Macadamias Market Report 06.06.24

Date: 6th June 2024 Category: Latest News
Macadamias Market Report 06.06.24

The second quarter of the year is crucial to the global macadamia industry as this is when South Africa and Australia's crop enters the market. These two countries combined represent a whopping 44% of the expected 2024 production worldwide. Guatemala will begin to ship at this time as well, but the harvesting will be over halfway complete by around July. May saw prices increase for both not-in-shell and kernel macadamias and while the NIS price average stabilised, the kernel prices continue to climb.

Chinese demand for NIS which began late last year has continued into 2024. The sustained demand is related to online retailers running promotions in the country. These promotions have proved beneficial for suppliers in Kenya, South Africa and Australia whose harvests reach the market before others. While some suppliers may feel that current NIS prices aren't profitable for producers and processors, there has been some improvement. For example, farmers in Australia have seen their prices double compared to 2023.

Harvesting in South Africa began later than expected in May, so a lot of the crop is still out. Wet weather in Australia has slowed down their farmers' harvests. Shipping volumes started to increase at the end of the month, but it remains to be seen if June will keep up the current trend.

via macsm