Hazelnuts, Market Update

• Ferrero Hazelnut / Turkey has announced their price for in-shell hazelnuts at 80 TL / kg, 50% good kernels yield basis.
• This price is somewhat higher than expected, but it is still lower than the price offered by the Turkish Grain Board (TMO).
• Deliveries to TMO will be stopped from now on.
• The 2022-23 season has ended with shipments of 298,557 tons of kernels basis, down 41,590 tons from the previous season.
• Shipments in the 2023-24 season are expected to be similar to the previous season, as prices are not very attractive.
• The Turkish lira has appreciated against the US dollar in recent weeks, but inflation is still high.

The announcement of the Ferrero Hazelnut price is a significant development in the Turkish hazelnut market. The price is higher than expected, but it is still lower than the price offered by TMO. This suggests that there is still demand for hazelnuts in the market, even at a lower price.

The end of deliveries to TMO is also a significant development. TMO is a major buyer of hazelnuts in Turkey, and its decision to stop buying will likely put downward pressure on prices. However, it is important to note that TMO still has a large stockpile of hazelnuts, so it is possible that they will resume buying in the future if prices fall too low.

The 2022-23 season was a challenging one for the Turkish hazelnut industry. The crop was smaller than expected, and there were also some quality problems. As a result, shipments were down from the previous season. However, the outlook for the 2023-24 season is more positive. The crop is expected to be larger, and quality is expected to be better. As a result, shipments are expected to be similar to the previous season.

The Turkish lira has appreciated against the US dollar in recent weeks. This is good news for Turkish hazelnut exporters, as it will make their products more competitive in the global market. However, inflation is still high in Turkey, which could put pressure on hazelnut prices in the future.

Overall, the outlook for the Turkish hazelnut market is positive. The crop is expected to be larger, and quality is expected to be better. However, inflation remains a concern, and it is possible that prices could fall in the future.