cashew week august 20 2018 · 2018-09-28 · global cashew market at a glance india: in the first...

CASHEW WEEK A WEEKLY NEWSLETTER

Volume 19 | Issue 34 | Aug

CASHEW WEEK A WEEKLY NEWSLETTER

| Aug 12-18, 2018


| Aug 12-18, 2018

Released on August 20

IN THE CASHEW WEEK

Cashewinfo Market Summary

Cashew Experts Market Commentaries International Prices of Nuts

Domestic Prices of Nuts

Currency Movement and Outlook Almond Report


20th, 2018

IN THE CASHEW WEEK..

Cashewinfo Market Summary

Cashew Experts Market Commentaries – India and International

International Prices of Nuts


Currency Movement and Outlook

Almond Report

| Aug 12-18, 2018

India and International

Global Cashew Market at a Glance India: In the first seven months of 2018 (up to July), India has imported about

400,000 tons of RCN. India may import another 250,000

remainder of this year, if the quality of RCN is good. This is in line with our earlier

estimate that India’s RCN imports may not exceed 700,000 tons for 2018.

Kernel price in the domestic market cont

part of the country slightly moved higher for most of the grades

demand continued to remain reasonably good.

Last week flash floods led to extensive damage to key cashew growing state of

Kerala, which includes the cashew processing hub of Kollam. As we are aware than

more than 700 cashew factories are closed in that region due to NPA problems and

they are waiting for government’s financial bailout package for reviving their

factories. The extent of damage will be known in a week or two.

Indian Prime Minister Mr Modi has said last week that a new

policy will be unveiled soon to boost farm income as the government is on track to

achieve the target of doubling farmers' income by 2022.

RCN Prices for Different Origins

Region wise-India Rs Per Kg

Mangalore (Karnataka)

Palasa (Andhra)

Panruti (Tamil Nadu)

Jeypore/ganjam (Odisha)

Goa

Maharashtra*

* Price includes of places like Banda Vietnam: Vietnam’s 2018 RCN production is estimated at 300,000 tons and that of

Cambodia well above 150,000 tons.

Vietnam in the first seven months of 2018 imported RCN in excess of 600,000 tons.

About 250,000 to 300,000 tons of RCN is still lying at various bonde

and afloat.

Vinacas attempt to secure a bailout package of USD 800 million for the cashew

industry from state bank of Vietnam so far has not yielded positive results. This

may result in lesser import of RCN in the coming months, unless kernel

improves.


Global Cashew Market at a Glance

In the first seven months of 2018 (up to July), India has imported about

India may import another 250,000-300,000 tons in the



Kernel price in the domestic market continue to remain stable and in the eastern

part of the country slightly moved higher for most of the grades, as domestic

demand continued to remain reasonably good.


includes the cashew processing hub of Kollam. As we are aware than



ge will be known in a week or two.

Indian Prime Minister Mr Modi has said last week that a new agriculture export


achieve the target of doubling farmers' income by 2022.

RCN Prices for Different Origins

10-Aug 17-Aug

Rs Per Kg Usd Per Kg Rs Per Kg Usd Per Kg

125 1.81 125

132-135 1.91-1.96 132-135 1.89

125 1.81 113-115 1.62

125-135 1.81 125-135 1.79

150 2.17 150

130-140 1.88-2.03 *

* Price includes of places like Banda, Kankouli, Ratnagiri, Vengurla and Kolhapur

Vietnam’s 2018 RCN production is estimated at 300,000 tons and that of

Cambodia well above 150,000 tons.


About 250,000 to 300,000 tons of RCN is still lying at various bonded warehouses



may result in lesser import of RCN in the coming months, unless kernel

| Aug 12-18, 2018

In the first seven months of 2018 (up to July), India has imported about

300,000 tons in the



inue to remain stable and in the eastern

, as domestic


includes the cashew processing hub of Kollam. As we are aware than



agriculture export


Usd Per Kg

1.79

1.89-1.93

1.62-1.65

1.79-1.93

2.15

*

and Kolhapur

Vietnam’s 2018 RCN production is estimated at 300,000 tons and that of


d warehouses



may result in lesser import of RCN in the coming months, unless kernel price

Africa: Cote d’Ivoire RCN crop is likely to exceed the initial figure of 750,000 tons

by about 5-7 percent. More than 500,000 tons of RCN exported till July end.

Overall in West Africa about 280,000 to 300,000 tons of RCN is waiting to

exported (stored in warehouses/with traders/very few left with farmers).

Going by the weather conditions so far, Tanzania

with last year levels.

Cashew Kernel

Tuticorin FOB Cashew Kernel price USD per lb

Vietnam FOB Cashew Kernel price USD per lb


Cote d’Ivoire RCN crop is likely to exceed the initial figure of 750,000 tons

7 percent. More than 500,000 tons of RCN exported till July end.

Overall in West Africa about 280,000 to 300,000 tons of RCN is waiting to


Going by the weather conditions so far, Tanzania’s rcn crop is likely to be at par

Tuticorin FOB Cashew Kernel price USD per lb - India

Vietnam FOB Cashew Kernel price USD per lb

| Aug 12-18, 2018

Cote d’Ivoire RCN crop is likely to exceed the initial figure of 750,000 tons

7 percent. More than 500,000 tons of RCN exported till July end.

Overall in West Africa about 280,000 to 300,000 tons of RCN is waiting to get


crop is likely to be at par

Cashew kernel prices for both Indian and Vietnam has not declined in the last one

month or so, which shows that the fall

to stabilize soon. But at the same time upside is also seems to be limited.

Source: Cashewinfo.com

Highlights of Key Cashew Stakeholders Meeting

In Dubai on August 11, 2018

In order to discuss and resolve the current

called for a meeting of key cashew stakeholders (governments and associations

only) in Dubai on August 11, 2018. It was attended by Director General Cotton and

Cashew nut Council, Cote d’Ivoire (CCA) along with a three

from CCA; CEO, Nigerian Cashew Export Promotion Council (NEPC) along with a

member of NEPC; Chairman, Cashew Export Promotion Council of India (CEPCI);

Vice President, Vietnam Cashew Association (Vinacas); Vice President, Association

of Cashew Exporters of Cote d’Ivoire (AEC

Manufacturers Association (KCMA). Key points are summarised below

1. The most important aspects highlighted by rcn exporters are (a) contract

sanctity and performance by processors

before cashew season 2019. The representatives of processors from India

and Vietnam have highlighted

respective industry and the solutions that they are attempting. Both agreed

that if rcn price is aligned to kernel price and if quality of rcn is assured,

then the situation can be brought under control in the next six

time. On the ground, there are real challenges in Vietnam, as banks are

reluctant to financing

the current market. Vinacas attempt to secure a bail

Bank of Vietnam has not been successful.

2. The discussions also focused on the level of taxes and levies on remaining

stocks. Exporting countries have promised to make efforts. A positive

response is expected in this direction soon.

3. The processing countries

representatives to align the export levy and minimum farm gate price to the

kernel prices, link minimum farm gate price with rcn quality and if possible,

make them dynamic. The government representatives from rcn producing

countries took note of the same. For the unsold stock of this season,

producing countries offered to support processing coun

inspection of existing stocks at origin, so that good quality rcn is exported

soon.

4. As a medium to long term solution, the group urged collective effort in

standardising rcn quality and contract terms with the support of

International Cashew Consultative Council (ICCC). Director General of CCA,



month or so, which shows that the fall in kernel price may be limited and are likely



Dubai on August 11, 2018

In order to discuss and resolve the current crisis in rcn sector, Cashewinfo



nut Council, Cote d’Ivoire (CCA) along with a three-member delegation



ice President, Vietnam Cashew Association (Vinacas); Vice President, Association

ashew Exporters of Cote d’Ivoire (AEC-CI); and Secretary, Karnataka Cashew

Manufacturers Association (KCMA). Key points are summarised below:

The most important aspects highlighted by rcn exporters are (a) contract

sanctity and performance by processors; and (b) clearing of remaining stocks


highlighted the various challenges faced by their


at if rcn price is aligned to kernel price and if quality of rcn is assured,

then the situation can be brought under control in the next six


rcn cargoes that are priced at levels out of parity with

inacas attempt to secure a bail-out package from State

Bank of Vietnam has not been successful.

The discussions also focused on the level of taxes and levies on remaining

ng countries have promised to make efforts. A positive

response is expected in this direction soon.

The processing countries have also requested the government


link minimum farm gate price with rcn quality and if possible,



offered to support processing countries with quality


As a medium to long term solution, the group urged collective effort in


Cashew Consultative Council (ICCC). Director General of CCA,

| Aug 12-18, 2018


price may be limited and are likely



crisis in rcn sector, Cashewinfo has



member delegation



ice President, Vietnam Cashew Association (Vinacas); Vice President, Association

CI); and Secretary, Karnataka Cashew

The most important aspects highlighted by rcn exporters are (a) contract

; and (b) clearing of remaining stocks


various challenges faced by their


at if rcn price is aligned to kernel price and if quality of rcn is assured,

then the situation can be brought under control in the next six months’


that are priced at levels out of parity with

out package from State

The discussions also focused on the level of taxes and levies on remaining

ng countries have promised to make efforts. A positive

also requested the government


link minimum farm gate price with rcn quality and if possible,



tries with quality


As a medium to long term solution, the group urged collective effort in


Cashew Consultative Council (ICCC). Director General of CCA,

Cote d’Ivoire invited India, Vietnam and Nigeria to join ICCC which

already represented by

proposed setting up of a cashew commodity exchange, which can help

a benchmark price and also help in contract performance, once the quality

and contract norms are finalised.

Date: August 20, 2018, Place: Bengaluru

Note: If you have any suggestions or comments or feedback, please

write to [email protected]

CASHEW MARKET

COMMENTARIES FROM

Good demand from local market has seen during the past week as packers whom

need to buy goods for their export contracts with buyers. Prices traded from local

market were firm and the main grade traded was W320. Certain quantity traded by

traders to exporters. Some quantities of pieces

prices.

On the contrary demand from local market is weak for export market as most of

buyers were not in the market to buy. Prices of cashews

and very limited trades done

shipment, sold by medium packers. The entirely market was quiet as sellers want

to uphold their offer at certain prices while buyers to have some discount on the

prices, if they see offers are reasonable they

withdraw their steps from the market. Packers are trying not to sell cashews under

market levels as they have been suffering heavily losses this year. Anticipation from

here is that (since Sep onward

cannot wait any more. Unofficial information releasing on to the market

buyers from main buying destinations will need to buy more in the coming time as

their inventories are thinning out and they will need to store go

demand in the coming time. If this happens

little bit; otherwise prices will be falling down gradually

Source: Kim, Khiem Nguyen Co., Ltd, Vietnam

Guinea Bissau

• Buying/selling has practically stopped

with about 100,000 mt having been shipped out so far. A further 30

is lying in various warehouses awaiting shipment.

• An estimated 10,000 mt remains in the Bush and about 20,000 mt has crossed

the border.


Cote d’Ivoire invited India, Vietnam and Nigeria to join ICCC which

ed by nine cashew producing countries. The group also

proposed setting up of a cashew commodity exchange, which can help


and contract norms are finalised.

lace: Bengaluru


[email protected] cc [email protected]

CASHEW MARKET

COMMENTARIES FROMEXPERTS

demand from local market has seen during the past week as packers whom



Some quantities of pieces were also traded at reasonable


buyers were not in the market to buy. Prices of cashews were slightly gone down

and very limited trades done at USD 3/75/3.80 per lb fob for W320 for early Sep

medium packers. The entirely market was quiet as sellers want


prices, if they see offers are reasonable they will pick up otherwise they will



since Sep onwards) buyers will have to cover more goods then as they

more. Unofficial information releasing on to the market

from main buying destinations will need to buy more in the coming time as

their inventories are thinning out and they will need to store goods for further

demand in the coming time. If this happens, market will be then get

otherwise prices will be falling down gradually.

Kim, Khiem Nguyen Co., Ltd, Vietnam

Buying/selling has practically stopped and exporters are focusing on shipments

with about 100,000 mt having been shipped out so far. A further 30

is lying in various warehouses awaiting shipment.

An estimated 10,000 mt remains in the Bush and about 20,000 mt has crossed

| Aug 12-18, 2018

Cote d’Ivoire invited India, Vietnam and Nigeria to join ICCC which was

nine cashew producing countries. The group also

proposed setting up of a cashew commodity exchange, which can help to set



demand from local market has seen during the past week as packers whom



traded at reasonable


slightly gone down

3/75/3.80 per lb fob for W320 for early Sep

medium packers. The entirely market was quiet as sellers want


will pick up otherwise they will



cover more goods then as they

more. Unofficial information releasing on to the market is that

from main buying destinations will need to buy more in the coming time as

ods for further

get supported a

and exporters are focusing on shipments

with about 100,000 mt having been shipped out so far. A further 30-40,000 mt

An estimated 10,000 mt remains in the Bush and about 20,000 mt has crossed

• This would indicate there is definitely a short

30,000 mt.

Source: John Rao, Bijagos Comerciais S.a.r.l.

Gambia and Senegal

• Rains have begun in SeGAbi.

• About 15,000MT exported from Gambia

• With about 3,000MT awaiting

• Senegal has exported about 20,000MT & still about 5,000MT awaiting exports.

• There still seems to be some crop lying in the bush but it’s off very very low

quality and prices offered

• About 50,000MT at best will be ex

export of about 75,000MT done from Banjul in the years gone by.

• There is a fall In quality

exacerbates the situation.

Source: Amrith Kurien, Comafrique Gambia

CNSL Market Report

Market CNSL

Mangalore 21.00-23.00 Courtesy: Kanco Venkatesh

The downslide in CNSL is still 22.50 per kg. Shells are costing about Andhra. As very few mills are runningfetching about INR 5.50 per kand friction dust manufacturers in Tamil Nadu. Kerala has suffered lot and so are cashew factories in various areas. If damage is

vast, it will take couple of months for Kerala factories to be back on track. This

would result in lesser production of kernels causing price hike.

Courtesy: O.N. Phadnis, Panruti,

International Prices of Nuts Table-1: Cashew Kernel FOB

Grades Tuticorin

(USD/lb fob)

W240 4.00 - 4.35

W320 3.85 - 4.20

W400/450 3.80 - 4.00

SW320 3.80 - 3.90

SW360 3.70 - 3.75


This would indicate there is definitely a short-crop this year to the tune of 20

John Rao, Bijagos Comerciais S.a.r.l.

Rains have begun in SeGAbi.

About 15,000MT exported from Gambia

With about 3,000MT awaiting exports.

Senegal has exported about 20,000MT & still about 5,000MT awaiting exports.

There still seems to be some crop lying in the bush but it’s off very very low

offered being seemed are still higher.

About 50,000MT at best will be exported between the 2 ports as against an

export of about 75,000MT done from Banjul in the years gone by.

uality of RCN and the Inability to dry as

ituation.

Comafrique Gambia

Cake Shells Cardanol

(INR/Kg)

4.00-4.20 6.20-6.30 51.00

Kanco Venkatesh and Santhosh Silva, Karnataka

The downslide in CNSL is still continued; with no big buying. Present rate is . Shells are costing about INR 8-10 per kg and mainly bought in

Andhra. As very few mills are running, there is scarcity of cashew oil cake and it is 50 per kg. The main buyer for CNSL is cardanol manufactures

turers in Tamil Nadu.

Kerala has suffered lot and so are cashew factories in various areas. If damage is


would result in lesser production of kernels causing price hike.

Panruti, Tamilnadu

International Prices of Nuts

Kernel FOB prices in major ports as on 08/17/18

(USD/lb fob)

Kollam

(USD/lb fob)

Ho Chi Minh

(USD/lb fob)

4.35 4.20-4.25 3.95 - 4.10

4.20 3.90-3.95 3.75 - 3.85

4.00 3.70-3.75 3.60

3.90 - -

3.75 - -

| Aug 12-18, 2018

crop this year to the tune of 20-

Senegal has exported about 20,000MT & still about 5,000MT awaiting exports.

There still seems to be some crop lying in the bush but it’s off very very low

ported between the 2 ports as against an

as monsoons

. Present rate is INR and mainly bought in

there is scarcity of cashew oil cake and it is . The main buyer for CNSL is cardanol manufactures

Kerala has suffered lot and so are cashew factories in various areas. If damage is


Grades Tuticorin

(USD/lb fob)

WS 3.70 - 3.85

LP 3.55 - 3.65

Table-2: African Cashew Kernel Price (Estimated for 2018)

Cashew Kernel price info

Grade Description

WHITE WHOLES CASHEWS 210




SCORCHED WHOLES CASHEWS 210




FIRST BUTTS/ WHITE BUTTS

FIRST SPLITS/ WHITE SPLITS

LARGE WHITE PIECES

SMALL WHITE PIECES

CHIPPS

BABY BITS

SCORCHED BUTTS

SCORCHED SPLITS

SCORCHED PIECES

Domestic Prices of Nuts Table-3: Cashew Kernel: India spot prices in production centres as on 08/17/18 in INR/kg

Grades Mangalore (Karnataka

-10Kg)

Kollam (Kerala)

W180 9500 882

W210 9000 838

W240 8150 719

W320 7500 710

W400 7200 -

W450 - 683

W1 7350 -

S180 9000 -

S210 8750 -

S240 7800 -


(USD/lb fob)

Kollam

(USD/lb fob)

Ho Chi Minh

(USD/lb fob)

3.85 3.65-3.70 3.55

3.65 3.45-3.50 3.30 - 3.40

2: African Cashew Kernel Price (Estimated for second half of

W1-W2, August, 2018

Grade Price/Lbs

(L) Price/Lbs

WHITE WHOLES CASHEWS 210 W-210 4.25


CASHEWS 320 W-320 3.90


SCORCHED WHOLES CASHEWS 210 SW-210 4.00




FIRST BUTTS/ WHITE BUTTS FB/WB 3.45

FIRST SPLITS/ WHITE SPLITS FS/WS 3.50

LWP 3.00

SWP 2.90

CH 2.00

BB 1.60

SB 3.25

SS 3.20

SP 2.00


Kernel: India spot prices in production centres as on

Vetapalam (A.P)

Panruti (TN)

Goa Jeypore-Odisha

GanjamOdisha

- - 1150 -

730 - 940 830

700 720 860 770

670 680 810 720 8

650 - 780 700

- 695 770 -

- - 800 -

- - 1000 -

- - 880 760

- - 840 730

| Aug 12-18, 2018

half of August-

W2, August, 2018

Price/Lbs (H)

4.30

4.15

4.05

3.85

4.15

3.90

3.75

3.65

3.50

3.60

3.10

3.00

2.10

1.80

3.35

2.40

2.20

Kernel: India spot prices in production centres as on

Ganjam- Odisha

Ahmedabad-Gujarat

- 975

950 915

930 855

850-880 790

- 755

730 730

-

- 930

860

- 820

Grades Mangalore (Karnataka

-10Kg)

Kollam (Kerala)

S320 - -

S 7500 710

LWP 6800 661

SWP 6200 595

K 7150 -

JH 7850 -

SSW 7150 -

BB 5200 639

JK/JB 7300 -

SW 7000 -

SW320 - -

Prices of Nuts in Other Indian Markets Table-4: Cashew kernel: India spot prices at terminal markets as on in INR/kg

Table-5: Other Tree nut and Dry Fruits

Grades Delhi (Maharashtra)

W180 1065/1070

W210 960/980

W240 875/880

W320 770

W400 -

S 725/765

LWP 600/715

SWP 500/660

Grades

Almond Giridi in shell

Almond Gurbandi (in-shell)

Almond California in shell

Almond Kernel California

Almond Kernel Gurbandi

Pistachio Irani

Pistachio Hairati

Pistachio Peshawari

Walnut New

Walnut Kernel

Fig Common


Vetapalam (A.P)

Panruti (TN)

Goa Jeypore-Odisha

GanjamOdisha

- - - -

- 720 750

620 670 720 600

- 600 650 500

- - 740 630

670 - 780 700

- - 750

500 450 450

- - 750 620

- 590 740 -

- - - 690

Prices of Nuts in Other Indian Markets

: Cashew kernel: India spot prices at terminal markets as on

: Other Tree nut and Dry Fruits Prices at the Delhi Market (INR/Kg)

Kolhapur

(Maharashtra) Mumbai

1160 1150

1070 980

990 900/920

880 860

- 780

850 800

810 740

730 650/680

08/11/2018 08/18/2018

125 125

300 290

468/470 482.5/485

673/675 695/700

650/750 650/750

1250/1400 1250/1400

1570/1600 1570/1600

1660/1670 1660/1670

350/450 350/450

650/1050 650/1050

625/650 625/650

| Aug 12-18, 2018

Ganjam- Odisha

Ahmedabad-Gujarat

- 745

- 745

700 705

650 670

- 720

700 -

- -

480 450

- -

- -

- -

: Cashew kernel: India spot prices at terminal markets as on 08/18/18

Prices at the Delhi Market (INR/Kg)

Currency Impact

Table-6: Forex rates in USD

Indian rupee weakened to record low of 70.74 on geo Indian rupee weakened to record low of

70.74 during last week owing to geo

political concerns and on resurgent

dollar. Weak rupee is likely to have an

impact on CAD and the coming few weeks

trend will determine how far the rupee is

likely to weaken further.

Indian rupee last week traded in the

region of 69.39 and 70.74

settled the week at 70.20

dollar on Aug-17-2018. Support is seen in the region of 69.30 and 69.10

levels going forward. On the higher side 70.20 and 70.40 will act as near term

resistance.

Fig Medium

Fig Best

Apricot

Kishmish (Rs per quintal)

Indian Yellow

Indian Green

Kandhari New

Ranga

Dry Dates (Rs per quintal)

Red

Rangkat

Currency

Indian Rupee (INR)RBI ref rateEuro (EUR) Japanese Yen (JPY)

Brazilian Real (BRL)

Chinese Yuan (CNY) Singapore Dollar (SGD) Tanzanian Shilling (TZS)

Thai Baht (THB) Mozambique New Metical (MZN)Vietnam Dong (VND)

Indonesian Rupiah (IDR)

Benin CFA Franc BCEAO (XOF)Ghanaian New Cedi (GHS)


: Forex rates in USD

Indian rupee weakened to record low of 70.74 on geo-political concerns

Indian rupee weakened to record low of

70.74 during last week owing to geo-

political concerns and on resurgent

dollar. Weak rupee is likely to have an

ming few weeks

trend will determine how far the rupee is

Indian rupee last week traded in the

70.74 and finally

against the

Support is seen in the region of 69.30 and 69.10


700/750 700/750

800/875 800/875

250/500 200/625

200/225 200/225

250/325 250/325

300/525 300/525

275/300 275/300

3200/10000 3200/10000

4600/11000 4600/11000

08/10/18 08/17/18 Wk-on-Wk % Change

Indian Rupee (INR)RBI ref rate 69.02 70.23 1.14 1.14

110.81 110.51 3.86 3.91 6.84 6.88 1.37 1.37

2282.20 2281.60 33.32 33.18

Metical (MZN) 57.92 58.96 23277.00 23294.00 14494.00 14578.80

Benin CFA Franc BCEAO (XOF) 575.00 577.00 4.78 4.88

| Aug 12-18, 2018

political concerns

Support is seen in the region of 69.30 and 69.10-68.80


Wk % Change

1.75 0.00

-0.27

1.28

0.55 0.07

-0.03

-0.42 1.80

0.07

0.59

0.35 1.99

Volume 19 | Issue 34 | Aug 12-18, 2018

Brazil real may weaken further Brazil real weakened once again due to

currency crisis starting with Turkey’s

Lira after US imposed double tariffs on

trade and the same equal measure was

imposed by Turkey on US imports.

Moreover uncertainly over October

presidential elections in Brazil may

unsettle real going forward.

Brazil real last week was traded in the

region of 3.8580 and 3.9517 and finally

settled the week at 3.9122 as on Aug-17-2018. Support is seen in the region of

3.85 and 3.80 levels. Upside for the time being is likely to be capped in the region

of 3.95 and 3.98 levels and only above to signal further weakness.

Vietnam dong may test 23350-23400

Vietnam dong last week traded in the region of 23,317.50 and 23,286 and finally

settled the week at 23,294 against the dollar on Aug-17-2018. Dong may test

23350-23400 levels going forward.

Comparative Movement of Currencies in 2018 (Jan-Aug)

Vis-à-vis USD in cashew processing regions (Weeks starts from January’

2018 and value indexed to 100)

97.00

102.00

107.00

112.00

117.00

122.00

Indian Rupee Brazilian Real Vietnamese Dong

Volume 19 | Issue 34 | Aug 12-18, 2018

Almond and Other Tree Nuts Report In Delhi's, Khari Baoli Market:

NP Inshell INR 19400-19600/40kg for 70% SS (USD 2.42-2.45 lbs per kg)

BDG INR 19800-20000/40 kg (USD 2.50-2.53 lbs per kg)

FAQ Kernels 695-710 per kg

Hand Picked 725-730 per kg

Australian In shell's were in good demand as California supplies were cut off by

traders on account of the expectation of higher prices in the coming week, but still

at an discount of around two percent on Californian In shell prices and accordingly

on Kernels. High percentage of pinholes and discoloration has discounted the

Aussie products. Carmel/Price varieties were selling at INR 14300-14500/40 Kg.

Indian Currency depreciated and remained volatile for the week against the USD

with high of Rs.70.74, low of 68.39 and closed the week at 70.20, For the first time

the INR has crossed and closed above INR 70 coinciding with the 71st year of

India's Independence year celebrated on August 15th.Turkey's currency

devaluation after US imposing sanctions has had an impact on Indian and other

emerging economies currencies .Now Indian currency is being predicted to fall till

72 to USD, but this being the last year for the Modi government before it goes to

poll in early 2019, we might see some correction very soon with RBI intervening to

stop the free fall, which has been making the fuel costlier impacting overall

economy.

Monsoon has been furious across India this year and in certain states we have seen

the floods of the century especially in southern most of state of Kerala which is one

of the largest producer of Spices and Cashews, All the 14 districts including the

famous Kollam city, the capital of Cashew Industry submerged under rain water,

Over 10000 Kms of roads have been wiped off the state with over 350 deaths

reported so far with losses pegged over INR19000 Cr.

There was good demand in the market with prices looking very bullish, It seems

that the demand will surpass the present supply position and may be in a month’s

time we would balance out the excess 22 percent imports of the CY 2017, The

markets looked positive despite 2 holidays in the week and probably will carry the

positive sentiments to next couple of weeks leading to higher prices.

Origin prices were stable for August shipments at 2.30-32$/lb on CIF Basis with 5

cents discounts for September shipments, Buyer were seen covering for August

shipments, but by the end of the week few of the packers had withdrawn from the

market with the staple reason of 10-15 percent drop in yields post harvest

beginning, not sure how correct it would prove by the end of November, We need to

understand that the California markets with an estimated crop size of 2.45 Billion

is well undersold, there is trade uncertainty with US and other countries,

currencies of bigger markets are plunging, thus making imports costlier. In India

Volume 19 | Issue 34 | Aug 12-18, 2018

many of the trade pundits predict that the Almond imports may fall this year as

compared to CY 2017 as most of the importers lost huge money in the last six

months, The California markets need to sell more to balance out.

All other nuts and dry fruits saw decent demand and bullish prices. Walnuts was

in good demand and as stated earlier in case the prices of Inshell Chandlers touch

around 1-1.5$/lbs in California we would see good demand out of India despite

hike in import duties.

New crop Iranian Pistachios is also round the corner and few of the packers have

started offering but it’s the trade sanctions which are major sentimental deterrent

despite most the traders invoicing it through Dubai as the traders in India do not

want to risk their trades with US, Which will be a great benefit for US Pistachio

Industry.

Source: Ravindra Mehta,IFNO, New Delhi – India

Almond Price Chart Almond Kernel price of California (in Delhi market) during last week traded higher

in the region of INR 695 and 700 per kg. Cashew W320 Delhi, remain unchanged at

last week traded price of INR 770 per kg.Price of Walnut kernel during last week

traded in the region of INR 650 and 1050 per kg. Priceof Pistachio Irani during last

week traded in the region of INR 1250 and 1400 per kg.

500

700

900

1100

1300

1500

2/17/2018 3/19/2018 4/18/2018 5/18/2018 6/17/2018 7/17/2018 8/16/2018

Rs p

er

kg

Almond Kernel California Walnut Kernel

Cashew Kernel W320 Pistachio Irani

Volume 19 | Issue 34 | Aug 12-18, 2018

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