OfBusiness Nuts Dailies

9 June ’23

Price

• Cashew prices remain slightly tight, with W320 cashew priced around 590-600/kg and W240 cashew priced around 690-700/kg.
• Almond prices have remained relatively constant since last month, with NP 27 to 30 count size selling at around 585-590/kg.
• Pistachio prices have remained fairly stable in the last few days, with California 21-25 Inshell priced at around 830-835/kg.

Demand and Supply

• In the past few days, the demand pattern for cashews has remained unchanged, largely influenced by imports from African countries. The demand is expected to remain steady this month.
• The global almond market is experiencing instability due to the impact on global supply, mainly influenced by weather conditions.
• The upcoming months are anticipated to be more favorable for Pistachio market with the recovery of both USA and Iran crops, leading to further price decreases.

News

• Many small processors have stopped producing cashew kernels. India and other South Asian countries are increasing their sourcing from WAF in-shells, which may cause a further drop in in-shell prices.
• Despite a 3% reduction in this year’s almond crop, the industry expects it to help balance supply and global demand.
• While domestic pistachio prices are down, the global market is seeing a resurgence. Internal issues in Iran have been a key factor in the recent surge of pistachio prices.

OFB’s Opinion

• Once the supply issue is resolved in Iran, pistachio prices are expected to stabilize. Increased crops in the USA will further contribute to price drops.
• Weather conditions are crucial for cashew and almond prices, and some stability is anticipated from this month onwards.
• The market is expected to recover starting this month.