We’ve seen a larger production this year, supplemented by a bigger carry in than the previous season. So total supply for this season was +7.7% higher than at the same starting point the season prior, but YTD export and domestic shipments combined are+ 9.8% (comprising +7.1% on exports and+ 15.8% on domestic sales over last year).
For the first time in ten months of replacement price increases, we are finally seeing some price stability on Chinese pinenuts. This is due to an inevitable impact on demand as prices have rocketed over 2018 average pricing, compounded by Sterling.
The harvest will start shortly and avoiding any late rains, supply will be strong. Despite that, prices are firming presently and due to the Lira’s recovery against the USD as well as the expanding export market for Turkish apricots, especially into the Far East, is changing the profile of global demand for this product.
Mark Setterfield – August 2019