Cashew Export Nuts Value And Healthy Growth In Nigeria And Worldwide - You Need To Start No

Cashew market witnessed reasonable activity with prices moving up slightly. By the end of last week, prices from medium packers moved up to $20.25 (f.o.b) for W320, while large packers were also able to sell few cents higher.

There were some trades in W240 at around $20.60 and W450 at around $20.10 (f.o.b). Most of the sales were to the US and Europe importers for 2023 October - December and some for 2024 January - March 11. India and Chinese buyers were quiet but they are expected to start buying again in in mid July, market sources said.

The raw cashew nut (RCN) market continues to be firm. West African RCN in India traded in the range of $4,200 to $4,350 depending on quality. Indonesia RCN is steady around $4,500 despite lower quality. Tanzania continued to get surprisingly high prices in their auctions.

Brazil reports of crop shortage ranging from 15-30 per cent. This means that almost all origins have had short crops in 2023

Most buyers have been restricting volume and period of buying because of the wide difference between prices from small/medium processors for nearbys and large processors for forwards.

Outlook for mid/late 2023 continues to be cloudy – demand trends are uncertain and it is impossible to judge what 2011 crops will be. So, it would be unreasonable to predict long-term price movement. But in view of supply tightness, which is likely to continue till April/May 2024, it is more or less certain that prices will continue to be firm for the rest of 2024 and even early 2025. There is some chance of a further increase in prices if kernel activity picks up and/or RCN prices continue to be firm.