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The Argentinian peanut MBP (40/50 CIF Rotterdam) increased marginally by 1% m-o-m in June,
to USD 1,450/MT. On an annual basis, the benchmark declined by 1%. According to market sources,
the market has been relatively quiet and concerns over dryness in the US peanut belt have partially
eased off. The US crop appears to be developing well despite the earlier slow start to plantings.
The US almond MBP rose on average by 2% m-o-m in May and up 3% y-o-y, at USD 1.88/lb. The
market continues to be stimulated by robust global demand and concerns over the drought in
California. As at the first week in July, 33% of the state is in exceptional drought, with almost 95%
experiencing severe drought conditions, according to the National Oceanic and Atmospheric
Administration. The drought and intense heat are increasing the risk of severe wildfires.
The Turkish hazelnut MBP (11/13 CFR EU) rose on average by 1% m-o-m in May, but continued to
trail last year by 13%, at USD 639/100kg. The chairman of Ordu's Chamber of Agriculture recently
reported that he expects hazelnut purchasing prices to increase this year, to around TRY 30/kg, up
from 2020/21's TRY 22.5/kg for Giresun hazelnuts and TRY 22/kg for Levant quality hazelnuts. On an
annual basis, the market continues to be influenced by the weak Turkish lira.
The Vietnamese cashew MBP declined in June for the first time since January. The benchmark
averaged USD 3.05/lbs in June, down 4% m-o-m but up 8% y-o-y. Prices fell after Vietnamese
exporters discounted material for prompt shipments, amid delayed shipments and the persistent
lack of container availability, to finance their business activity.