Macadamia Market Overview in June
release time:
2024-07-12
The halfway point to the marketing year has been reached. The year has been defined so far by recovering prices, strong demand (for both NIS and kernel products), and growth in supply. This is a much-improved picture off the back of a very difficult 2023 season. NIS supply commitments made by South African and Australian suppliers were largely met during the month of June, leading to an uptick in processing. Price trends seen in March, April, and May, shifted in June.
This year began as a buyer’s market. There was a surge in NIS demand towards the end of 2023 as Chinese buyers took advantage of record-low prices. Buyers emptied out warehouses in grower countries and secured significant NIS commitments in 2024’s outset. Kenya’s temporary lifting of the prohibition on unprocessed macadamia exports caused substantial volumes of NIS to enter the market from that country in the first quarter. The extra supply helped to keep a lid on NIS price increases in 2024 despite the strong demand and absence of rollover stock. The view was expressed at the time that NIS prices would rise by 10% this year while kernel prices might achieve a 30% increase over 2023.
The resulting early focus by suppliers on NIS pushed kernel prices up sharply in the first half of the year. Market conditions as they were at the time meant that NIS still represented a higher return to handlers than processed kernel. Larger, higher quality NIS sizes (especially the 22+ size) were in demand while smaller sizes remained flat in their average prices. With uncertainty over kernel stock availability, European traders encouraged their customers to cover their positions. Larger orders ensuring longer-term inventory recovery were visible in the market. However, by June, as early NIS commitments were largely fulfilled, handlers began to crack smaller sizes (20-22cm) and address kernel demand. The result is an increase in NIS 20-22 prices in June after a long period of being flat, as availability for in-shell purchases has declined.
Approved by Yunnan Provincial Department of Civil Affairs and formally established in September 2014. Yunnan Nuts Society (hereinafter referred to as YNS) is a professional and non-profit social group composed of enterprises, experts, scholars and growers specializing in nursery, cultivation, production, processing and marketing of nuts in Yunnan Province. Through continuous input, the number of members has increased from the first 33 to the present 159.
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