Market Briefing: Dried Fruit and Nuts – 11 Dec

Market Briefing: Dried Fruit and Nuts – 11 Dec

– 44% fall in Iran’s pistachio production
– 19% increase in Japan’s shelled macadamia purchases
– Chile’s walnut prices stabilised at high levels

Production
– Iran’s 2021 pistachio crop fell by 44% y/y to 135,000 tonnes due to severe drought.
– Peanut planting continues in Argentina. Reports indicate that 90% of the planting is completed with good germination, and the crop is expected to move forward without any hindrances, covering around 410,000 hectares.
– Portugal’s 2021 chestnut production has been forecast at 50,000 tonnes, 20% more y/y, thanks to favourable rains and low temperatures between Q3-Q4.

Demand
– Demand for macadamias is high, especially in the Asian markets, although logistical issues are halting shipments and slowing the consumption recovery. Japanese and Chinese kernel purchases have risen by 19% y/y and 15%, respectively to 2,890 and 3,520 tonnes in September 2020-August 2021. Meanwhile, the EU purchases were stagnant y/y at 9,500 tonnes and the US fell by 21% to 8,200 tonnes due to the combination of sea shipping fares and a large crop in Hawaii.
– The 2021-22 global date consumption is likely to grow by 10% y/y to 1,485,000 tonnes thanks mainly to high demand from Saudi Arabia and the UAE.

Trade
– Australia’s almond shipments reached 9,780 kernel weight equivalence (KWE) tonnes this September, 6.2% more y/y, bringing seasonal sales (March-September) to 63,250 tonnes (+34% y/y).
– Chile’s walnut exports reached 13,650 in-shell equivalent tonnes in October 2021, 12% more y/y. Seasonal (21 March-31 October) shipments totalled 132,570 tonnes, 17% more.
– Turkey’s dried fig exports reached 6,320 tonnes in the week ending on 4 December, 20% more y/y, bringing seasonal sales (6 October-4 December 2021) to 24,730 tonnes valued at $100 million, 7% less y/y in volume and value. The 2020-21 season closed with 71,900 tonnes, worth $256 million, 4% less y/y in volume and value.

Price
– Trading sources quoted the following prices for Chilean shelled walnuts in November:

    LHP40: $8.20-8.40/kg, stagnant m/m
    Large pieces: $7.30-7.40/kg, stagnant m/m

– Turkey’s weekly dried fig fob prices in the week ending on 4 December were:

    Whole dried figs, $4,511/tonne, 4% less m/m
    Cut dried figs, $2,984/tonne, 12% less m/m
    Paste, $1,424/tonne, 16% more m/m

Source: (IHSmarkit)

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