Turkish Sultana Market Report
The Sultana market is stable, although the raw material prices are rising with growers. The raw material prices increased around 10% since the beginning of October due to the strong demand in the market. We are expecting steady upwards trend in pricing as farmers do not want to sell their stock at current low prices.
The growers have seen a good harvest this year, and have had a few rainy days, increasing the quantity of other types the market requires. The Quality of produce this year should be good, given the weather conditions for the crop to dry. Berries are expected to be slightly bigger this year, as well as having a good and balanced colour. Growers are expecting a yield of just over 300,000 Tonnes.
Thompson Raisins are limited in the market this season, as the produce was not profitable for farmers and so didn’t sell their crop and switched to 2021 Sultanas. This caused a serious shortage of Thompson Raisins from the 2021 crop, and so prices are currently on the rise.
The ongoing container availability and logistical issues are worsening by the day, with shipping lines unable to transport anymore goods given the shortage. This has resulted in an increase in freight costs across the world and is affecting prices as such. On this, we are recommending that customers plan and purchase goods sooner, anticipating the lead time and current issues.
USD is still strong against the Turkish Lira
Turkish Annual interest rate 16% at present and expected to decrease to 15% in the near future.
USD currency will continue to be a major player for new season pricing of Sultanas in the coming weeks