Brazil Nut: 2018 Exports are showing 23% growth against the previous high for the same period.
Riberalta experienced heavy rain last week causing some flooding, this is a little earlier than normal but as rains have now stopped its nothing to be too alarmed about (yet..).
This year whilst factories may wish to start early once again with raw material at such low levels collectors will not be as incentivized to enter the jungle and start the collection and may actively delay until a more sustainable price is agreed.
2018 Exports are showing 23% growth against the previous high for the same period. This growth is explained by the strong shipments earlier in the year alongside the dramatic growth in demand from Korea who know have had exported to them more than 6,000MT. In a normal year this is more than the total exports from Peru and Brazil.
Demand from Korea has been falling since July as the local market make their way through the higher priced stock. Interestingly an increase in price could improve demand from Korea again as importers will be more willing to purchase.
As before the key question remains will current crop run out before the new crop arrives? It’s clear factories are shut and many are sold out of the season but a few remain with limited stock to sell. The start of the next crop is also unclear so it’s worth watching the weather and following up on any early trades of raw material.