Cashew Market Overview - 09th to 15th April 2021
April 15, 2021 | 0 Comments
RCN Prices from Africa have firmed up lately as there is increased buying interest from Vietnamese shippers. Total volume and value of imported cashew nuts in the first 3 months of 2021 reached 539,000 MTs and US$ 839 million. Vietnam mainly imported RCN from Tanzania, Cambodia, and the Ivory Coast in the first two months of 2021 where the RCN Import prices are much higher than same period in 2020. RCN Indicative prices are in range US$1250/MT for KOR 48lbs to US$1375/MT for KOR 53lbs CFR HCMC.
It is the peak period for Vietnam cashew processing factories for purchasing new crop, and one should expect firmer domestic raw cashew prices, but the price of raw cashew decreased about 3,500 VND / kg mainly in Binh Phuoc. This is mainly lack of good dry material due the recent heavy rains.
Vietnam farmers mentioned first crop had been looking good, but it is only 30% of the total crop. The second crop has suffered from unseasonal wet weather and is delayed, and presently young flowers and buds are being damaged by fluctuating temperatures. Additionally, rains make it more difficult for local collectors and prevent the RCN from being properly dried, causing a possible lower outturn. As a result, decreased total production is reported. Some farmers are predicting their harvest to be 30% less than last year.
There are mixed reports for the Indian cashew crop which is now coming in. Some States report a very good crop whilst others suggest a late crop or difficult weather conditions. India is also experiencing a surge in COVID19 which could have an impact on the cashew harvest in which should be carefully watched.
Prices: Vietnam exporters offering W240 at US$3.30-3.60/lb, W320 at US$2.90-3.20/lb, WS at US$1.70-1.90/lb, LP at US$1.15-1.30/lb FOB for April to August shipments. Vietnam packers traded W320 at US$2.97-3.02/lb, W360 at US$2.90/lb, LBW320 at US$2.65-70/lb, WS at US$1.65-1.70/lb FOB for April to June shipments. RCN from Benin out-turn 49-50 lbs traded $1300-$1325/CFR HCMC. And RCN from Ivory Coast out-turn 47 lbs offering at $1300/CFR HCMC.