The Turkish hazelnut market has been driven upwards as a result of the political situation the past few weeks. The extreme USD/TLR rate pushed demand upwards for both short as long term positions. We have seen the highest peak so far at 12 January at TLR 3,92, the market continued yo-yoing from this moment on. Nobody is able to further predict the rate of the TLR, especially since the destiny of the Turkish constitution lays in the hands of the citizens as they are called to vote. The hazelnutmarket itself is as unpredictable. The strong demand resulted in Turkish handlers to mix 2016 crop with 2015 crop so a careful attitude is advised. The rumours of the Turkish chamber of commerce about the flowering in some lower altitude regions have been confirmed by several suppliers. Although this is good news for the coming crop, there are too many influences such as strong winds and rainfall able to reverse the situation. At this stage prices for new crop still stay firm and increasing, coverage for the short term is only advised from reliable handlers from whom the 2016 crop can be guaranteed.
