Low production has helped push up prices of hazelnuts in the UK. The hazelnut crop in Turkey is forecast to be 21% lower year on year, at about 580,000 tonnes compared with the 700,000 tonnes produced last year. In addition, growers have been holding onto their stocks to try and stimulate higher prices.
Supplies of cashews are also running low from the major growing regions in Vietnam and West Africa. Prices have increased as the combination of severe droughts and heavy rains in growing regions has seen a reduction in yield and crop quality this year.
Delays in the peanut harvest in Argentina have pushed up prices globally. The harvest has been forecast at 928,000 tonnes, which is down 22% year on year.
The price of pepper has decreased as higher production is forecast in Vietnam for 2016. This follows an 18% year on year increase in the planted area to 100,000 hectares.
| INGREDIENTS | PRICE | CHANGE | CHANGE |
|---|---|---|---|
| $/per tonne | m-o-m % | y-o-y % | |
| Hazelnuts UK | 7948 | 20.50% | 37.60% |
| Honey ES | 1903 | 6.00% | -18.60% |
| Cashews VN | 7185 | 2.80% | 45.80% |
| Peanuts EU | 1249.4 | 2.60% | 41.60% |
| Dried Apricots UK | 3090 | 2.50% | 4.40% |
| Almonds EU | 4475 | 0.00% | -35.90% |
| Desiccated Coconut PH | 1867.1 | -0.50% | 46.30% |
| Raisins UK | 1221 | -4.50% | -19.10% |
| Sultanas EU | 1122 | -6.80% | -25.30% |
| Black pepper VN | 5107 | -7.20% | -10.10% |
source: Mintec
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