Turkish sultana sales start to pick up...
Sources in Izmir, Turkey, report that sales of Turkish sultanas have started to increase for the new year, which is positive news for the Turkish dried fruit industry.
Offers of Turkish sultanas vary from packer to packer and in some instances depend on a particular company’s strategy or willingness to sell. Some offers of sultanas have now been seen below USD1,900 per tonne fob whilst others have risen above USD2,000/tonne fob. It is therefore difficult to predict where the market will go and much will depend on any information about the size and quality of this year’s new crop of sultanas and raisins. Pedictions are that the crop will be a larger one if weather conditions remain favourable. The downside is there is unlikely to be a significant carry-over of unsold fruit from the previous year, as was the case last season, so prices could theoretically open at the same levels as at the close of the season. If unsold fruit does start to become short in the coming months, both farmers and packers may have an opportunity to hold back their stocks, so increasing export prices. The volatility of the currency markets will also have a major impact going forward with most financial experts predicting a stronger US dollar against both the Turkish lira and sterling. Buyers do therefore need to consider their requirements of Turkish fruit up until the new crop as it would seem more probable for prices to increase rather than fall from today’s levels.
Credit... Andrew Ciclitira