Hazelnuts: INC estimates prompt price adjustments
June 15, 2020 at 9:01 AM ,
Der AUDITOR
Global production to reach 1.04 million metric tonnes
At last week's INC webinar series it was stated that the production estimate of 620,000 metric tonnes issued by Turkey's Exporters' Union largely accords with initial market estimates, which range at 600,000-650,000 metric tonnes. Since the figure contains a dropout rate of 15% production may indeed be higher. The estimates for this season's carry over stocks, which range at 90,000 metric tonnes, are deemed too high. More realistic estimates range at 70,000 metric tonnes. The expected rise in global production may, in addition, prompt demand for hazelnuts from Turkey to decline by 50,000 metric tonnes in 2020/2021.
Global hazelnut production is estimated at 1.04 million metric tonnes. While production is set to decline in Turkey, Italy should witness a sharp revival in production to 135,000 metric tonnes. Production is also set to rise in the US, Georgia and Azerbaijan. Quality has, in addition, been very good in Azerbaijan in recent years.
In-shell hazelnut production in mt |
|||
Country |
2019/20 |
2020/21 |
Diff. |
Turkey |
790,000 |
620,000 |
-21.5% |
Italy |
65,000 |
135,000 |
107.7% |
USA |
39,500 |
52,000 |
31.6% |
Georgia |
38,000 |
50,000 |
31.6% |
Azerbaijan |
42,000 |
50,000 |
19.0% |
Chile |
35,000 |
39,000 |
11.4% |
Iran |
25,000 |
20,000 |
-20.0% |
Spain |
18,000 |
18,000 |
0.0% |
China |
12,000 |
15,000 |
25.0% |
France |
10,500 |
9,000 |
-14.3% |
Others |
27,000 |
30,000 |
11,1% |
Total |
1,102,000 |
1,038,000 |
-5,8% |
INC, June 2020 |
Spot market under pressure
Due to the anticipated rise in production many market players now want to sell. Prices are on the decline, a trend which is further fuelled by the weak lira. The TMO is expetced to announce prices in July. In addition, the pros and cons of linking Turkey's hazelnut prices to the US dollar are being discussed again. Rumour currently has it that farmgate prices may range at USD 3.50 per kg, which is higher than the present price level Reliable reference prices have still to be issued for the new crop.
Hazelnuts, Turkey |
|
Size |
EUR/kg |
Natural, 11-13 mm |
6.65 |
Diced, 2-4 mm |
7.70 |
Meal, 0-2 mm |
6.75 |
Hazelnut paste |
6.30 |
DDP Germany |
View more information
- price chart, hazelnut kernels, natural, Turkey
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