Turkish Hazelnuts: The Harvest Has Begun

This week, many farmers near the beach have started picking the kernels. These will be dried (weather permitting) over the next two weeks and should begin arriving at the crackers by the end of the month. This season is within the normal range of the growing cycle compared to the last years. While the farmers have started to work, many exporters’ factories are many exporters’ factories are now at a standstill. Thus, maintenance and cleaning work is being done, but also the staff is on vacation to be prepared for the next two months of the high season.

In terms of demand, a slow awakening is now being felt. Thus, preparations are underway for the annual meetings, and the interest in information is increasing. However, there is still no sign of any talk of buying goods. Even the market leader has not yet positioned itself with a purchase bid, so there is little activity has also been little activity on the part of the sellers. What we can already observe, however, is that the prices for preparations are still more under pressure than those of natural cores. Cores. We continue to see attractive offers for the fourth quarter. This may also be related to the fact that some sellers still have to fill the gaps in the books to maintain the credit line to be held. Otherwise, some caution continues to prevail.

Starting next week, we will be switching to the new crop year in the statistics, so there will be during the week, although this is within the jump in prices, representing the transition from the 2021 crop to the 2022 crop. There was little to report in the foreign exchange market this week. The Turkish lira lost just under one percentage point of its value in the week, which is within the normal fluctuation range. The main influencing factors are probably to be found in the USA. Here, the interest rate policy seems to be affecting inflation. However, it is expected that there will be a further interest rate hike is expected in September, which in turn will have an impact on the credit of the exporters. The price of money will play a more significant role in the hazelnut market in future and will be reflected in the calculation of long-term contracts. With the end of the European vacation season, we now slowly expect the market to pick up, at least for the time being.

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