Turkish Apricot Update 12.11.24
A quick update on the apricots market in Türkiye. Shipments are back up by 39%. The exports in October totalled 9,246 tons compared to 6,630 tons, and the year-to-date exports increased 37% to 25,461 tons.
The market in Malatya is steady, but the high interest rates are deterring packers. There is short covering/stock taking for now, but there doesn't seem to be any sign of weakness. Most apricot growers have sold what they needed to, and will now hold onto what is left until bloom next April.
Packers and importers may be under covered and this could result in a squeeze, especially if exports continue at such a strong pace. There are a few factors at play in the apricot market right now. The strength of the Lira is causing a reaction in European buyers who want a discount for the goods.
Interest rates are keeping the market stagnant, as they hover around 40-50% in Türkiye. Realistically, it will be no different buying today than if you held out to buy tomorrow.
via Agrimax