Market info - Raisins
Raisins
The Turkish sultana market adjusts to the currency losses, so there is hardly any change for foreign buyers compared to last week. In contrast, the Iranian raisin market experiences noticeable price corrections.
Last Thursday, Turkey's central bank cut its key interest rate by 100 basis points to 14%. The depreciation of the Turkish lira accelerated significantly following the rate cut.
In the course of this, farmgate prices for Turkish sultanas increased to TRY 17/kg, compared to TRY 15/kg last week. Nevertheless, the market is currently characterised by low trading activity. Export shipments are progressing well, but there are no spot enquiries in view of the upcoming holidays. Due to the higher farmgate prices and the increased production costs prices increase.
Since the start of the season, 86,516 mt of sultanas and raisins have been exported from Turkey, compared to 85,937 mt this time last year.
Meanwhile, Iran exported a total of 18,118 mt of sultanas and raisins worth USD 23.85 million in November 2021. Of this, sultanas accounted for 9,818 mt, or about 54%, followed by 7,010 mt of golden raisins. The latter accounted for 39% of exports. In contrast, 23,418 mt of sultanas and raisins worth USD 31.06 million were shipped overseas in the same month last year. Spring frosts and the dry summer this year caused quality to decline, resulting in lower exports and lower market prices.
In the past three weeks, however, prices for Iranian raisins have risen massively. Although demand remained below last year's level, increased enquiries from Iran and overseas, in contrast to October, boosted the market.