According to early forecasts, the Turkish hazelnut production in 2020 is estimated to reach around 615,000 tonnes in-shell, which is substantially less than in 2019. However, it is still very early in the season and the next two months will be critical for the development of the upcoming crop. Last year, Turkey’s production is estimated to have reached around 800,000 tonnes. A harvest in excess of over 700,000 tonnes is considered an excellent crop.
The Mintec Benchmark Price for Turkish hazelnuts CFR Europe stood at $7,250 per tonne at the beginning of March, relatively unchanged m-o-m but up 20% q-o-q.
Prices have been driven higher over the past few months by robust export demand and limited availability in Turkey, due to excessive hazelnut procurement by the Turkish Grain Board (TMO). The TMO is believed to have purchased around 100,000 tonnes of hazelnuts from the 2019 harvest. However, the agency has recently announced it would off-load 20,000 tonnes back to the market in March.