Last week, the Turkish President Recep Tayyip Erdogan announced the 2021/22 season TMO (Turkish Grain Board) hazelnut purchasing prices. In the build-up to the announcement, the Turkish hazelnut sector was calling for a substantial hike in this year’s hazelnut prices, citing soaring inflation in Turkey and rising production costs.
The TMO has set the 2021/22 purchasing prices at TRY 27/kg for Giresun quality hazelnuts and TRY 26.5/kg for Levant quality hazelnuts, an increase of TRY 4.5/kg on last year’s prices. In the previous campaign, the TMO opened the season with TRY 22.5/kg for Giresun quality hazelnuts and TRY 22/kg for Levant quality hazelnuts. With the additional field-based income support for higher yield, fuel costs and the use of fertilisers, the 2021/22 TMO hazelnut prices can come as high as TRY 30/kg.
The new season prices were announced amidst the ongoing harvest in Turkey, which started in the first week of August.
The Mintec Benchmark Prices of Turkish hazelnuts (11/13mm, Levant quality) delivered on a CFR basis Northwest Europe rose by 3% in the week of 12th August 2021 to USD 690/100kg, buoyed by the hike in TMO’s prices.