Firm Trend in Cashew Kernel Despite Fiscal Year-end Problems

Buyers entry in the Indian cashew kernel is slowly improving as raw cashew prices are still unworkable to the industry. W320 is moving around Rs.8750/including VAT/11.340 kilo/Goa-Mangalore/under immediate payment terms and around Rs.9000/same quantity/under April 2nd week payment terms.

Market is facing usual fiscal year-end problems.

This year, domestic raw cashew prices are almost equal in India and Vietnam. Another strange thing is the bank interest rate which is comparatively more competitive in Vietnam!

Source: http://worldcashew.com

The output of the Ivory Coast is forecast to reach over 700 thousand tons

Weather conditions are favorably favorable in India, Vietnam, Nigeria, Ivory Coast and Guinea Bissau. Land has a better humidity than last year.

Except for Vietnam, all these countries are very optimistic about the output this year. However, the pace of harvest will be very slow, until the second half of March 2017 new service.

Crop production in India and Vietnam is expected to be better than last year. Ivory Coast's output is forecast to reach over 700,000 tons and Guinea Bissau is forecast to reach over 200,000 tons.

Source: MARD / World cashew blog

50bn worth of cashew waste away in Kogi yearly – Epert

Mr Stephen Ahiaba, Chairman, Kogi Chapter of Cashew Producers Association of Nigeria, on Friday said that about 500,000 tonnes of cashew apples and fruits, worth N50 billion, rot annually in Kogi. Ahiaba told News Agency of Nigeria (NAN) in Lokoja that the waste could be attributed to the non-availability of the requisite technology to process juice from cashew fruits.

“About 500,000 metric tons of cashew apples rot away in farms in Kogi State due to lack of technology until an indigenous agro-products processing outfit decided to delve into it. “The company imported the technology for cashew juice processing into Nigeria for the first time. “The processing factory, sited in Egume, Dekina Local Government of Kogi State, was set up in partnership with an international agro-based NGO, Techno-Serve, which is based in Washington DC., to process the juice for consumption.

“The juice, branded `Relish Natural Juice’ is 100-per-cent cashew juice without any water or additives. What they only do is purification and standard packaging with a two-year shelf life,” he said. Ahiaba said that the organisation was into the cashew business to improve cashew value chain, adding that residues from processed cashew apples could be converted into animal feeds.

“In collaboration with the state government, the industry embarked on cashew inspection and grading for global standardisation. In 2014, a bag of cashew nuts cost N7, 000 but in 2017, it now costs N50, 000. “I want to urge the Kogi State Government to accord the cashew industry its deserved attention, as the state stands to benefit a lot if the necessary attention for cashew is created. “Part of the vision is to enable rural farmers borrow ideas from our physical, good agro-practices, as we have introduced cashew enhancement projects to develop cashew value chain,” he said.

Source:http://thenewsnigeria.com.ng

Iran’s Annual Nut Production Tops 1m Tons

Iran produces more than 1.18 million tons of different kinds of nuts every year, close to 800,000 tons of which are consumed domestically and the rest is exported, an official with the Ministry of Agriculture said.

“Per capita nut consumption in Iran amounts to 10 kilograms [per year], four times as much as the global average,” Ramezan Rouintan was also quoted as saying by Eranico.

The official added that every year over 260,000 tons of pistachio, 160,000 tons of almonds, 230,000 tons of walnuts, 230,000 tons raisins, 25,000 tons of hazelnuts, 22,000 tons of white mulberries, 44,000 tons of figs and 18,000 tons of peanuts are produced in Iran.

“Overall, 28 types of nuts are cultivated in the country with the above-mentioned accounting for the lion’s share. We have never had a shortage of nuts at home. Now, we have sufficient reserves to meet the domestic demand that increases during the New Year holidays,” he said.

The upcoming Iranian New Year holiday begins on March 21, 2017. Domestic nut and fruit consumption increases, as the occasion is celebrated with relatives and friends paying visits to one another. Nuts and fruit are typical treats offered to guests in Iranian homes.

Mojtaba Khosrotaj, the head of Iran Trade Promotion Organization, said Iran supplies more than 50% of the world pistachio market.

“The world pistachio market is worth over $2 billion and our exports amounted to $1.2 billion last year (March 2015-16). In the nine months to December 20, we exported over $800 million worth of the product and expect to repeat last year’s figure by the yearend,” he said.

Khosrotaj made the statements to Financial Tribune on the sidelines of the Fourth International Exhibition of Nuts, Dried Fruits and Related Industries held in Tehran in January.

“We exported over $150 million and $122 million worth of raisins and dates respectively over the nine-month period and expect the figure for both commodities to reach $200 million by the end of the year. The export of these three products is estimated to reach approximately $1.5 billion this year,” he said.

Source: https://financialtribune.com/

Cashew nuts price hikes up to 0.817 USD per kg in Benin

The price of per kilogram of cashew nuts has increased to 500 CFA Francs (about 0.817 U.S. dollars) when the marketing year 2016-2017 of the product opens in Benin.

"By setting the price per kilogram at 500 CFA Francs for the marketing year 2016-2017, against 300 CFA Francs (0.49 dollars) the previous year, Benin government aims at encouraging producers to engage in this sector," Lazard Sehoueto, minister of industry, trade and small and medium-sized enterprises told Xinhua here in the economic capital Cotonou.

The decision is to enable "the increase of the annual production to 300,000 tons in average within five years" from the current production volume of 200,000 tons in 2016. Besides establishing favorable conditions for production, Benin authorities also considered upgrading process facility to enable domestic agri-food processing to complete at least half of the production. Figures from Benin's Ministry of Agriculture show that cashew nuts rank second export crops after cotton in the country.

Source: http://english.eastday.com

Cote D'ivoire: Officials Condemn Smuggling Of Cashew Nuts In Cote D'Ivoire

Cote d'Ivoire is the world's number one cashew producer notwithstanding a drop in 2016 production due to poor weather. Now however, local cashew nut producers are unhappy over the government set producer price of USD0.71/kg1 as against the sought after USD0.96kg –  leading to substantial smuggling across the border.

This is a long-term issue for the country. In 2016, an estimated 100,000 tons of cashew nut were smuggled to neighbouring countries including Ghana for example, where the the buying price was US$1.53/kg as opposed to US$0.56/kg2 in Cote d'Ivoire.

Main Findings

Ø       In 2016, targeted production was 725,000 tons but only 649,587 was achieved3. Still roughly 25% of global production. The country aims to produce 1 million tons within three years and the industry directly and indirectly employs 1.5 million people in the country4.

Ø       The calls for a halt to smuggling came from the secretary of the Fédération nationale des acheteurs d'anacarde et de coopératives de cajou de Côte d'Ivoire (FENACACI), Abdoulaye Sanogo. He said that the activity "weakens the sector because the state is unable to collect its DUS [taxes] which leads to unfair competition5."

Ø       Despite continued threats from smuggling and black market dealings, outlook for the cashew industry in Cote d'Ivoire is very strong. Good weather at the end of 2016 means that the target for 2017 is a record one, which if achieved, would further cement the country's top producer status.

Outlook

Refined products normally account for less than 10% of all Ivorian cashew exports. Government has realised the potential in this market and has implemented a range of bonus payments for those selling refined products. There are plans to scale up installed refining capacity from 90,000 tons to 214,500 tons by the end of this year6.

Meanwhile, the discontent of cashew nut producers should be viewed as part of a larger problem of dissatisfaction among low-level agricultural producers and bottom of the pyramid Ivorians. Their situation is made more difficult by the volatility of external demand.

Source:http://www.mondaq.com

Cashew nuts on high demand in FCT markets

The demand for cashew nuts by traders in some markets in the Federal Capital Territory (FCT) has drastically increased during market days in the recent time. In a recent survey on Wednesday in the FCT, revealed that cashew was fast selling more than any other farm produce in the markets. Recently on market days, once traders noticed a truck approaching with loaded sacks of cashew nuts, they quickly rushed and started negotiations before the vehicle stopped.

Mr Usman Musa, a trader of cashew nuts at Abaji Market told NAN that the business was profitable as the nuts were being exported. “A measure of cashew nuts which was formerly sold between N300 and N400, is now being sold for between N800 and N900 because of the high demand. “We were told that some countries are using the nuts to produce chemicals while others are using it for clinical substances.

“Cashew nuts business is more profitable these days than some other farm produce because of its high demand for export,’’ Musa said. Mr Collins Obi, a business man in Kwali Market described the recent demand for cashew nuts as a breakthrough for business to thrive. He said the nuts often known as “the poor man’s plantation is now sold at high prices and it is used to make mouth-watering and rich curries’’. “Both cashew nuts and the fruit have multiple uses in the society and can also be roasted and eaten dry.

“The nuts are rich in copper, zinc, magnesium, iron and phosphorous which are good in preventing heart diseases.’’ In Kuje Market, the situation was not different as farmers from neighbouring villages brought sacks loaded with cashew nuts to large scale buyers of the produce. The National Centre for Biotechnology Information (NCBI) says cashew nuts have a lot of health benefits. Studies consistently show that the nut intake has a cholesterol-lowering effect, prevents oxidative stress, inflammation, vascular reactivity and heart diseases.

Source:https://www.pmnewsnigeria.com/