There were no significant new findings on the Turkish Hazelnut Market this week, but the events of the previous week have now been reflected across the board in exporters' price lists. As a result, many buyers only realized the price increases this week, as well as the awareness that the market has started to move. As expected, the price increase for natural kernels is much more pronounced than for processed goods, although here too we are seeing upward adjustments across the board. Overall, buyers are still reacting to the situation in a relaxed manner, although the interest in information for long-term deals is increasing.

Quality Remains Unclear

There appear to be lots of good quality, but there do not seem to be any buyers willing to pay a significant premium for these goods at present, with the exception of the hazelnut market leader. Therefore, these lots will probably be mixed with other lots in order to upgrade them. However, there is still very little reliable information on this.

In terms of exports, the market now seems to be slowly catching up with the backlog of recent weeks. It will probably take another 3-4 weeks to catch up, but it seems to have passed its peak.

In terms of the exchange rate, there was also little change this week. The Turkish lira gained slightly against the euro, but the increase is within the normal range of fluctuation and therefore hardly worth mentioning.

Uncertain Market

Overall, the buyers' market tends to be in the orientation phase as to whether they should continue to follow the market or hedge for the long term. Sellers, on the other hand, tend to continue to follow the market. Later dates are being offered with significant premiums in some cases, which is currently discouraging buyers from closing deals. At present, we hardly see any sellers betting on falling prices, as there are currently too many uncertain factors. We expect buyers to continue to show a high level of interest in information in the coming week.

Key Points

• Exporters are adjusting their price lists across the board, as the market leader's new purchasing bid has now led to a significant increase in raw material prices.
• The quality problem with the harvest of natural kernels is still unclear in terms of dimension, with many contradictory statements dominating the sentiment, so there is no clarity.
• Alternative origins continue to adjust their prices upwards.
• Two-tier market development. On the one hand, expensive natural and fully blanched kernels of good quality and inexpensive small-scale processed goods.
• Exporters' price lists continue to be very heterogeneous, although offers for natural kernels are now becoming increasingly homogeneous.
• The Turkish lira is tending to move sideways against the euro and US dollar.

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