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Market Reports

Turkish Apricot Update 08/04/2021

  • Exports in March were 8,228 tons compared to 8,826 tons last year.
  • Year to date exports are 65,620 tons compared to 75,727 tons last year.

Exports were ahead of expectations. We think there is now less than 20,000 tons remaining in Turkey with 4 months to go. The market is more or less fully sold, and we don’t think there will be any significant carryover.

The Lira reversed its February gains, falling some 10% against foreign currencies following the removal of the head of the central bank. The Lira is now trading at 8.17 to the $

2021 Crop Outlook – Frost
Starting on the 26th of March there were 4 nights of frost. Temperatures fell to -5 centigrade. Approximately two thirds of the orchards were either in full bloom or had just set. Snow proceeded the frost and this may have protected the bloom in some orchards. It still unclear what the percentage of damage to the crop was.

Following the frost there have been no sellers in Malatya as they wait to see how the new crop prospects develop. There is another month of frost risk.

Freight rates to many countries have doubled over the past few months, the USA was $110 per ton and is now $200 to $250 per ton, most European ports were $30 per ton and are now $50 to $80 per ton. Container availability has improved somewhat but there are still issues for certain ports.