Turkey exported 103,176 tonnes of sultanas between 1st September 2020 and 23rd January 2021, according to Aegean Exporters’ Association, a decline of 13% year-on-year (y-o-y). Exports have been impacted by subdued demand amidst the Covid-19 pandemic, coupled with a shorter crop in Turkey in the current season.
Turkish authorities estimate the size of the 2020/21 sultana and raisin crop at 271,000 tonnes. This is 12% less than in the previous season, following hail damage and heavy rains in the Manisa region in June 2020, coupled with labour shortages during the harvest due to workers’ concerns over coronavirus.
The Mintec Benchmark Prices of Turkish sultanas (standard type 9) FOB Turkey have moved slightly higher (+1%) in the four-week period ending 27th January, to USD 1,850/MT. Prices have been gradually climbing up from the November low of USD 1,700/MT, being mainly supported by the appreciating Turkish lira.
The Turkish Grain Board (TMO) has so far accumulated an estimated 80,000-90,000 tonnes of sultanas from this year’s harvest, and once the organization decides to start releasing these stocks, it is expected provide the market with downside impetus.
Meanwhile, in California, the US Raisin Bargaining Association has recently withdrawn its sliding scale offer to packers, replacing it with a new offer of USD 1,500/tonne. The previous offer ranged from USD 1,500-1,900/tonne, depending on the crop size but the association was unable to reach agreement with its signatory packers. Packers had until 29th January to respond to the new offer.
The Mintec Benchmark Prices of California raisins delivered CFR UK are on a firming trend, moving up 4% in the week ending 27th January and up 6% quarter-on-quarter.