Turkish Hazelnuts, Market Update 28.09.2023

This week, the Turkish hazelnut market sentiment has softened slightly. This is mainly due to two factors:

• Many processors in Turkey have covered the majority of their short positions in the past few weeks.
• Market sentiment is generally down after reaching the highest levels since the 2014 frost.

Despite the slight softening in sentiment, prices for Turkish hazelnuts remain elevated. This is due to a number of factors, including:

• The expected lower crop size for the 2023 harvest
• Strong global demand for hazelnuts
• Continued support from the Turkish government

It is difficult to predict future market levels with certainty, as liquidity is currently low and even small volumes can move the market sharply. However, we can generally expect prices for the 2023 crop to exceed those for 2022 until at least Q4 2023, if not longer.

Buyers should be aware of the potential for volatility in the Turkish hazelnut market in the coming weeks..