Turkish Apricot Update
Exports in February were 5,507 tons compared with 3,485 tons last year an increase of 58%
Year to date exports reached 51,913 tons compared to 32,871 tons last year, an increase of 58%
Year to date consumption including domestic consumption is now approximately 58,000 tons. Total supply was approximately 80,000 tons.
Crop to sell out
Robust exports, inline with expectations. Exports look likely to continue at similar levels until new crop in August, leaving negligible carryover.
Bloom starts 2 to 3 weeks early
Following record warm temperatures in February, the orchards along the lake started to bloom last week, during the course of this week, the majority of the remaining growing areas will join them. Such an early bloom is always risky. Temperatures are cooling closer to normal, but the 10 day forecast so far does not forecast frost. The risk period is 6 to 8 weeks from now and getting through it completely unscathed is unlikely.
The market is steady, small sizes are sold out, packers seem to have squared their books ahead of the frost risk period which will dictate future price trends. Lack of a carryover to cushion any damage makes things extra risky.
The Turkish Lira has strengthened against the $ in the past week and is now trading at Tl 2.92 / $1