Interest Grows in Remaining Seasonal Coverages

As demand fluctuated over the past few weeks, there are now indications that buyers are beginning to focus on the remaining seasonal coverages, as well as planning ahead for the upcoming season. There seems to be a growing acceptance of the current price levels or an understanding of the lack of alternatives, particularly for later dates, where Türkiye is likely to remain a primary source. Spot positions have been manageable thus far, but they’re becoming less available for later dates.

While most sellers are struggling with the third quarter, those offering beyond that are scarce. However, it’s expected that this will change significantly once the frost risk has passed, with sellers showing a higher inclination towards speculation.

This week, raw hazelnut prices saw a steady upward trend due to limited supply caused by seller restraint, coupled with some demand from exporters and domestic buyers. Additionally, there’s speculation that the market leader will soon introduce adjusted purchasing offers above current market prices, further fueling the price increase. Consequently, there’s little relief expected in raw material prices in the coming weeks, especially as European buying interest continues to rise.

Export prices have not fully reflected the increase yet, especially since the surge occurred mainly in the latter half of the week. Moreover, the appreciation of the Euro has somewhat offset the price hike, as the Turkish Lira lost more than two percent against the Euro this week.

Weather forecasts currently show no alarming predictions regarding frost, shifting the focus to other topics like municipal elections, particularly as President Erdogan has framed them as his “final” elections before the 2028 presidential race.

In summary, there’s little change in the overall situation, except for raw material prices rising faster than anticipated. The market awaits April’s impulses, and the coming weeks will continue to be challenging in terms of assessment.

Key Points

• Raw hazelnut prices have seen a significant increase throughout the week due to rumors of a new purchasing offer from the market leader, coupled with sustained buyer activity.
• European buyers are beginning to focus on remaining seasonal coverages and, in some cases, looking ahead. However, transactions are yet to materialize.
• Export price lists continue to show a diverse pricing landscape, with prices for natural hazelnuts becoming somewhat more consistent.
• The Turkish Lira depreciated against the Euro by more than two percent this week, partially offsetting the price increase.

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