Hazelnut Market: Still in the Discovery Phase

Exporters assume a price of 75 TRY/kg

The hazelnut market is still in the discovery phase. With a few exceptions, the 2022 harvest is no longer on the market. As the market leader has not yet fixed its purchase price and no dried kernels have been delivered to the local buying centers so far, the price in the free market has also not yet been found uniformly. The majority of exporters assume a price of 75 TRY/kg ( 2.54 EUR/kg ), which is in line with their expectations, but there are still outliers both upwards and downwards. The market leader’s purchase bid is therefore eagerly awaited; many had expected this for the past trading week.

Actually, we had hardly expected any activity in the hazelnut market this week due to the price jump. Surprisingly, there were still some requests for prompt delivery. Presumably, the price jump has surprised some buyers and forced them to act. We have seen that especially lots in Europe have changed hands, as the level here was even lower than in the origin itself.

Wait and watch approach

However, the general trend in the hazelnut market is currently to wait and watch the situation. Many buyers do not believe that prices can remain at this level. This hope is not taken out of the air, but one must also see that prices are still at a level with which one could work well in recent years. Thus, the view of the situation is also influenced by the fact that the level has been unusually low in recent weeks, but this was mainly due to the crash of the Turkish lira. The accusation of excessive action by the market is therefore now half correct, although exporters would probably have benefited from a lower level in the coming months.

With regard to the foreign currency market, there were few new developments. The US dollar and the Turkish lira gained slightly against the euro, but overall there was no significant change. The next meeting of the Monetary Policy Committee of the Turkish Central Bank is scheduled for 24 August. Another small interest rate step is expected. The central bank has to manage the balancing act of fighting inflation and not choking off the economy in the process. Therefore, the meeting is again eagerly awaited. However, a serious reaction of the markets is not to be expected.

For the coming week, we expect the first batches of dry kernels at the local crackers. Valid information about quality, core size distribution, etc. is not yet available. However, this week will mark the start of the new season.

Bullet Points

• The market is still in the discovery phase after the publication of the state-guaranteed purchase price by the TMO.
• Sellers are mainly acting quite cautiously, with only a few “courageous” offers in the market.
• Buyers are taking a wait-and-see approach, with a surprisingly large number of small lots being traded in the European market, as the level here was lower than at the origin.
• Next week the first batches from the new crop will arrive at the crackers.
• The market is waiting for the positioning of the market leader.
• Exchange rate is stable during the week or with little influence on the price lists.

Import/Export Statistics

Please click to reach our marketplace

Related posts:

Hazelnut Market: Noticeable Revival – Market Leader Bucks the Trend? Why Are Prices Falling in the Turkish Hazelnut Market? Weather Forces the Hazelnut Market Further into a Waiting Position Hazelnut Market reacts to the Publication of Harvest Estimate Hazelnuts Turkey: Exporters prepare for the second half of the season Turkish Hazelnuts: Calming phase Difficulties and Optimism in Turkish Hazelnut Market Turkish hazelnuts: Now the switch to new crop begins