The walnutmarket remains more or less the same. Spot stocks in Europe remain tight while shipments, due to logistic issues, are delayed and extended.
USA is reporting that they have exported approx. 60% of their crop. Processors and packers are eager to export and turn stocks into money but due to delays in shipments, this is difficult.
Chandler 80% are hard to find and buyers are moving to Chile for this particular grade. Premiums are asked and the gap with lower % of halves walnutkernels is widening.
Especially for Chandlers and high percentage Halves we would recommend to cover.
In follow up to our last report, we can inform that TMO has sold their remaining stocks during the tender two weeks ago. A total quantity of 27.000 MT was put on the market, clearing the warehouses of TMO. The limited availability of product is preventing prices from falling down, but the continues rise of prices came to an hold this week, driven by the Ramadan holidays. In addition to the holidays one should not forget that while hazelnut prices are sky rocketing, prices for several other nuts came down the past couple of months. While import duties on other nuts kept the prices for Turkish consumers above hazelnuts, hazelnuts in the present situation are becoming more expensive than their alternatives as well. The stop – or pause – in rising prices doesn’t imply that demand until new crop is back are in balance, keeping the advice to secure what you need in place.