Spain: Hazelnut prices down 38%, almonds record 43% drop

The agricultural union Unió de Pagesos (UP) has warned that the price of hazelnuts has dropped by 33% since September 2016 and by 38% since January of that year, which shows the strong volatility of prices.

Turkey, the main competitor, has obtained a good hazelnut harvest and the processing industry has reduced its use of nuts, which explains the fall in the price of hazelnuts and almonds.

Hazelnut prices have dropped as low as 1.45 Euro per pound, below the production cost, which is 2 Euro.

This has been reported by UP's head for nuts, Rafael Español, who has once again pointed to the "huge gap" between what the final consumer pays and what the producer receives because of intermediaries.

Almond prices have also dropped by 43% in the Lonja de Reus since January 2016. The market situation has become more difficult due to the record harvest in the United States.

According to UP data, the prices in the Lonja de Reus range between 0.25 and 0.50 Euro per kilo, below those of the Lonja de Murcia.

The fall in the price of almonds in Catalonia should come to an end because demand is very high and US producers cannot accept prices below 3.5 Euro per kilo, according to a study by the University of California cited by Español.

Source: EFE

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