The hazelnut market of Turkey stays unchanged and unmoved at TRY 35.5 or USD14.45 for every kilo and that is equal to roughly USD15, 300 for every tone C&F Europe for raw 11-13mm levants. It was noted by a trader in UK recently.
"Starting today and throughout the other days of the whole week, freezing temperatures and heavy snow are predicted to affect the regions where hazelnuts are grown. According to Agra-Net, they believe that it is coming very early for this season to affect the development of new crops. The hazelnut market in Turkey so far is still unchanged yet it dropped in US dollar terms while the Turkish lira is exactly 1.2 percent lower than its rate noted last Friday. Given that the prices of hazelnut remain the same but compared with the ending of the past week, there seems to be more sellers. The hazelnut market seems to follow a pattern and there is an increase in terms of availability and that is used as a purchasing opportunity by most manufacturers.
Turkey primarily controls the progressive hazelnut market as 70 percent of the hazelnut supplied across the globe are grown and harvested there. Hazelnuts are known to be a global commodity and are recently consumed as a luxury food. The need for nuts which process well is always at its peak. The annual global production of this commodity is around 455,000 metric tons which is quite higher than of almonds.
According to the Modern Farmer, the present condition of the weather in Turkey with the increasing demand pushed the wholesale costs to go up by roughly 30% this year. This turned to be good news for the growers in Oregon yet Fox and Owen warned against celebrating too much. The uncertainty to crow is partially and that is for the reason that when the costs go too high, purchasers may cut back and they will be switching to available alternatives. On top of it, it is believed that the hazelnut market will not be affected by the upcoming changes to happen.
