Hazelnut, Crop Report, July 2023
The Blacksea Exporter's Association has announced its objective crop forecast of 792,613 tons for the 2023 crop. This is based on the work of a team of agronomists who have been doing this for more than 20 years. The forecast is broken down into 519,510 tons for the Eastern Blacksea region and 273,103 tons for the Western Black Sea region.
The Association also expects that TMO will announce the 2023 crop intervention pricing in week 30 or 31. Current exports are at 278,095 tons kernels basis, and the Association expects this to reach 300,000 tons by the end of August.
Harvesting is expected to be 5-7 days later than usual, but the Association believes that this gap may be closed due to the recent good weather. After the TMO announcement, the Association will need to see their buying terms and follow the currency rate closely until deliveries start. Ferrero's opening price will also be a significant factor in the market price settlement.
The Association will provide further updates when the TMO announcement is made.
In summary, the Blacksea Exporter's Association is expecting a good crop for 2023. However, there are some factors that could impact the final yield, such as the weather and the currency rate. The Association will continue to monitor these factors and provide updates everyone as they become available.