Hazelnuts Market Update March 2022 Week 12

News from Turkey is that inflation has caused an effect on the demand for hazelnuts. In recent years, demand has been significantly high during Ramadan, but currently, there are no signs of a domestic market in the country. This is primarily due to the rising energy, fuel and food prices, which resulted from the lira losing against the dollar in the past several months. 

Traders have reported that as Ramadan approaches, there may be a slight increase in demand, but it will be nowhere near levels seen in previous years. Inflation, while affecting demand, has also impacted market prices. Currently, in-shells are priced at 39 lira/kg, while kernels are being sold at 78 lira/kg. There is concern that should inflation grow, these prices will continue to rise. 

Another cause of concern in the hazelnut market has been the speculation of frost related damages. While traders have constantly rejected these claims, the market still appears uncertain. Though, as time passes, the general consensus of traders seems to be true.