Cashew Market Report 23.12.24

Raw cashew nut imports into Vietnam were considerably down for the month to a modest 85,630. This took the year-to-date imports just short of 2.4 million MT, which equates to around 13% less than in 2023. Imports of Borma kernels continued with impressive growth with another 11,273 MT in November taking the year to date to over 125,000 MT, up over 25% versus 2023.

When you combine these figures & convert them to RCN terms, this would only equate to being in the region of 300,000 less new imported stock availability in Vietnam (without taking into account quality season v season).

Although November showed the first negative month v month since February. Exports of kernels hit 711,484 MT for the year after 61k MT shipped out. Mozambique raw cashew nut was reported down to $1550 for 47lbs whilst Tanzania was down to $1700 for 48lbs+

It is no surprise to see a slowdown in shipments to both USA & Europe given the strong shipments this year. Both markets are showing their slowest months of the year so far (exempting Tet). It would appear there are still some cheap contracts from pre-April 24 being shipped/or expected. Additionally, some buyers are delaying buying Cashews in the hope prices will be better next year.

The combination of both, together with the fact news regarding new crops is currently generally positive, is contributing to quietness in the market and softer pricing. Some Vietnamese shippers may be offering competitively to secure financing for new crop purchasing which should start in February/March.