Select Harvests shares tumble as Australian almond crop falls short

Shares in Select Harvests plunged to their lowest in more than a year after the almonds group ditched  ideas of a rise in output this year, saying that weather setbacks had hurt yields more than had been thought.

Shares in the Sydney-listed group tumbled more than 15% to Aus$4.09 at one stage, to their lowest since April last year, before closing at Aus$4.34, down 10.1% on the day.

The slump followed the group's announcement that, with virtually all crop received at its key Carina West processing plant in South Australia, its almond production estimate had "been reduced" to 13,500-14,500 tons.

That represented a second downgrade, after Select Harvests last month cautioned that its production was likely to fall some 5-10% below initial expectations of about 16,000 tons.

The revised figure also put the harvest behind last year's 14,200-ton crop.

Select Harvests left unchanged, at Aus$7.50-8.00 per kilogramme, its forecast for prices received.

'Worst in 10 years'

The "disappointing" downgrade reflected nationwide results, Select Harvests said, stating that "the 2017 Australian almond crop has been lower than the industry expectations.

While the group said its investigations into the shortfall were "ongoing", it added that "initial expectations are that the 2017 crop has been more impacted by seasonal conditions than previously forecast".

The group cited behind its initial downgrade, last month, an unusually high level of empty or "blank" nuts discovered during processing, with one theory that temperatures were behind the setback.

Melbourne-based broker Baillieu Holst flagged earlier this month that "the initial hypothesis for the high level of blanks is the cold October where trees may have not developed fruit fully, followed by a mild December and January which prevented the blank nuts from dropping off trees.

"Our industry feedback has suggested this is widespread - across states - and was the worst event of this kind over the past 10 years," although it is expected to be "a one-off".

California prospects

The crop disappointment contrasts with improvement in output from California, which is responsible for some 80% of global supplies – compared with Australia's 8%, in line with European Union output – and where prospects have been boosted by the end of a long-running drought.

The US Department of Agriculture forecasts California almond output at 2.20bn pounds this year, on a shelled basis, up 60m pounds from last year's record high, which was in turn up 13% year on year.

"The 2017 bloom period was extended due to cold temperatures," the USDA said.

"Significant rainfall before and during bloom made the application of sprays difficult but was beneficial to the crop overall. Growers reported set to be good and that nuts were developing well."

Source: http://www.agrimoney.com

Ivory Coast / Actors sensitized on issues of quality of cashew nuts

The players in the cashew sector were sensitized on Friday in Bouake, on the issues of preserving and improving the quality of cashew nuts for the sustainable development of that sector in Côte Ivory.

Initiated by the Council of cotton and cashew enshrined in the roadmap reflection platform on preserving and improving the quality of cashew nuts, the workshop has attracted the attention of stakeholders on the need sell well dried and sorted products. Discussions focused on what to watch for optimizing the production quality and inviting actors to join. This requires compliance with the route that starts from the establishment of seed drying and bagging through harvest.

The representative of the Director General Cotton Council cashew, Kone Gabessongon, challenged stakeholders indicating that the poor lose 150 to 200 US dollars per tonne. This corresponds, he added, with a loss of 100F per kilogram due to poor quality. The awareness campaign will take place in larger communities of cashew basin, including Bouaké, Korhogo, Odienne, and Seguela.

Source:http://vinacas.blogspot.in

Recall on Fewer Than 225 Ava's Brand Organic Cashews Roasted & Salted 8 oz. Tubs in NJ, NY, PA and CT

Hampton Farms is voluntarily recalling Ava's brand Organic Cashews Roasted & Salted 8 oz. tubs distributed in New Jersey, New York, Pennsylvania and Connecticut. We have been notified by our cashew supplier that the cashews used have the potential to be contaminated with Listeria monocytogenes. No confirmed illnesses have been reported to public health authorities to date. Routine sampling of a different item from another company revealed positive Listeria monocytogenes results, and a subsequent investigation in their manufacturing environment revealed a contaminated piece of equipment that was also used to produce the ingredient we received. Although test results of our cashews were negative for Listeria, we are recalling this item out of an abundance of caution.

All affected distributors and retail stores have been notified and the affected products are being removed from store shelves. Fewer than 225 units of this product were offered for retail sale. Listeria monocytogenes is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, Listeria infection can cause miscarriages and stillbirths among pregnant women.

This announcement applies only to the Ava's brand Organic Cashews Roasted & Salted product listed below and does not include any other items or the same item outside of this lot code:

Ava's Brand 8oz Organic Roasted Salted Cashews

UPC 8-10111-01035-1

Best By 4/28/18, Lot 11817-L2

No other Ava's branded products or any other products produced by Hampton Farms are included within this recall. Consumers should not consume these products. Affected product may be returned to the place of purchase for a full refund. Consumers with questions may contact Hampton Farms at 413-732-4193, press 0.

This recall is being undertaken with the knowledge of the Food and Drug Administration. "We deeply regret this situation and have employed our established recall plan to immediately remove the product from distribution. Nothing is more important than providing safe and wholesome, quality products," said Dallas Barnes, President of Hampton Farms.

SOURCE:Hampton Farms

China to assist Nigeria in transforming agricultural sector

May 23, 2017

THE Peoples Republic of China has revealed its commitment to replicate in Nigeria what was done in China that improved its agricultural sector. This revelation was made in Abuja, during a one-day China-Nigeria Agricultural Modernisation Cooperation Forum. Revealing this, the Chinese Economic and Commercial Counsellor, Mr Zhao Linxiang noted when the Peoples Republic of China was founded in 1949, over 80 per cent of its population was starving or in semi-starvation, 68 years down the line, the country could boost of feeding her populations and also produce food for 20 per cent of the world’s population.

Linxiang said that “if China can do it, Nigeria can equally do it.” While assuring that China is in Nigeria to replicate the uncommon feat their country achieved in the agriculture sector, also said that his country shall be committed to the agriculture agenda which President Buhari presented when he visited China in 2016. He also reiterated his country’s resolve to partnering with Nigeria in the implementation of the Economic Recovery Growth Plan (ERGP), especially in the area of agricultural development.

“The ERGP, which was recently launched by the Nigeria government, depicts a blue print for agricultural development in Nigeria over the next five years. The ERGP put agriculture as the first priority sector for the economic diversification, setting policy objectives as increase agriculture GDP from N16.0trillion in 2015 to N21.0 trillion in 2020 at an average annual growth rate of 6.92 percent (2017-2020)”, he said.

The Chinese Ambassador to Nigeria, Dr Zhuo Pingjian who supported the position of Mr Linxiang, stated China will take advantage of the strategic partnership it has with Nigeria, to share their experience in agricultural development. He noted that his country will remain committed to providing both financial and technical support required for Nigeria to achieve agricultural transformation and food security.

“We are willing to work with Nigeria side to provide more effective platform to mobilise more Chinese investment in Nigeria’s Green Alternative,” he said. The Minister of Budget and National Planning, Senator Udoma Udoma, acknowledged that China, Nigeria Agricultural Modernisation Cooperation Forum was part of China’s support to the present administrations effort to re-position the economy, also noted that Chinese entrepreneurs are willing to make more investments in Nigeria.

The minister who was represented at the event by a Director in his Minister further explained that the cooperation between the two countries will address the existing trade imbalance. “We are happy to note that Chinese enterprises are willing, as promised by the Chinese Government during the 6th session of the Economic, Trade and Technical Cooperation Forum in July, 2015 to increase the volume of imports of competitive products from Nigeria including sesame seed, cocoa, natural rubber, cashew, cassava products as well as oil and gas. “This is expected to increase the volume of trade between the two countries which stands at $14.94 billion in 2015 and address the trade imbalance.” Udoma said.

Source:http://tribuneonlineng.com

Rising cashew demand fuels smuggling from Ivory Coast

Rising demand for cashew nuts has fueled smuggling from Ivory Coast to Ghana and other countries, damaging the quality of exports from the world's top producer, farmers and exporters said on Tuesday. Ivory Coast is on track to produce a record 715,000 tonnes of raw cashews this year thanks to good weather, but exporters estimate that about 100,000 tonnes, including the best-quality nuts, could be smuggled out of the country. Cashews are primarily smuggled to Ghana and in smaller amounts to Burkina Faso and Mali. Smuggling happens every year but has grown more profitable, and thus more common, this season, farmers said.

Ghana does not tax cashew exports, while Ivory Coast charges 85 CFA francs ($0.14) per kilogram. Transit costs in Ivory Coast are also double those in Ghana, an Ivory Coast-based exporter said. "The government has to do something about this quickly ... All the quality material is going to neighboring countries (illegally)," the exporter said. "It's putting the entire sector in danger." He estimated that nearly 40,000 tonnes of cashews have crossed the borders already and that about 100,000 tonnes will be smuggled out this season. Another exporter estimated that 120,000 tonnes are smuggled out each year, but said it was too soon to know for this season. Cashew prices have increased in Ivory Coast and elsewhere on demand that has been rising for several years. Ivory Coast's government set a minimum farmgate price of 440 CFA francs per kg for the 2017 marketing season, which began in mid-February, up from 350 CFA francs last year. But farmers said they are making 650 to 800 CFA francs per kg, and in eastern regions the nuts are being resold to Ghanaian buyers for 900 to 1,000 francs per kg.

In the eastern region of Abengourou, even cocoa farmers are smuggling cashews, farmers said. Ivory Coast was already the world's top cocoa producer before passing India to become the top cashew producer in 2015. "Cocoa farmers are organizing to buy (cashews) around Bondoukou and sell them to the Ghanaians. Every day there are dozens of trucks that cross the border," said Lambert Koffi, a cocoa farmer in Abengourou. An official at a major export company said the high demand is driven primarily by India and Vietnam, which buy the majority of cashew exports from Ivory Coast.

Source:http://www.reuters.com

International Nut Council issues increased global macadamia nut forecast

Green Farms Nut Company (GFNC) has announced key outcomes for the macadamia industry from the annual International Nut Council (INC) conference hosted 19 - 21 May 2017 in Chennai, India.

Representation from South Africa included macadamia nuts, pecan nuts, peanuts and raisins. Alex Whyte, general manager GFNC, is South Africa’s ambassador to this anchor event which provides a macro perspective, setting the tone for the industry at large.

New macadamia nut in-shell crop forecast figures were released up by 14 956 mt from 178 596 mt in 2016 to 193 462 mt in 2017, representing an 8.4% increase.

South Africa continues to expand at 1500 hectares a year - it has however reduced it’s in-shell crop forecast to 41 430 mt for 2017 due to ongoing impacts of recent drought. Kenya and Australia continue to expand their plantings rapidly - given this, and should favourable weather conditions persist in South Africa, a bumper crop is expected for 2018.

China is set to become a major global macadamia producer with Ms Chen, from the Yunnan Macadamia Society, reporting that China has planted 185, 000 hectares. Expectation is to have 330,000 hectares planted by 2030. Presently yields from China are poor due to many of the trees being on steep mountain slopes and the Australian Macadamia Society are advising the Chinese on horticultural practice and cultivar selection to improve this.

“Macadamia nuts constitute a relatively small part of the overall nut industry by comparison to almonds and cashews for example. However, it is set to grow exponentially and managing this responsibly is paramount to maintaining profitability and sustainability”, said Alex Whyte, general manager, GFNC.

“Key to handling the increase in crop include investment into processing facilities as well as developing new markets. Driving awareness and creating new markets needs to work in hand with processors in ensuring product is readily available, on shelf, to meet consumer demand,” continued Whyte

“Currently macadamia nuts are 80% consumed as a snack and the remaining 20% used as an ingredient. With other nuts, like almonds, it’s the opposite - 80% are used as an ingredient and 20% consumed as a snack. For macadamia nuts, this ratio is symptomatic of an immature industry and therein lies the opportunity to develop the market and absorb increased supply whilst ensuring prices remain buoyant.

However, the challenge is to remain food safe - food safety requirements are much stricter as an ingredient that as a snack, and product recall is much more expensive as an ingredient than a snack,” said Whyte.

Increasingly stringent food safety requirements and health benefits of macadamia nuts were also fundamental to discussion at the event. In the U.S. 75% investment at factory level in the nut industry at large is on food safety which demonstrates its importance. Macadamia nuts seem to be developing a poor reputation with regards to food safety due to a fragmented industry with many processors, some of which are unable to invest in the equipment needed to produce a food safe product.

A 200,000 Euro joint-funded research project has been undertaken by a number of macadamia nut industry bodies to develop a unique stand-point for the product. Currently research available around the health benefits of macadamias shows that they are healthy, but results are fairly superficial when viewed alongside the investment other nut industries have made into research.

For more information, please contact:

Annelle Botha

Green Farms Nut Company

Tel: +27 0711638719

annellegreenfarms@gmail.com

http://www.gfnc.co.za/

Source:http://www.freshplaza.com/

Almond industry in South Australia sees cracking growth

This year's almond harvest across Australia is now estimated to be just under 87,00 tonnes, that's almost 5,000 tonnes up on last year; with South Australia accounting for 19 per cent of the total national plantings. Riverland producers are welcoming the growing market with a new $6 million cracking and hulling plant, operated by Costa Bros in Swan Reach.

One of the company's three directors, Phillip Costa, said new plant opened to meet the pressures of the growing industry. "Even though there are all these acres going in there wasn't a lot of production to be able to meet demands", Mr Costa said. Predictions show the new facility is expected to increase the region's hulling and shelling capacity from 8,000 to 22,000 tonnes a year. "The site will be running for 20 hours a day and also takes into account for the future plantings going in, so there's another 1,000 acres of new plantings going in over about five stages … about 2021 is when we're looking at getting to the last stage," Mr Costa said.

"We moved up here in 2007 and that was our toe in the water for the area and the people have been super supportive of us. "As much as it's [the facility] here for us, it's here for the local people too, so we're really appreciative of them." The directors of the Swan Reach Cracking and Hulling plant said everything on the site was fully recyclable. The hulling and shelling plant is projected to produce up to 16,500 tonnes of almond hull and shell to be used in the animal feed industry, with the company looking at expanding to solar power energy sources.

Costa Bros received a $1.85 million Regional Development and Innovation Fund grant to build the facility, which is expected to create more than 30 new full-time positions.

Cracking plant to benefit local producers

Nearby Riverland almond growers hope they too can capitalise on the booming industry. The general manager of Walker Flat Almonds Peter Cavallaro said he was very supportive of the new plant. He said his company would put about 300 tonnes of almonds through the Swan Reach plant over the season. "A few of the other employers [are] closing down, with this coming into the area it's really had a positive effect on those local jobs that were lost," Mr Cavallaro said. "The impact on our business is going to be positive as we don't have to travel as far."

Branching into international markets

Mr Cavallaro said he was expanding his orchard with new varieties and hoping to export them overseas. "I think it's growing at a very steady rate and it's a positive rate because we're in a situation where we're able to get rid of what we do grow in the industry," he said.

Mr Cavallaro said the almond board had brought out five new varieties of almonds, but most of the excitement was around the new Vella variety. He said researchers at the University of Adelaide had spent 20 years developing the hard-shelled, self-fertilising Vella.

"With these new varieties, the opportunity is there that we can actually export a variety, not necessarily just the nut. "We can actually export the variety like we get in from America, most of the varieties that we grow are American varieties, but now we can actually look at if they're interested in our varieties."

Source:http://www.abc.net.au

Binh Phuoc eyes more cashew products reaching global markets

Southern Binh Phuoc province held an international clients conference in the cashew industry on May 16 with a view to having more cashew products reaching global markets.

Chairman of the provincial People’s Committee Nguyen Van Tram said Binh Phuoc has some 143,000 hectares under cashew, accounting for nearly 50 percent of the country’s total, which yield 150,000 tonnes a year.

Earnings from cashew exports were worth 500 million USD last year, or nearly a third of the province’s total export income, he said.

Binh Phuoc is home to more than 200 enterprises and establishments involved in cashew processing, providing jobs for more than 50,000 people.

Despite having the largest cashew cultivation area in Vietnam, its products lack diversification, and are mainly semi-processed products with low value addition.

A majority of the processing firms are small and their technologies are not uniformly modern, which limits the competitiveness of the industry, Tram said, adding that climate change too has caused difficulties for the industry.

“Therefore, through this conference, Binh Phuoc calls for and wants cooperation with provinces and cities and international friends.”

Nguyen Anh Hoang, Director of the provincial Department of Industry and Trade, said Binh Phuoc is seeking domestic and foreign partners to invest or cooperate in producing more diversified products and expanding consumption both in domestic and foreign markets.

“We are also calling for international support to help businesses in the province improve their management capacity in terms of nutrition and food safety to enable more cashew products from the province to penetrate your [foreign] markets.”

At the conference, attendees said to enable sustainable development of the sector, enterprises will need to pay more attention to product quality.

Tjasse Pieter Dijksterhuis from the Netherlands’s Decamerone BV said major customers in Europe and the US are increasingly demanding mandatory quality testing, and so companies must ensure specification compliance when exporting.

Nguyen Duc Thanh, Chairman of the Vietnam Cashew Association, said many cashew producers and processors, acknowledging that hygiene and food safety requirements are increasing in the global market, focused on producing clean cashew nuts and ensuring consistent quality.

“Enterprises have shifted from competition in prices to competition in quality, with many firms investing in modern technologies to add value to their products.”

Small and medium-sized firms could face financial difficulties in this regard and should co-operate with large firms, he said.

Industry and Trade Department Director Hoang said: “We have made great strides in improving product quality at all stages from planting to processing based on stringent hygiene and food safety standards.”

The French Government is sponsoring the province’s efforts to obtain geographical indication certification for Binh Phuoc Cashew. Hoang said this would be a good foundation for the province to promote its best cashew products around the world. 

Vietnam exported 79,000 tonnes of cashew worth 735 million USD in the first four months of this year, a 13.1 percent fall in volume but an increase of 7 percent in value year on year, with the US, China and the Netherlands being the largest importers.

Source: english.vietnamnet.vn

Mozambique earns $120m from cashew marketing

The Mozambican government says it earned $120 million from the marketing of 137,000 tonnes of cashew since the start of the 2016-2017 marketing year, up from $23.1 million in the previous marketing year, 2015-2016, APA can report on Wednesday.The output surpassed the target of 120,000 tonnes this year.

“The marketing and export campaign for cashew nuts is proceeding at a good pace,” government spokesman Mouzinho Saide was quoted as saying by state-controlled Radio Mozambique on Wednesday. According to Saíde, who is also deputy Minister of Health, the cashew sub-sector provides employment and income for more than 1.4 million families across the country.

Source: journalducameroun.com

Cashew seed exportation: Here lies the goldmine

The Nigerian Export Promotion Council (NEPC), through its Executive Director/Chief Executive Officer, Mr Olusegun Awolowo, recently revealed that in spite of poor infrastructure, lack of finance and poor power supply among many challenges, Nigeria still ranks as a global leader in the export of seven agricultural produce.

Awolowo while speaking on provision of a seamless logistics service as a panacea for economic growth at a business seminar said high export products include yam, melon, kola nut, cassava, sorghum and shea nut amongst many others, adding that it is import to streamline the procedures and documentation of exports.

According to him, there are 22 steps to exporting goods and this lengthy and cumbersome procedure tends to add to the cost of doing business and if issue of procedures and documentations remained cumbersome, opportunities available in non-oil export will remain a mirage.

He explained that the dominance of oil revenue is changing around the world and attentions are being shifted to non-oil export, encouraging private investors to build export warehouses to serve as one stop shop for non-oil exports.

And part of the non oil export agricultural based opportunity options available in Nigeria and the southwest region is cashew seeds exportation. Indeed, it has been said that Nigeria became the largest producer of cashew in the year 2008 and maintained this lead even till 2010.

Mr Segun Awolowo, Executive Director/ Chief Executive Officer, Nigerian Export Promotion Council (NEPC)

Data available puts Nigeria as the sixth largest producer of cashew fruits with a yearly production of about 120, 000 tonnes. It is said that the industry is responsible for the provision of over 600, 000 jobs and a trade worth of N24bn, consequently becoming a major contributor to the economy especially the Gross Domestic Product (GDP). Annually, a cashew tree produces between 200 to 300 cashew nuts and Vietnam, Nigeria, India and Brazil are said to collectively account for more than 90% of all cashew kernel exports.

Cashew, which goes by the botanical name Anacardium occidentale, is a tropical and frost sensitive tree crop mostly valued for its nuts which are harvested once in a year. The tree which forms a large canopy and grows in fertile sandy loam soil thrives more in the southern part of Nigeria.

The major areas of cashew planting in Nigeria includes Oyo, Osun, Ondo, Ekiti and Ogun States in the Southwest part of the country, Enugu, Abia, Imo, Anambra, Ebonyi and Cross River States in the eastern part of the country, Kwara, Kogi, Nassarawa, Benue, Taraba, Niger and FCT in the Middle Belt and also Sokoto and Kebbi States in the North West part of the country. However, in order of importance, majority of export quality nuts are said to come from the Southwest followed by the Eastern parts of the country.

The Nigerian market is patronized mainly by Indians and Indonesian exporters with many Nigerians being middlemen that source for the nuts in large quantities though it is said to be in high demand in USA, Japan, Australia, Canada and some European and Middle East countries. And according to reports, the bulk of quality cashew nuts in the southwest come from Oyo state with Ogbomoso taking the lead due to its soil and the weather which is suitable for cashew nut production. Other towns include Iganna, Okeho and many parts of Ibarapa.

In Osun state, cashew can be found in Ife, Ido Osun, Ede and some parts of Ofatedo. In fact, cashew is a big business in Ife as the Federal Government in collaboration with the state government in 2016 inaugurated the cashew planting season at Ogudu village in Ile Ife as the first step in government’s plan to establish a cashew processing factory in the town in other to add value to the commodity.

The Minister of Agriculture, Chief Audu Ogbeh at the inauguration expressed his ministry’s plan to plant two million cashew trees every year for four years, adding that cashew had become the second most profitable commodity after cocoa

While flagging off the ceremony, the Osun State Governor, Ogbeni Rauf Aregbesola, stated that farming is the alternative to crude oil which can no longer sustain the country’s economy, adding that cashew is a cash and health- promoting crop and Osun state is willing to partner with investors to boost the agricultural sector.

A staff of Toks Investment loading cashew nuts in Iganna

The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi while speaking at the event stated that the ongoing massive planting of cashew in the state was the beginning of a new dawn in the country’s agricultural revolution as the state is already set to rescue the nation from economic strangulation in the nearest future

And cashew is a high yield product which after 18 months of planting, a gives back over 50 per cent of what was planted but it also has a high decay level and during harvest, the cashew fruit usually called the apple is processed immediately as it is highly perishable and gets spoilt within few hours. This decay however has no bearing on the profit chain as what actually bring in profit are the seed and not the fruit itself. So during harvest, the fruit is eaten fresh nut more often processed into juice while the nuts are dried in the sun before they are bagged and stored for export and dried nuts may be kept for more than a year before being shelled or sold.

In the last 17 years, production of cashew nuts in Nigeria according to reports increased almost by 70 per cent. Statistics indicate that it rose by almost six-fold from 30 000 tonnes in 1990 to 176 000 tonnes in 2000. Before this period, it was relatively static at 25 000 tonnes for over a 25 year period from 1965.

Today, more people have recognized the potentials of cashew as a great export material that is economically viable but increase in production is still at low ebb as many farmers still focus more on food crops like yam and maize especially in the southwest states.

But in spite of the massive plantations in the Southwest states, the demand is still more than available supply, creating a vacuum that requires that more attention be given to the trade. The testimony of this was given by a social media user who described cashew nut farming as the best and most profitable agro investment in a write up he titled, ‘the Ogbomoso N5bn industry I didn’t know about’

And in his narration, he stated that sometimes in 2015, he got a call from someone to help him source for 400 metric tonnes of cashew nut from Ogbomoso and the person was ready to invest millions of naira so he decided to take him to major cashew nut dealers that he knew but he was surprised that while they thought the N80m naira they had was enough guarantee, they were surprised that even as they begged dealers, no one was ready to collect from them

“I discovered that my friend came late for the cashew search. I met some Indians that have been around since early January, in fact I saw two Indian guys that have been in Ogbomosho since late December for no other purpose but cashew. I went to a particular dealer and pleaded with him to help my friend get at least 100 tons, all the dealer said was sorry he can’t do anything for now but if we could wait for about two weeks more. I was like why two weeks? So he pointed in a direction towards the warehouse where I saw three Indians looking impatient and he said, ‘I collected 450 million from those guy for cashew nuts and until I’m through with them I can’t do anything for anyone.’

“After I drove away with my friend from the warehouse, it began to dawn on me that something has to be done as fast as possible, seeing now that demands are higher than the supply, my friend has been able to get about 100tonnes out of 400tonnes, and even the Indian guys who came to buy cashew nuts of 450million naira worth are yet to get their full supply, with many other buyers still on queue. This experience launched me into a deep quest to making diverse researches on the nuts. Though, I have always known Ogbomosho to have the best climate and soil for cashew cultivation in Nigeria,” he stated.

Another person that had spoken on the economic viability of cashew is the Chief Executive Officer of Universal Quest Nigeria and spokesperson of the National Cashew Association of Nigeria (NCAN), Mr. Sotonye Anga, a renowned face in commodity business and exporter of cashew nuts who publicly stated that there are more opportunities to make money   in cashew exports now due to the sharp rise in imported raw cashew nut prices from East Africa which has forced buyers to explore other opportunities.

According to Anga, with world price rising and expected to remain steady, life is changing for Nigerians who are ready to invest in cashew export, adding that it requires a minimum investment of about N1.5 million with a return that ranges between 10 to 30 percent per transaction.

He said that if the over than 24 states of the federation that has suitable soil and weather condition starts producing cashew, exporters can get enough supply, adding that cashew crop enjoys considerable patronage around the world

And on the challenges, Anga said going into cashew business is not an easy task for a beginner because of lot of issues especially the amount of capital one is willing to invest as when there is enough capital, one can export himself while it is also good for one to buy and supply export companies in Lagos and major shipping towns. And from his experience, a beginner needs to undergo some form of training or mentorship in order to understand cashew business.

In measurement, 13 bags of cashew make a tone while 30 tonnes make a truck or long trailer. And there is a consensus that cashew trading and export is a business that needs more investors especially in the area of utilizing the cashew apple which is usually allowed to waste while trying to get the seed. The apple could create another source of income if processed into juice. 90 per cent of the cashew apples are allowed to go to waste just to get the seeds while exporters also face challenge of meeting up with demands as part of the seeds that should be exported are roasted into nuts and sold cheaply by the roadside.

While stakeholders agree that there is need for government to support the Nigerian cashew processing sector with infusion of funds to add value to the products, the Chief Executive Officer of Centre for Trade and Export Development, Mr. Titi Ogunye, reiterated his organization’s readiness to train more Nigerians in cashew export, adding that they offer integrated support to new and existing exporters interested in sesame, cocoa, soybeans and other non oil exports.

Sample of cashew nuts for export

Cashew nuts are packaged using either of two materials; the jute or the polythene and the material used determines the price as cashew nuts in jute bags are more expensive than those packed in polythene bags and jute bags is the choice for exporters.

The prosperity in the cashew exportation business was confirmed recently by the president of the National Cashew Association of Nigeria (NCAN), Pastor Tola Faseru, when he stated that NCAN was glad to witness the prosperity of cashew farmers in Nigeria as shows that NCAN is working in collaboration with government and development partners.

“The current global market trends show an increasing and strong demand for cashew and Nigeria will continue to deliver its quota and remain relevant in the cashew world. I therefore, urge our cashew farmers nationwide to be serious with the cashew business and be committed to GAP and quality improvement protocols so as to get the cash in cashew,” he said.

The difficulty in getting cashew nuts out of Nigeria due to delay in shipment is however a cause of concern for the farmers as it cost agricultural shippers millions in lost revenue between.

And now that there is a continuous drop in oil prices with the prediction that there will be further collapse in prices of oil, stakeholders are advocating more engagement in cashew production and exportation as it is believed even among African countries that export directly to Europe, Nigeria is a still a laggard while the southwest with its arable land and massive cashew plantation is still not taking the business serious.

Stakeholders advocate that the southwest needs to find its feet in the cashew business which it has potentials to explore in order to become a determining factor in the economy of the nation.

‘South-West still needs to work on cashew cultivation’

Alhaji Idris Busari is the Chief Executive Officer of Markirisun Commodities Limited, a commodity trading company based in Ibadan, Oyo State, and Veguit Fruits and Vegetable stores. He talks about cashew exportation from his experience as an agent between cashew farmers and exporters

Idris Busari

How many years have you been into the business of cashew plantation?

I don’t have a cashew plantation of my own but I learnt about the produce from my father’s venture into the cultivation of cashew 18 years ago in Eruwa here in Oyo state

How are you involved in cashew exportation?

I do not export cashew just as I do not plant it. What I do is that act as a liaison between farmers and exporters. I source for the product from farmers and merchants and supply to exporters. It is a chain process.

Why do you sell to others and not export yourself?

I do that because it is capital intensive to export and without adequate finance, one cannot embark on the venture of cashew export.

Can it be a source of income generation and foreign exchange?

Yes. I will say a definite yes. It is a great source of income generation and foreign exchange. I remember my experience in 2011 when we were buying at the farm gate at 58,000 per ton of cashew nut and we were hoping to sell at 72,000 per ton delivered in Lagos. However, there was civil unrest in Ivory Coast, which is the largest cashew nut export in Africa and their sea ports was shutdown, this resulted in buyers rushing down to Nigeria to buy ours and it pushed the demand high and cashew nut price jumped up to 144,000 at farm gate and we were selling to Lagos for 160,000. Both traders and farmers had a boom and cash influx that trading season.

Can you grade the southwest region in terms of this business?

I have traded cashew nut from Eruwa, Ejigbo and Kwara but I can say that from my sourcing journey on cashew, the southwest still needs to work on its cultivation. From my experience Kwara and Nassarawa are the two states where I find with the largest quantity of cashew though the Southwest has a more suitable soil and weather

How capital intensive is the venture?

It is very capital intensive these days. Like this trading season, it started at 480,000 per tonne from farm gate and went up to 620,000. You can’t just buy one tonnne and expect to be profitable, you will need to buy much more; that means you will have to invest more.

Who can do the business?

This business might look very simple for anyone to start but to be successful at it one must be trained and mentored in the business.

How can people get required training?

Training in this industry is not class based but field based. To learn the trade, one most move with someone that knows the trade.

Challenges?

The challenges in the industry are more around poor infrastructure that increases your cost of transporting your produce and the dishonest practices of merchants selling lower grade for higher money and unwholesome practices of Produce Inspectors.

 What’s the turnover like?

If well planned, the turnover is very interesting. One can have a gross margin between five to 10 per cent on a tonne

‘The seed sale is lucrative’

Mr Tokunbo Oluwatobi Odubiyi, the Chief Executive of Toks Investment, is an old hand in cashew seed supply. He talks about how easy it is to make it in the business and the pitfalls

How long have you been in this business?

To God be the glory, I have been in this business for 20 years.

 Tokunbo Odubiyi

What aspect of the business are you in?

I have a cashew plantation; I plant and supply my product. I also help in sourcing for seeds for companies.

 Is your produce enough to meet your customer’s demands?

No, it is not enough. I get supplies from other farmers around here to meet up with the shortfall in demand; we have many cashew plantations here in Iganna and environs.

 You don’t do export?

No, I do not export. I sell my products locally to companies that produce nuts and cashew products

Where do you supply your product?

I supply to Lagos; there are companies where that buy from me regularly. My major customers are Amajaro, Holam and Wacot though there are others that also buy from me.

How capital intensive is the business?

It is very capital intensive. On our level, you will need lots of money. But averagely, to do this business, one should have like N100m because returns is based on how much you invest and companies do not buy in small quantities.

 Can one make it big in this business?

Yes. One can make it really big even in a short time if he has enough capital to operate

 Who can do the business?

Anyone can do the business once there is an experienced mentor. We have all mentored people at one time or the other while some even come for training.

 Challenges?

Lack of funds is a great challenge; many do not have enough to do the business. Also, more people should invest in cashew plantations and partner with those already in the business.

Source:http://tribuneonlineng.com/

Another Record California Almond Crop Forecast

The initial subjective forecast by the USDA’s National Agricultural Statistical Service for the 2017 California almond crop is 2.2 billion pounds. Forecasted bearing acreage for 2017 officially hit the 1 million mark this year, NASS reported, which is the main reason for the record crop. That’s because forecasted yield is 2,200 pounds per acre, down 3.5% from the 2016 yield of 2,280 pounds per acre.

The California almond bloom began in mid-February; chilling hours were described as adequate, but less than 2016. The 2017 bloom was an extended bloom, due to cold temperatures, and lasted a few weeks. Significant rains before and during bloom made application of dormant and bloom sprays more difficult. There were also concerns about bees pollinating in the stormy weather, but the extended bloom may have compensated for those issues.

While all the rain complicated orchard work, the water was a welcome relief from years of drought. Set was reportedly good and nuts were developing well. Results of the subjective survey are based on opinions obtained from growers. The sample of growers changes from year to year and is grouped by size of operation, so all growers will be represented. Growers are asked to indicate their almond yield per acre from last year and expected yield for the current year. The subjective production forecast is based on a telephone survey conducted by NASS from April 25 to May 4 from a sample of almond growers. The objective forecast will be released later in the season.

Source: www.growingproduce.com

Region eyes global cashew co-operation

Speaking at an international clients conference in the cashew industry held in the south-eastern province yesterday, Nguyen Van Tram, chairman of its People’s Committee, said the province had some 143,000 hectares under cashew, accounting for nearly 50 per cent of the country’s total, which yield 150,000 tons a year. Earnings from cashew exports were worth US$500 million last year, or nearly a third of the province’s total export income, he said.

The province is home to more than 200 enterprises and establishments involved in cashew processing, providing jobs for more than 50,000 people. Despite having the largest cashew cultivation area in the country, its products lack diversification, and are mainly semi-processed products with low value addition. A majority of the processing firms are small and their technologies are not uniformly modern, which limits the competitiveness of the industry, he said. Climate change too has caused difficulties for the industry, he said.

“Therefore, through this conference, Binh Phuoc calls for and wants co-operation with provinces and cities and international friends.”

Nguyen Anh Hoang, director of the local Department of Industry and Trade, said the province was seeking domestic and foreign partners to invest or co-operate in producing more diversified products and expanding consumption both in domestic and foreign markets.

“We are also calling for international support to help businesses in the province improve their management capacity in terms of nutrition and food safety to enable more cashew products from the province to penetrate your [foreign] markets.”

Improve quality

Attendees said to enable sustainable development of the sector, enterprises would need to pay more attention to product quality. Tjasse Pieter Dijksterhuis from the Netherlands’s Decamerone BV said major customers in Europe and the US were increasingly demanding mandatory quality testing, and so companies must ensure specification compliance when exporting. The US’s food safety regulations are now stricter, with more inspections of suppliers’ facilities, to shift the focus from responding to preventing contamination, according to delegates. Vu Thai Son, general director of Long Son Joint Stock Company, the world’s second largest cashew exporter, said a new law in the US shifted inspection of imported goods from the US to production chains in countries exporting to the US.

"US importers also require their suppliers to ensure corporate social responsibility, and so Vietnamese cashew exporters should learn more about such regulations to ensure that they meet requirements," he said.

Nguyen Duc Thanh, chairman of the Viet Nam Cashew Association, said many cashew producers and processors, acknowledging that hygiene and food safety requirements are increasing in the global market, focused on producing clean cashew nuts and ensuring consistent quality.

“Enterprises have shifted from competition in prices to competition in quality, with many firms investing in modern technologies to add value to their products.”

Small and medium-sized firms could face financial difficulties in this regard and should co-operate with large firms, he said.

Nguyen Anh Hoang, director of the province Department of Industry and Trade, said: “We have made great strides in improving product quality at all stages from planting to processing based on stringent hygiene and food safety standards.”

The French Government is sponsoring the province’s efforts to obtain geographical indication certification for Binh Phuoc Cashew. Hoang said this would be a good foundation for the province to promote its best cashew products around the world. Huynh Thi Hang, deputy chairwoman of the province People’s Committee and head of the conference organisation board, said the event provided an opportunity for cashew farmers, processors and traders to exchange information and explore business opportunities with local and foreign partners.

The event would also help local cashew farmers and processors and exporters to get updated on global market information and understand customers’ needs, she said. Viet Nam exported 79,000 tons of cashew worth $735 million in the first four months of this year, a 13.1 per cent fall in volume but an increase of 7 per cent in value year-on-year, with the US, China and the Netherlands being the largest importers.

Source: VNS

Binh Phuoc encourages investment in the cashew industry

On 16/5, in Dong Xoai town, Binh Phuoc province People's Committee in collaboration with Department of Industry and Commerce, Vietnam Cashew Association (Vinacas) held the international customer conference Binh Phuoc 2017. At the meeting, Mr. Nguyen Van Tram, Chairman of Binh Phuoc Province People's Committee said that up to now, Binh Phuoc has over 134,000 hectares of cashew, accounting for nearly 50% of the cashew area of the country, 132,000 hectares of which are harvesting. Amounting to about 150,000 tons.

Binh Phuoc has been designated by the Government, MARD to plan the main material areas with 200,000 ha of cashew trees by 2020. Binh Phuoc cashew kernels have been selected to be national brands. In processing industry, in 2016, cashew nut export turnover of Binh Phuoc reached $ 500 million, accounting for nearly one third of total export turnover of the province (about $ 1.6 billion). Processing activities with more than 200 enterprises and more than 400 establishments, including 31 large enterprises with the total capacity of 82,000 tons / year, creating jobs for 50,000 workers, contributing to improving and raising The life of people, especially people in remote and mountainous areas, ethnic minorities.

However, the province also found that, despite the largest area of cashew, cashew nut processing products are not diversified, mainly primary processing, low added value, the majority of small enterprises , Technology investment in production is not synchronized ... has limited the competitiveness of Binh Phuoc cashew nuts. Therefore, in order to improve the position of cashew products, coming here, Binh Phuoc focus on encouraging enterprises to invest in processing technology, product quality management and especially to connect and deep link with farmers. Building large cashew orchards, supporting investment, guiding farmers to produce and consume products. Binh Phuoc also calls for and wishes to cooperate with local and international enterprises in the development of cashew processing industry. Binh Phuoc province's leaders pledged to create favorable conditions on mechanisms, policies and procedures for investors to study and cooperate in the province.

Mr. Tran Van Phung, Chairman of the Cooperative Alliance of Binh Phuoc, said that, along with the Government's policy on cashew development, the provincial People's Committee approved the sustainable development plan for Binh Phuoc province up to 2020. After the implementation period, up to now Binh Phuoc has initially appeared in the linkage model in cashew production. Specifically, the province now has 77,612 cashew households involved in the form of linking consumption. According to Nguyen Duc Thanh, Vinacas' chairman, if the capacity is fully produced, Vietnam's cashew processing industry can process up to 2 million tonnes / year, accounting for two thirds of global cashew processing capacity.

In the long term, Vinacas has advised MARD to adopt policies to keep the cashew area (about 350,000 hectares) and raise the cashew yield to 2 tonnes per hectare by 2020 (by 2016 to 1.4 tonnes per hectare, This yield surpassed India and all 11 African cashew farmers. Notably, to ensure the processing and export output, the Vietnamese authorities have made commitments to cooperate with the growers to export raw materials to Vietnam. Recently, Vinacas has joined the Ministry of Foreign Affairs and Ministry of Agriculture and Rural Development through Ivory Coast to cooperate and seek to help them raise the yield of 1.7 million hectares of cashew nut from 0.4 tons today. than.

Source: VGP - Government Newspaper

Growing trend: 1,000 hectares of organic walnuts in 2016

For a long time, the cultivation of walnuts in Austria led only a meagre existence. There was little diversity in the cultivated varieties; old walnut groves were cleared and hardly any new plant protection products were allowed on the market. Now commercial walnut cultivation has been rediscovered in Lower Austria. In this article, Alexandra Horner (LK NÖ) explains about the market and about the cultivation.

Countries such as, Germany, Italy, France and Switzerland increasingly cultivate walnuts, and not only with conventional agriculture but also organic agriculture. In Austria, organic walnuts have been cultivated on about 1,000 hectares in 2016, and the size of this surface is expected increase even further in 2017. Walnuts are now one of the most important produce in Austria.

Worldwide, China rules the market with a share of 71%. The USA, Turkey and Iran are three other important walnut producing countries. Since the year 2000 the global production increased with 300%. The quality has to be high to compete with all these players on the market. The current demand for organic quality, Austrian-grown nuts exceeds the production, and the walnuts fetch a good price.

Viable commercial cultivation

The cultivation of walnuts can be profitable, providing the demand is stable. The range of walnut based products is large and particularly interesting for direct marketing. Furthermore, the typical red varieties, such as the "Red Donaunuss" or the "Red Gubler" supplement the range. Fresh green walnuts are popular too, but have to be harvested by hand. Quite some patience is required until the first walnuts can be harvested, because it takes about ten years before the yield is satisfactory, and walnuts require several specific circumstances

Circumstances for cultivation

In the first few years, walnuts require a mild climate, good soil conditions, lots of light, and special care, because the blossoms and new shoots are quite sensitive to frost. The area around the young trees must be kept free from weeds and grass and the trees must be protected from animals. Furthermore, the trees need to be pruned and require the right nutrition.

Some locations are unsuitable for walnut groves

Before investing in a walnut grove a soil survey is recommended, as certain agricultural "bad locations" are not suitable for walnut cultivation. The trees are planted at a distance of eight by eight meters to twelve by twelve meters, if combined with suitable frames, the trees can be shaped in such a way that it increases its yield. Depending on the variety, the yield produced is between three and five metric tons dry weight per hectare. After harvesting the walnuts are washed, dried and sorted. Intensive agriculture leads to an increased chance of diseases and pests, and the Rhagoletis completa, codling moth, Marssonina and bacterial diseases can cause massive problems. The use of copper, against leaf diseases, is still subject to approval.

Contract farming only with cultivated varieties

The cultivated varieties are essential for contract farming. These cultivated varieties can be distinguished in two different types, the terminal and lateral bearing varieties. The lateral varieties are more popular, because an economically viable yield is reached faster and the overall yield is larger. The buyers like light-colored, large nuts that are easily shelled. The regularly producing, disease-tolerant and robust varieties are recommended for organic farming. Some suitable varieties are, for example, "Mars", "Apollo", "Jupiter" and "Saturn", originally from the Czech Republic, "Lake" from the USA, Szentiani 117 from Hungary and "Fernor" and "Franquette" from France. Older varieties, such as “Geißenheim“, “Moselander“, “Weinheim” and the “Red Donaunuss“, which are popular in Austria, are not resistant against the Marssonina fungus.

Source: lko

New technologies to improve walnut processing

The Californian firm Jessee Equipment Manufacturing is one of the world's leading companies in the manufacture and design of processing equipment for the walnut industry. Peelers, dryers, calibration machines of different types, mechanical cracking lines and suction systems are some of its main products.

Two of its top executives spent a few days in Chile meeting with walnut entrepreneurs, directors of the Chilean Walnut Commission and Ceres SPA. They were its CEO, Rick Simas, and its commercial manager, Steven Smallwood. Ceres SPA represents Jessee in Chile.

Mechanical crackers

One of the leading processing lines offered is the mechanical crackers. In this regard, Rick Simas explained that mechanical cracking is important for the companies and producing countries, as it allows them greater flexibility in the supply, especially in a market like the Chilean one, which has high rates of growth in its exported volume and rising needs in the primary stages of walnut peeling and drying.

"When the market for cracked walnuts is attractive (better than for walnuts in shell) you have the option of cracking and selling the kernels, just as it's done in the US. In Chile, there are companies that sell only walnuts in shell, but we are currently setting up machines for them, because they need the flexibility to supply both products," said Simas.

He also stresses that mechanical cracking is much faster than the manual one, which is useful when it comes to working in greater scales and competing in the international markets. "In Chile, the cost of labour is high and in the United States even more, so we don't crack anything by hand and everything is carried out by machines. As labour becomes more expensive and less available, you will see less and less manual cracking," he added.

Adaptation of equipment to the needs of client and country

According to the representatives in Chile, there are currently several operating systems which had to be adapted, namely Double Suction Systems, AirKnife Systems or High Pressure Air Curtains, Empty Walnut Vacuums, Galvanised Dryers, Pre-cleaning Systems, Horizontal calibration systems or Rotary dryers developed in partnership with a major Chilean producer, as well as the control panel interface type PLC or touch screen.

Some differentiated aspects that required the equipment to be adapted were derived from facts such as the Chandler variety having a thinner skin in Chile than in the US, "which means that we double our efforts to ensure a more careful treatment of the nut. Our equipment has the ability to change the flow rate by means of a touchscreen computer, but we also work very hard in the whole peeling process. It is important for us not to damage the product," explained the professional.

On the other hand, "before shipment to Chile, whether we are dealing with peelers or crackers, we invite our clients to travel to the United States to see their equipment pre-assembled and working. We want the customer to see it in operation, to try it and become familiar with it. We offer a complete service, so that when you receive it you won't need much more than just assembling it; and it is easy to import, since everything is adapted to be transported in containers."

As regards the plans of the company to expand in Chile, especially after the industry's production increase and the sector's need to have more machinery to speed up the process, Simas clarified that "the United States also suffers a lack of capacity to process; we are producing more, and as Chile grows according to its projections, there will continue to be problems to keep up with the peeling and drying that will get worse in time, making it compulsory for investments to be made in a timely manner."

The professional also spoke on the differences between the walnut industries of California and of Chile, specifying that, in his opinion, there are no great differences. "The difference, more than anything, lies in the size of operations. California is obviously a much more mature market, working in a larger scale, which requires greater efficiency and speed," he added.

"Chile is growing and I could perfectly imagine some of its companies being in California. You are doing well; you are becoming increasingly more efficient. I see a lot of potential since the last time we were here; we see more professionalism and sophistication," he added.

At the same time, the representative pointed out that, as far as the harvest is concerned, "there are some differences, but in general, the varieties are the same. Chileans harvest the nut a little greener, while in the United States we wait for them to start to fall, so they are drier. In Chile, we see wetter fruit being peeled, which also entails longer drying times. And if we add bad weather to that, the problems can multiply," he noted.

New technologies soon to arrive in Chile

"The new equipment to arrive in Chile will be characterised by a greater degree of innovation. For example, our dryers and peelers can be opened and closed with an iPad. There is no need to operate them manually; you can do that from your bedroom if you want. We have developed the technology to remotely control, operate and troubleshoot the equipment. It would be possible to operate them remotely via the internet from California with a phone or iPad, achieving better processes and precision. We are technologically more advanced than our competitors, at least when it comes to touch screens."

He added that "our equipment is more robust; it is made for a highly demanding use and lasts for a long time (25 years). Some of our components are galvanised and others are made of stainless steel, so they won't need to be repainted and they do not rust. Our conveyors are very wide, so we can move a greater amount of product slowly, thus preventing breakage."

He also commented that other innovations have to do with the handling and drying of the nut, "with availability of pre-cleaning systems for use before the peeling and dryers built in galvanised iron," he stated.

"Thus, we offer solutions suitable for the market with fairly simple interfaces in all our equipment. In the United States, and increasingly in Chile, our peelers and machines have a PLC, which is a touch screen, with icons similar to those of an iPad. It is very user-friendly, and with just a touch you can operate the entire system," he concluded.

Source: SimFRUIT, with information from the ChWC

Turkey treats hazelnuts as currency

The price of hazelnuts has increased by 10% in the last two weeks after the Turkish government intervened to support prices for the first time in eight years. Turkish public authorities act in this market so that the sector, on which some 4 million people in the country depend, maintains some stability.

At the end of April the government of Ankara began buying hazelnuts through the public Turkish Grain Board Institution (TMO) to stabilize prices, which historically have been very volatile. The operation is similar to that made by central banks in the currency markets when they want to stabilize the exchange rate of a currency.

In other words, one could say that the hazelnut is under the influence of a dirty float, a term used for those currencies that have an exchange rate that fluctuates based on supply and demand, but where the central bank intervenes by buying or selling foreign exchange to stabilize the currency and achieve certain economic objectives.

The Government of Ankara takes this sector very seriously. Turkey produces 75% of all the hazelnuts in the world. Authorities try to impose a cohesive strategy, which isn't easy, as much of the production comes from small independent farmers distributed along the Black Sea. Meanwhile, Spain is the sixth largest producer of hazelnuts, behind Azerbaijan, the US, Georgia, and Italy.

A wayward crop

According to the Financial Times, the price of hazelnuts is very volatile since this crop depends greatly on climatic conditions and the intensity of production demanded from the Hazel tree.

Hazelnut production tends to alternate its production intensity as there are very active years with excellent harvests and passive years in which the trees receive certain care to recover their productivity for subsequent years.

In addition, producers of this type of nut do not have a futures market, which ensures that producers can get minimum prices and can carry out investments based on a minimum income.

In the early months of 2017, hazelnut prices had fallen by 10%, to $ 5.99 dollars a kilo. However, the intervention of the Turkish TMO is boosting prices again.

This body is getting rid of the market's supply excess. Hazelnuts can be stored for more than a year without the fruit losing its properties, and the TMO takes advantage of this to sell part of its reserves when prices soar. One could say that Turkey acts as a central bank for the hazelnut market, unfortunately for them they don't have the monopoly on hazelnut production.

Source: eleconomista.es