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Hazelnuts February 9, 2017

The record levels of the USD/TLR rate triggered a lot of buyers during the beginning of the year to cover their needs. As a result of this situation we see a lot of activity between Turkish exporters and farmers at the moment. The current market prices, which are close to USD 7,- per KG for natural 11/13, are boosting the activity on the local market. With rumours coming from other regions such as Georgia and Italy of almost vanished stocks, the Turkish stock holders are starting to reconsider their positions. Some exporters fear another stubborn reaction from the stock holders, which could result in a tensed situation for exporters with contracts for February, March and even April obligations. The uncertain continuation of this situation multiplied by the fact that the Turkish hazelnuts are currently considered as the cheapest origin result in our advice to cover your nearby without hesitations. The pollination reports, as expected by the end of February, will provide us with a better indication for the long term positions.