Hazelnut prices have soared 144 per cent year-on-year to $15.13/kg in February due to concerns over the size of the current crop.
According to Mintec, the price has been driven upwards by fears that last year’s frost damage to the crop in Turkey, the world’s largest supplier, could be more severe than initially estimated.
Meanwhile, almond prices have risen 19 per cent over the same period to $10.47/kg and brazil nut prices have increased 15 per cent to $9.06/kg.
Almond prices have been hit by drought concerns in California, responsible for 80 per cent of global supply, and a shipping dispute in the state’s ports. Estimated 2014-15 production is down 8 per cent year-on-year to 840,000 tonnes.
Brazil nut prices have been affected by flooding in the top producer country Bolivia last year.
Desiccated coconut prices are down 1 per cent year-on-year to $2.65/kg, though they are still up 37 per cent when compared with January 2014. This is because the Philippines, which has a 59 per cent share of world exports, is still recovering from the effects of typhoon Haiyan in November 2013 which has kept prices high for the past twelve months.