Turkish Hazelnut Market Update, 13.09.2023

The price of in-shell hazelnuts in Turkey has increased significantly in the past week, following Ferrero's announcement of its buying price. The price has gone up to about 85-86 Turkish liras (TL) per kilogram, compared to 70 TL per kilogram around a month ago.

This price increase is due to a few factors. First, Ferrero's announcement has created some panic buying among market players, who are concerned about the potential for shortages. Second, the arrival of raw materials has been slow due to heavy rain in the growing regions last week. This has made sellers more cautious about offering their products until the volatility reduces.

The current crop estimate is still around 650,000 metric tons (MT), but of course we will not know for sure until later next year. However, the recent weather conditions have raised concerns about the potential for a smaller crop.