Market News on Nuts

HANOI. While production is set to decline in Vietnam, prospects are much more encouraging in Western Africa. Shipping cashew nuts overseas is, however, a challenge. As India is struggling with the pandemic, there is little hope that exports will revive this year.

MADRID/SACRAMENTO. Subjective almond production estimates have recently been issued in Spain. Although only 15% of the planted area is irrigated, plantations with irrigation account for as much as 50% of production in Spain. Thereby showing how crucial sufficient water supplies are. Although production is expected to hit another record in California, the state is preparing for severe drought with dire consequences for growers.

ORDU. The spotlight is on the current hazelnut crop again after prices took a rather surprising turn in Turkey last week. Issue is a rather curious statement made by President Erdogan himself concerning the purchase price for tea produced in the Rize Province. Although this has a massive impact on the hazelnut market, traders reckon that the current price trend is anything but sustainable.

SACRAMENTO/SANTIAGO. Container shortages and other logistical hurdles due to the global pandemic situation are nothing new for US exporters. In April, however, traders managed to...

ORDU. During the counting for the new crop, some anomalies were found in the Ordu region. In addition, a purchase bid by the TMO could be announced soon.

HANOI. Vietnamese producers can be pleased about high demand and very good exports. However, there are considerable differences in prices.

ATLANTA. Both domestic and export demand in the US have increased significantly compared to the previous season. For most a reason to rejoice - only the farmers are not that happy yet.

MADRID/SACRAMENTO. Last week's subjective estimate issued by the National Agricultural Statistics Service (NASS) came with a bang. Although market experts reckon that another production record is out of the question in California this year as the almond trees need time to recover from last year's record of 3.12 billion pounds, the initial subjective forecast rather predicts another bumper crop of 3.20 billion pounds. This would be the third year in a row that production hits a record in California and begs the question how realistic such expectations are. Traders in Europe have, meanwhile, been deliberating over the impact of the pandemic over the last few months. Now the import data recently updated by the European Commission shows a clear trend in terms of demand.

TEHRAN. After the severe night frosts in April, Iranian farmers have now been able to provide initial damage estimates - and the weather continues to keep producers on their toes.

MADRID/SACRAMENTO. The first official crop estimates for the 2021 almond crop are imminent, and at the same time the US almond market continues to record very good export figures in April.

MANILA. The factories in the Philippines are working at full speed, but massive delivery delays still cannot be avoided. The outlook for the rest of the year is also anything but promising.

HANOI. Both the import of RCN and the export of processed kernels are currently causing concern for market players in Vietnam. On the European spot market, this is not yet noticeable in terms of prices.

ATLANTA/SANTIAGO. The USA is not only experiencing smaller acreage this season, but is also struggling with high freight rates and EU import tariffs. The harvest in Argentina is delayed, but the crop is of high quality.

ORDU. Hazelnuts have certainly defied the trend. While the prices for many agricultural commodities have surged in recent weeks, buyers in the hazelnut market have rather profited from attractive prices. With attention shifting more and more towards the new crop, however, the tide is starting to turn. Issue is that prospects appear to be far from encouraging in other producing countries such as Azerbaijan or Georgia. Suppliers in Turkey, in other words, have no need to panic. Trading will, however, be very much subdued this week.

SACRAMENTO/SANTIAGO. The Chilean walnut crop will soon be available on the market. However, large parts of it have already been committed.

HANOI. Excessive demand for cashew kernels has prompted suppliers in Vietnam to step up raw cashew nut imports. Shipments to Vietnam, in fact, rose more than fivefold in March over last year. Market players are, however, mystified by shipments from Cambodia. As the Vietnam Cashew Association (Vinacas) reports Cambodia shipped a seemingly incredible volume of 367,000 mt of raw cashew nuts to Vietnam in March. Problem, however, is that production only ranged at 300,00 mt. This has sparked speculations.

ORDU. As the TMO has not yet made any statement about further purchase bids until the end of this season, it appears that there...

TEHRAN. Pistachio suppliers have pulled the emergency brake in Iran. Issue is that sudden frosts in April have created enormous damage, which will certainly impact this year’s production. Although exports are performing well, prospects are rather gloomy for next season.

SANTIAGO/ATLANTA. Argentine farmers will soon begin the harvesting process. In the USA, the crop could be smaller than initially estimated.

MADRID/SACRAMENTO. The National Agricultural Statistics Service (NASS) published the acreage data for this year's US almond crop at the end of last week. These give hope for a good result.

ATLANTA. Due to the very good demand for US pecans, stocks in cold stores are significantly lower than in 2020. Some shellers even have to import RCN.

ORDU. Political tensions are tangible in Turkey's hazelnut market. Not only have relations between the US and Ankara soured after president Joe Biden formally recognised the Armenian Genocide carried out by the Ottoman Empire in World War I but the Turkish lira was also sent tumbling again. Exchange rate fluctuations may indeed spell trouble for buyers. Issue is that they are left in the dark as to the TMO's intention of intervening in the market in May. The prices on offer for this year's crop have also taken a surprising turn.

SACRAMENTO. In March 2021, the US exported 14,777 mt of shelled and unshelled pistachios, about as much as…

MADRID/SACRAMENTO. As local media report frost wreaked serious damage at the end of March. Some almond growers may even experience a total loss of their crop this year. They are now demanding financial compensation.

HANOI. The demand for Vietnamese cashews is currently very high. This usually also drives up the RCN prices - instead, they have declined noticeably.

ATLANTA. In a year-on-year comparison, farmers are charging significantly more for their raw peanuts this season - the reason being good prices for corn and cotton, which offer attractive cultivation alternatives.

ORDU. Although hazelnut production is expected to hit a record in Turkey, prospects are far less encouraging in other countries. Politics, unfortunately, remain more decisive than supply and demand in Turkey. A scandal involving hazelnut paste has also hit the headlines.

TEHRAN. A nightmare has come true for many pistachio growers in Iran’s Kerman province. The initially encouraging springlike weather conditions that prevailed over the last few weeks have certainly proved deceptive. Sudden frosts struck at night with temperatures ranging as low as -5C on 5-7 April. As flowering was already underway the damage is extensive with some areas reporting losses of up to 80%.

SACRAMENTO/SANTIAGO. March was a good month for the US walnut industry with a strong export demand, offsetting declining domestic demand.

MANILA. In order to increase production speed and make up for previous delays, large coconut producers are now resorting to rather unusual measures.

MADRID/SACRAMENTO. Although the US witnessed a record production of almonds without shell that exceeded 1.4 million mt in 2020, end-of-season stocks are expected to range as low as 315,000-320,000 mt. Issue is that overseas demand has been surprisingly strong this season given the pandemic. Exports in March even ranged 50% higher than last year. This will certainly have an impact on prices, also in Europe.

ORDU. As many buyers in Europe enjoyed are prolonged Easter break, the recent revival in demand for hazelnuts was cut short. With attention shifting towards this year’s crop and speculations as to the TMO’s intention of intervening in the market, the situation may, however, change soon. Market prices have also taken a rather surprising turn.

HANOI/ACCRA. Good exports in Q1 of 2021 have Vietnamese exporters feeling positive. In the African growing countries, the hope is for noticeable production increases in the coming years.

MADRID/SACRAMENTO. The soil drought in California is causing problems for market players. Meanwhile, prices for Spanish organic almonds continue to deline.

BEIJING. Experts still expect a very good pine nut crop this year. Meanwhile, the availability of raw nuts in the market is improving.

ORDU. With hazelnut exports slowly but surely catching up prospects are highly encouraging in Turkey. As the central bank has so far failed to stabilise the lira a high degree of uncertainty, however, persists in the market. Caution prevails regarding this year’s crop.

BEIJING. The INC's current crop estimates leave no doubt that no other country can hold a candle to China in terms of peanut production. Nevertheless, other producing countries have also increased their acreages.

MADRID/SACRAMENTO. Frosty temperatures at night are causing concern in Spain's almond market. Subzero temperatures pose a danger for late flowering varieties.

HANOI/ACCRA. In March, the official crop estimates for 2021 are being announced. While declines are expected in Southeast Asia, African origins can score - at least in terms of production volume.

ORDU. Prompted by President Erdogan's decision to strip former Central Bank Chief Naci Agbal of power the Turkish lira has lost heavily in value. This has also caused price adjustments in Turkey's export market for hazelnuts.

TEHRAN/SACRAMENTO/MADRID. Exceptional demand has driven up pistachio exports from Iran this season. Competition is, however, fierce in Europe. Global production estimates have also been revised.

ATLANTA/MEXICO CITY. Mexico and the USA remain the most important producing countries for pecans this season. The farmers and also the exporters are very satisfied with the results so far.

SACRAMENTO/SANTIAGO. Thanks to significant increases in production in countries such as China, Chile and the USA, the international market should be sufficiently supplied with walnuts. However, the pandemic causes some logistical delays and a shift in demand.

CANBERRA/PRETORIA. While South Africa is being pushed out of first place this season, almost all producing countries can report crop increases. Market players hope that the export difficulties caused by the coronavirus will have less impact than last year.

MADRID/SACRAMENTO. The year 2020 brought a significant increase in production to the international almond market, as the current report of the International Nut and Dried Fruit Council once again confirms. Taking into account the preliminary US production result - according to the Almond Board of California - the global...

ORDU. President Recep Tayyip Erdogan's sacking of Turkey’s central bank chief Naci Agbal on Saturday has sent the Turkish lira tumbling. The lira lost as much as 17% in value on Monday morning. Hazelnut exporters are now confronted with a high degree of uncertainty.

MANILA. The production and supply shortages continue to pose major challenges to the coconut market. This also has an impact on prices.

SUCRE/LIMA. At the end of last year, the INC hat expected the Brazil nut production to decline in the 2020/21 season. These estimates have since been revised. Brazil in particular can report significant increases in production.