Turkish market, demand, prices and trend. Quotation in Italy
We are in full harvest, first impressions are:
– The Turks operators confirm July estimates July a little above 700 000t.
– The crop had compensated for the lateness, but due to the rain in the second half August drying was delayed. However yesterday the weather has turned and the weather is very favorable for the coming week.
– Due to the past rain on the Black Sea, it is already certain that the quality of this region will not be optimal. We hope that thanks to the good weather to come it will be “average”. In Akcakoca it is good.
– Size is generally quite small, which is logical given the good crop. Already the 13/15 quote at a premium around 0.2USD / kg and the discount for paste is expected to continue to widen.
Prices fell continuously since early June, now they should stabilize because we note that due to the last drop in prices farmers are starting to deliver less (50% of dried nuts are sold on the Akcakoca but only 25% on the Black Sea). In addition, the industry begins gradually to cover its needs for the 4th quarter.
In the medium term, there probably still remains a potential downward: It should not be forgotten that current prices correspond to a situation of lack of hazelnuts, while the campaign is balanced. But this decline will now be very gradual because farmers, accustomed to an extremely high market, are surprised by the fall and begin to restrict their deliveries.