TMO ( Turkish Grain Board) has announced yesterday evening that they are opening their stocks for sale.
Giresun Variety in shell hazelnuts; 12,50 TL / kg,
Levant Variety in shell hazelnuts; 11,50 TL / kg,
Pointed Variety in shell hazelnuts; 10,50 TL / kg,
These prices are 15 % higher than current running prices in market.
Technically this means now there is an extra 137 000 mtons of in-shell hazelnuts available to market but at higher than market prices.
From buyers side you can say that there is no risk missing hazelnuts from market besides prices will be higher.
On the other hand packers believe that there has been some stock already available at the market and those stock holders will try to sell their stock as much as possible near to those levels.
And if we see that no one is really buying from TMO any in coming weeks than we will think that available stock in the market will be enough in coming months as well.
By begin of March we will have first outlook from orchards and this first report will affect the market more. Normally crop is developing well but about 2 weeks earlier than its normal development timing.
Weather has been mild and if we pass risky period until Mid of April without any damage to crop that would mean more positive outlook for coming crop.
In coming days we will see first reaction in market. Today we have seen somewhat less sellers and more buyers domestically but from current levels running in market.