The Mintec Benchmark Prices for Brazil nuts dropped 17% in the twelve weeks to 2nd March 2023, to $2.70/lb. On an annual basis, the benchmark went down by just over 30%. The market continues its steady descent to more ‘normal’ levels after prices surged in Autumn 2021 to $6.50/lb, following adverse dry weather in Bolivia, the main producing country, and a subsequent delay to the harvest.
Price are being weighed down by a slow global demand amid the high inflation and consumer shift away from non-essentials to staple and more affordable foods. More expensive items, such as Brazil nuts or macadamias, have been hit harder.
“Demand is weak. Buyers are hesitant to buy forward and there hasn’t been much market activity, despite the harvest being in the full swing,” a UK-based trader told Mintec in February.