Hazelnut Market Report November 2021 Week 47

The Turkish Lira has seen a massive drop in the past few days, at a lifetime low of 11.10 against the USD on Thursday. Due to this volatility, there has been activity from buyers over the past few days.

It is strange during the peak season of the hazelnut market, but these are unprecedented times, so we expect anything to happen. The local Turkish market has been doing quite well before this drop. We expect to see this continue once the Turkish Lira is adjusted. The European market has been doing well too.

There's a good supply of hazelnuts this year at 780,000 to 800,000 in Turkey alone.

What About Other Markets?

Unfortunately, the same can't be said for the Italian and Oregon crops this year. Both have experienced a drop in supplies, with Italy coming down to 50,000 from last year's 140,000.

Due to this enormous drop, there have been reports of numerous Italian buyers in the Turkish market. The quality of the Italian crop is sub-par, with an increased number of rotten kernels. As the season progresses, the quality will definitely go down as well.

Things haven't gotten better from the Georgian side either. Crops are substandard, but this hasn't stopped an increase in export. On the flip side, it has also led to an increase in rejections.

Hazelnut Prices for the Week

The TMO supports a price of 26.50 TL/kg which led to the principal Hazelnut buyer to start at a price of 25 TL/kg the following week. The principal buyer also procured 150,000 in-shells and 50,000 kernels.

Naturally, this indicates an increase in demand for chocolates and spreads and also helps cover any long-term quality issues.