INC: Hazelnuts Global Statistical Review
INC: After a successful harvest period, TL-based market pricing registered with about a 10% discount of the TMO reference price due to limited demand mostly from the EU. Meanwhile, TMO covered about 150,000+ metric tons from the market with less strict than usual buying criteria compared to the beginning of the season. By mid-January, TL-based prices had increased about 35%. Via stable TL value, USD- and euro-based prices have increased 32% and 18%, respectively. Although Christmas sales came in strong, demand for Turkish varieties was limited in February due the high prices and controlled foreign exchange rate. Türkiye has recorded the warmest and driest winter in decades. Early blooming, mismatch of pollination sequence, lack of a cooling period and risk of frost are the variables to watch.
Early winter temperatures were very mild, risking early bloom and late frost damage in March. Fortunately, by mid-January, temperatures dropped and hopefully trees will be able to accumulate the required chilling hours, which were well below 2022 in most producing regions.
Ideal growing season conditions in Oregon paired with a dry harvest resulted in excellent crop quality with very low defect levels. Increased pressure of the brown marmorated stink bug has been observed. Current industry estimates put the 2022/23 crop at 72,400 MT, 17% above the USDA estimate of 61,700 MT.
The traditional business of in-shell hazelnuts into Asia was challenged with a slightly late harvest, an early Chinese New Year and continued shipping congestion. Weaker pricing of kernel around the globe has created a reset in Oregon, resulting in much more competitive offers from origin. This, coupled with newly realized volumes, have resulted in good movement of kernel stocks in Q4 2022 and likely Q1 2023.