The Mintec Benchmark Prices for Turkish sultanas, (type 9, FOB Turkey) were last assessed at $1,615/MT in the week ending 12th April, up $50 from a month ago (+3%). Prices rose after sellers in Turkey increased their offers following frosts in key growing areas of western Turkey around the towns of Alaşehir and Sarıgöl. The frosts hit vineyards when buds and leaves had already started developing on some of the vines. The impact of the frosts continues to be assessed.
In other news, the Turkish Grain Board (TMO) has reportedly sold all of its 2021 stock and market players are speculating that the agency could soon offer some of its 2022 crop for sale. The TMO purchased the type 9 sultanas (2022 crop) from farmers for TRY 27/kg ($1,400/MT) and is expected to sell above this level.
“All stocks from 2021 have now been sold by the TMO. Packers who have not taken positions might be a bit nervous,” a trader told Mintec.
Earlier in March, the agency increased its price of type 8 sultanas for the remainder of its 2021 stock by 50kr, to TRY 23.50/kg ($1,210/MT). This had little to no impact on the FOB pricing at that time, as it was in line with market prices for type 9 sultanas of the 2022/23 harvest.
On the demand side, Turkey exported 158,000 tonnes of dried grapes between 1st September 2022 and 8th April 2023, an increase of slightly over 1,000 tonnes compared to the same period a year ago.