Turkish Apricots Marker Update received from Dogancan

Apricot Update

Exports for July were 2,204 tons compared to 3,835 tons last year.
Total 2014 crop exports were 50,782 tons compared to 111,577 tons the previous year.

Average price of 2014 crop exports of whole apricots was $6,210 FOB compared to $3,265 the previous year
Average price of 2014 crop exports of diced apricots was $4,990 FOB compared to $2,592 the previous year

Exports in July were in accordance with our expectations. Final figures for the 2014 crop year were as follows (est.)

2014 Crop                   15,000 tons
2013 Carryover          42,000 tons
Total supply                57,000 tons

Exports                        50,782 tons
Domestic sales             5,000 tons
Carryover                      1,218 tons

2015 crop                    80,000 tons

New crop is starting to arrive in the market, there is strong demand to fill empty pipelines. Quality is excellent, mainly large sizes. Opening prices for sulphured raw material fruit is in line with expectations at around Tl 10 per Kg and seems to be holding steady for the time being, packers are actively buying. Prices for organic having dipped last month have now started to increase as it transpires many growers did not keep up their organic certification over the past year due to the crop failure.

We predict very strong August and September export numbers based on our heaviest season opening order book of all time, as buyers had been running positions as tight as possible. If we are right we may see prices firm in the fall as we get into the peak season. Most buyers are covering the first quarter or first half of the season only at this time. Apricot prices have come back in line with other tree fruits (prunes, figs, pears etc), and it should not be forgotten that though far better than last year, we do have a short crop again this year and no carry over. Total availability this year is a fraction over 80,000 tons, compared with over 160,000 tons in both 2012 and 2013 crop years, and 57,000 tons in 2014.

Russia is returning to the market this year, as the Tajic/Uzbek crops have been severely reduced by frost.

The Turkish Lira continues to look weak on domestic political and security issues, and is currently trading at Tl 2.68/$1.

Please contact us for any further information or specific quotes.