Week 34

Farmers had a hard time (drying the hazelnuts) due to the weather conditions, especially in the Ordu region. Hazelnuts, which started to be collected early in low altitude areas, were kept covered in the drying areas. This is a very risky situation for the quality of hazelnut. It can affect the percentage of rotten rates hazelnuts. However, in high altitude regions, there is no quality concern for hazelnuts, especially ”Çakıldak” hazelnuts, which will start to be collected with the sunny weather coming today.

TMO announced that it will start its appointments to buy hazelnuts on August 27 and will start purchasing operations on September 1st. However, TMO’s difficult conditions in the purchase of hazelnuts and the payment after 21 days show that the farmers will still evaluate selling their hazelnuts in the free market. In the free market, traders started to buy shelled hazelnuts for 24.5 liras. Some farmers already sold to traders at 24.5 liras and this leads to reactions against TMO.

Ferrero, whose prices are expected to be announced on Monday, can classify the hazelnuts as 1st quality and 2nd quality every year and add 3rd quality group to the hazelnuts it buys this year, or it can also make regional pricing. The price to be announced by Ferrero, which takes samples from the regions and makes valuations, is estimated to be between 25-25.5 TL in the free market.

European buyers who have already met their short-term needs should wait a little longer for long-term contracts. Our expectation is that the exchange rate that will be favorable in the 4th quarter by which should be taken into consideration and the hazelnut needs are met at the right time.