Monthly Archives September 2019

First New Crop Sultana & Currant Shipments On The Way

Shipments of Turkish sultanas are underway and expected to land in the UK at the end of this month.

There is an exceptionally high demand for new material due to the temporary shortage of unsold raw material in the UK. The harvest in Turkey is ongoing despite some reports of intermittent rainfall, although has not affected the quality of the crop. However, the rain will affect the colour of the fruit, darkening the skin and increasing the quantity of type No.8 sultanas against type No.9 and type No.10 quality.

Early reports have shown that the percentage of fruit dried as raisins by Turkish farmers this year will be less than the previous year. On following this, there may be a slightly higher difference in price for Turkish raisins. Currently, raisins are commanding a USD 100-150/Tonne premium over sultanas.

There have been positive reports that the first shipments of Greek Currents are leaving the port of Piraeus. There has been information that the shipment is of good quality and quantity with an expected volume of around 20,000 – 22,000 tonnes.

UK demands for Greek currents are steady. The UK market have recently drifted away from currents due to higher prices and lack of availability. However, Currents are a traditional ingredient for a number of seasonal lines, such as Christmas puddings and mincemeat so sales should intensity up to the run up to Christmas.

It has been reported that China’s crop of raisins and sultanas this year is larger, however this has coincided with an increase domestic demand. China has been a growing market for California raisins but at present duty is payable at over 50% on US raisins so sales have slumped. These have been replaced by exports from Uzbekistan and Chile, which have a nil duty agreement with China.

Imports of Chinese raisins to the EU and the UK market are likely to be modest this year as, despite a lower price, UK buyers prefer the quicker shipment and ready availability of fruit form Turkey. South Africa, California and Australia are likely to continue to supply the UK market with premium grade fruit, albeit at a higher price.

US raisin crop for this year is expected to be smaller this could create some upward pressure on the price of the US raisins. however, so far, the demand from the UK market has not increased dramatically so prices remain steady with select grade Thompson Seedless raisins available between USD 1.05 – 1.06 PER PINT C&F Felixstowe.

We have seen a slight improvement in the value of sterling against both the Dollar and the Euro over the past few days. This improvement will help kick start the new season for the UK dried Fruit market but there is continued uncertainty with the end of October Brexit Deadline.

date:  Sep 24, 2019 comments:  Comments Off on First New Crop Sultana & Currant Shipments On The Way
by:  Sian Koster category:  Latest News Read More

Walnut Market Report September 2019

Across the board 2018 Indian walnut crop is almost sold out, meaning shortly we will be getting into the coming crop with negligible stocks both with farmers and exporters. First arrivals of new crop are expected around the last week of September 2019.Shaking news has come in with regards to 2019 crop. Very cold weather in Kashmir Valley across April and May, the blossom of all fruit trees including nuts like walnuts has been severally affected. The crop appears to be not more than 60% of a normal crop. The quantities available of 2019 crop from Indian walnuts will be quite restricted.

The Indian government have imposed penal duty on Californian almonds and walnuts. And now the rate of import duty on Californian walnuts is effectively 122%. Due to imposition of very high import duties over previous year imports, there will be strong domestic demand for Indian walnut kernels particularly of Light grades at reasonably high prices.

Diwali will fall on October 27th 2019 in India, and due to the scarcity of alternatives to Kashmiri walnuts, the suppliers of the same shall increase their prices making offers unfeasible before this rush slows down. Thus, all early deliveries of walnuts will be geared to meet Indian domestic demand and there will be very few quantities available for shipment during October/November 2019. The earliest shipments will be only from second half of November 2019 onward.

Due to mentioned reasons we expect prices to open at levels far higher than last crop prices.

date:  Sep 12, 2019 comments:  Comments Off on Walnut Market Report September 2019
by:  Sian Koster category:  Latest News Read More

Turkish Apricot Update September 2019

  • Exports in August were 6,411 tons, compared to 7,546 tons last year
  • Average price for diced apricots was $2262, average price for whole apricots was $2720

The First shipment of new crop is in, although slightly below expectations. This can probably be due to Turkeys national holidays that occurred in the middle of August meaning some packers did not start processing new crop until the end of august when the national holidays were over.

News is in that prices for sulphured apricots have firmed $100 to $200 since the opening however have no stabilized as harvest yields were lighter than expected.

Much like the sulphured apricots the lira has also stabilized over the past few weeks, and inflation rates seem to be decreasing. The banking situation is also easing with serious packers having no problems obtaining export credits.

The shortage of natural and organic apricots has rather has disturbed the markets, and prices for both have risen sharply.

This shortage of natural apricots has been caused due to the past few years low prices. This low pricing was apparent due to a high number of blemishes in the crops that growers sought to disguise by making natural apricots. Prices for natural apricots subsequently fell below the sulphured prices. However, as there were very few blemishes on this crop, growers had no incentive to make naturals. In the case of organics, the main organic growing areas of Dogansehir and Akcadag were affected by frosts.

date:  Sep 11, 2019 comments:  Comments Off on Turkish Apricot Update September 2019
by:  Sian Koster category:  Latest News Read More