Cashew Market Overview
February 24, 2021 | 0 Comments
As per Vietnam government data, cashew nut exports in January were 45,000MT worth $ 268 million, down by 10.6% in volume and 9.7% in value compared to December 2020 but increased by 78.2% in volume and 51.8% in value compared to January 2020.
The average export price of cashew nuts in January is estimated at US $ 5,956 / ton, up 1% from December 2020, but down 14.8% compared to January 2020. According to Customs, cashew exports in 2020 reached 514,6000 MT worth $ 3.21 billion, up 13% in volume, but down 2.3% in value over the year 2019.
The total cashew area of Vietnam in 2021 will reach 297,000 ha. 99.7% planted compared to 2020; crude cashew output reached 360,000 MT average yield is 1.29 tons. Freight rates and finding containers are still a challenge. Buyers are still figuring out the long-term contracts at current freight rates and calculating buying kernel prices accordingly. At current prices there is good demand for the new crop April-May shipment.
For new crop Vietnam BRC packers offering W240 at $3.22-30/lb, W320 at $2.75-87/lb, WS at $1.52-60/lb & LP at $0.95-1.10/lb FOB for April to August shipments.
Indian BRC packers offering W240 at $3.90/lb & W320 at $3.50/lb FOB for March & April shipments. The new crop situation is normal, and no major change is forecast for 2021.