-13 / kg, while without the shell, the rates reached PLN 40-50 / kg. At the Agricultural and Horticultural Exchange in Poznań, a 5 kg bag of hazelnuts costs PLN 50. You have to pay PLN 160/5 kg bag for shelled nuts.


Hungary: Prices of Agricultural Products at the Budapest Wholesale Market

On the Budapest Wholesale Market in W41, domestic sweet chestnuts were offered at the most common price of HUF 1,600/kilogram (week 40), while Italian chestnuts were offered at an average weekly price of HUF 2,380/kilogram in week 41, the latter having decreased by 8 percent compared to a year earlier.

Turkey: High Demand for Chestnut

The fame of the chestnut, known as 'Alaplı lamb', which was collected from the gardens by the villagers and offered for sale in the market, spread throughout the country. Chestnut farmers coming to the district from all over Turkey bought the products as a result of hard bargains at the roadside market at 4 in the morning.


Kenya: Macadamia Nut Processors Struggle to Sell 2021 Stock Due to Declining Demand

Due to declining demand caused by global inflation, Kenyan macadamia nut processors are struggling to sell off their 2021 macadamia stock. The high-value commodity has seen its prices decline by 10% compared to 2020 and 2019 due to reduced demand from the USA and Europe. Suppliers are providing discounts on their 2021 stock to expedite liquidation before shelf life catches up with them. As for the 2022 crop, prices in October for organic macadamia nuts stood at USD 16.50 for grade S1L, USD 15.50 for grade S1R, USD 14.00 for grade S2, USD 13.00 for S4L, USD 12.00 for S4R, and USD 10.00 for S6. Meanwhile, prices for 2022 conventional macadamia nuts stood at USD 16.00 for grade S1L, USD 14.50 for grade S1R, USD 13.00 for grade S2, USD 12.00 for grade S4L, USD 11.00 for grade S4R, and USD 9.00 for grade S6.


Spain: The Pistachio, a Crop That Resurfaces Despite the Drought

Pistachios are one of the most consumed nuts in Mediterranean diet. The surface area for pistachio cultivation "has doubled in a matter of 3 or 4 years in Spain ", as confirmed by Luis Antonio, a farmer in a family business dedicated to pistachio cultivation in Tembleque (Toledo). Given this growing trend, it indicates the operation and development of this sector.

Tridge Analysis: The Effect of the Switch in On and Off-year Pistachio Production in the US

Pistachios are an alternate-bearing crop, with a year of high yields, followed by a year of low yields. The cycle observed in preceding years has been flipped around. 2022 had low yields, and 2023 will likely have high yields. This could hold important implications for the way pistachio stocks are managed in the US and the ripple effects on Turkey’s stock management. (Continue Reading)

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