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Hazelnuts September 4, 2020

A lot has happened in the Turkish hazelnut market since our last report. A large part of the crop has been harvested, both TMO and the biggest user have announced their buying conditions and the harvest in the higher altitudes is taking place as we speak. Although it remains to be seen what the final crop will be once the complete harvest is ended, the main uncertainties are – for the moment – rather clear. So far these clear outlooks didn’t lead to a lot of volatility in the local market. Farmers seem to be carefully making up their minds whether to bet on the TMO, largest buyers or the open market as a buyer for their crops. The slow demand from all three options combined with the low volatility coming from farmers is keeping the market in balance. In terms of export pricing some fluctuations can be found, driven by the unstable and currently very soft Lira.