- Exports in July were 3,964 tons, compared to 3,434 tons last year, an increase of 15%
- Exports for the whole crop year are 95,350 tons compared to 86,256 tons last year, an increase of 10.5%
- Average price for whole apricots for 2017 crop was $2924 FOB.
- Average price for July was $2986
Final export number for the crop year are in line with expectations. Total supply Carryover is estimated at 15,000 tons, all small sizes and blemished fruit.
Harvest was completed without rain damage. There was strong demand for quality fresh apricots, prices for blemished fresh fruit were again very low and a small proportion of the crop was not harvested.
We believe the harvested crop was in the region of 120,000 tons, a similar crop in both size and quality to last year.
Prices opened at closing prices of 2017 crop, and buyers and sellers were comfortable with the levels (in the region of $3000 FOB for size 4) contracting had started at these levels during the first week of August. As you will be aware what happened next was the rapid collapse of the Lira at the end of last week. This has thrown the markets into disarray, daily volatility of 10% or more in both directions has made pricing extremely risky. Growers are withdrawing from the market expecting price adjustment in local currency to offset the fall in the Lira.
Eyes are on the banks, will this morph from a currency crisis into a banking crisis? Will credit be available to exporters? Will the central bank intervene to support the Lira ? Will diplomatic moves to be made to mend the rifts. Is the partial rebound of the Lira going to stick ? None of these questions has been answered as yet, and as such the uncertainty continues to rule.
The recent rains have caused significant damage to the new crop, causing a high percentage of split and sour figs particularly from the figs in the Aydin valley region. Mountain figs were a little less developed, and we are waiting to see how they develop over the coming week or so.
Turkey will be closed for national holidays from the 18th until the 27th of August. First shipment date, crop tonnage and pricing will be clearer after the holidays
Split and Rain Damaged Figs