Cashew Market Overview - 08th to 14th May 2021
May 14, 2021 | 0 Comments
Cashew kernel market is steady with prices on wholes stable while brokens rose a lot. Fancy splits from Vietnam traded US$2.00-2.10/LB FOB levels. Crop from Vietnam is lower as expected, most estimates at 20-30% below last year. Indian RCN crop looks good, while demand in domestic market expected to be weak with rising COVID cases and concerns about third wave later in year. Situation was similar last year when India still imported 870,000 tonnes of RCN.
West African crops expected to be Average to good in most countries. RCN market was stable, with small volumes traded this week. Outturn at most origins have decreased on account of rains. Guinea Bissau, Senegal, and The Gambia will be the upcoming crops and reports indicate good volumes. Benin RCN CFR prices are in the range of US$ 1200-1250 for 46lbs+. They have exported round 75,000 tonnes and the second harvest has begun with outturns reported between 43-47 lbs. IVC RCN crop traded between round US$1200-1250/MT FOB for 48-49 lbs, crop is coming to an end and outturn seen reported round 44-48 lbs. IVC W320 Kernels traded for US$3.00-$3.30/lb. Nigerian RCN crop average price offered round US$1100/MT FOB this week, out turn between 45 – 48 lbs. Total export volumes so far is 800,000 MT.
Vietnam BRC packers traded W320 at USD 3.18/lb FOB for June & July shipments, W450 at USD 3.00/lb FOB for August to December shipments and Organic W320 at USD 3.76/lb FOB for May & June Shipments and Indian BRC packers traded W320 at USD 3.53/lb FOB for May shipment.