The received price of American hazelnuts is at a current level of 2160.00, up from 2100.00 a year ago. This represents a change of 2.86% compared to a year ago. Hazelnuts produced for grains will reach at least 90 cents per pound in Oregon this year, or 25 cents more than the minimum price for in-shell harvesting. The value of the Turkish currency has also fallen, making its hazelnuts more competitive in the world market, he said.
Last year, the minimum starting price for all hazelnut cultivars was 83 cents per pound, but field prices paid for grain varieties ultimately exceeded prices for in-shell varieties. Uncertainties over shipping hazelnuts in shell to China, its main destination, have caused its initial minimum price to differ from that of the grain harvest, which faces a more stable market, experts say. With some major importers being driven out of business due to these issues, the logistics of exporting hazelnuts to China is unclear, said Larry George, president of George Packing Co. Such high demand can increase the price of hazelnuts, since they cover a large part of the supply of hazelnuts.
Due to its growing popularity, Ferrero (the company that manages Nutella) uses almost a quarter of the world's hazelnut products to make and supply this chocolate spread. Another contributing factor could be the devaluation of the Turkish currency, which has consequently reduced hazelnut prices, since Turkey produces 75% of the world's hazelnuts. One of the many reasons hazelnuts are in high demand is Nutella, the famous chocolate spread that uses hazelnuts. Capital Press argues that the downward pressure has been due to China's tariffs, as China is the main importer of US hazelnuts.
Hazelnut is a type of nut that is filled not only with flavor but also with nutrients and health benefits. However, at the end of the marketing season, farmers in the hazelnut industry can expect to receive a payment higher than the current two-tier minimum of 90 cents per pound for grain varieties and 65 cents per pound for in-shell cultivars, said Ross of HGBA.
