Nut Talk

Weekly Cashews Update

2009-11-02T08:41:00.001-08:00

OCT 31, 2009

In week 44, cashew market moved up a few cents on W320s. There was a reasonable amount of activity with USA but other markets were quiet. General prices levels were W240 between 2.85 and 2.90, W320 around 2,70 and W450 around 2.40 FOB.

In Tanzania, RCN has started moving to the warehouses and it is expected that first auctions may take place next week. Indicative prices are above US$ 1000 but it is to be seen at what prices business is actually done.

For the last few weeks, cashew market has been moving in a narrow range and there has been steady activity with some market or the other. But there is a general reluctance amongst most sellers & buyers to take any big positions. We feel that the pattern we have seen in the last several months – buying for nearbys – will continue and this will provide a floor to the market. As we said before, the fact that forward contracting has been lower than normal can make the market volatile – any pressure to buy or sell or any change on supply side can move market suddenly & significantly.

Consumption in USA & EU in 2009 has not been as bad as initially expected. Most of the decline was because of lack of product on the shelves rather than an actual move away from nuts. We strongly feel better supply means better consumption because for a snack product a missed sale is a lost sale because very rarely is a snack purchase postponed – the customer buys something else. The decline in USA & EU consumption has been more than compensated by the strong growth in Asia. As affected areas come out from the crisis and roasters & retailers put more product on the shelves, we can reasonably expect better consumption in 2010.

Sales in the current quarter will give buyers an idea of how much they need to buy for FH 2010. If the nearby buying trend continues into first half of 2010 then we may not see any major move in prices for quite some time. If demand in first quarter 2010 is strong, we can expect slightly higher prices through 2010 because RCN demand prices in second quarter will be strong & firm. If demand is weak in first quarter, processors may not be in hurry to buy RCN at beginnng of second quarter which could mean lower RCN prices and consequently, kernel prices may settle few notches lower than current range.

To sum up, we expect a steady market for next 2-3 months and activities in first quarter to determine the broad market range and trend for 2010.

What do you think about market ? Would appreciate your comments on current situation and views on trends for the coming months + any interesting news / info

Regards,
Pankaj N. Sampat

Weekly Cashews Update

2009-10-26T05:54:00.000-07:00

OCT 24, 2009 There is nothing new to report about the Cashew market. Prices are unchanged i.e. W240 around 2.90, W320 around 2.65, W450 around 2.40 FOB. Reasonbale business being done to various markets but there is no strong demand from any market. At the same there is no strong selling pressure from any origin. Market seems to have settled in a “comfortable” mode.
RCN market is quiet with no movement from Tanzania so far (although we are at the end of Oct). There are unconfirmed reports that shipments from Mozambique may start earlier than usual. Limited quantities of good quality RCN in India being traded at reasonable prices but there is fair amount of low quality RCN which has no takers. Due to the delayed Brazil crop, there is a wide variety of estimates and the continuing strength of the currency is another concern.
Although there is a steady flow of enquiries from small buyers for prompt shipment, we have not seen any big buying interest from large buyers. This means that they will be drawing down on inventories at the end of the year and depending on strength of physical offtake in the fourth quarter, they will need to buy small or big quantity for first quarter shipments.
There will be a reasonable quantity of RCN in the first quarter (esp because of the delay in Brazil crop) but that might be compensated by demand from all markets for first quarter shipments (as the volume of forward business has been much lower than normal). If the demand is steady, prices will remain in the current range with a possibility of slight softening to the lower in the second quarter. IF demand in first quarter is strong, prices will remain close to (or even cross) the high end of the current range and this will keep prices steady when we move into the big harvesting period of second and third quarters. A big decline in prices is possible only if demand in first half is weak COUPLED with good crops in Northern Hemisphere.
To sum up, unless something dramatic happens, we can expect range bound market for next few months with a small chance of big increase or big decline but with good chance of increased volatility within current range,
What do you think about the market situation ?? Would appreciate your views on demand trends, forecast of market movement, news from origins and any other news / info
Regards,Pankaj N.

AU: Almond industry celebrates success

2009-10-19T07:25:00.000-07:00

The Australian almond industry has recorded its most successful almond blossom season to date with record almond sales and festivities held across the almond growing regions.

This year’s almond blossom season extended from late July through till late August.

Throughout this year’s almond blossom season, the Almond Board of Australia (ABA) ran a public relations campaign, advertising as well as in-store promotion in both Coles and Woolworths. The in-store promotion included point-of-sale materials such as posters, shelf wobblers and free almond blossom tins attached to 750 gram bags of natural Australian almonds.

Marketing director at Select Harvest, Matthew Graham, said the almond blossom promotion had been a great success.

“The almond blossom in-store promotion exceeded all expectations with record shipments of almonds delivered to both Coles and Woolworths. It is great to see the sale of almonds is on the rise with results of this almond blossom campaign going above and beyond the results of previous almond promotions,” said Graham.

According to Julie Haslett, CEO of the ABA, domestic consumption of almonds has increased in the last year.

“Australians are eating more almonds than ever before, with domestic consumption having increased by over 10 per cent in the last 12 months,” Haslett said.

Australia currently produces around 3 per cent of the world’s almonds. Over the next three years, as existing plantings reach full maturity, it is forecast that Australia will surpass Spain (8 per cent) to become the world’s second largest almond producer, behind California (82 per cent).

The key almond growing areas around Australia include Sunraysia in Victoria, the Riverland and Adelaide in South Australia and the Riverina region in NSW.

The Almond Board of Australia (ABA) is a non-profit, membership-based organisation representing the interests of Australian almond growers, processors and marketers.

Cashew market Oct.3

2009-10-12T06:07:00.001-07:00

Cashew market OCT 3, 2009

continued to be steady with a firm undertone.. There was a fair amount of business in W320 in 2.60-2.70 FOB range. Most of the sales were to USA & some to off markets. Europe was quiet. Other grades were also steady i.e. W240 between 2.85-2.90, W450 between 2.35-2.40 FOB - stray sales reported. Only a few processors in India & Vietnam have participated in recent activity. Most of the large processors in both origins are waiting to see how things develop. Brazil continues to be quiet due to crop delay & currency situation but we expect some activity from them in Oct/Nov.

RCN prices moved up a bit due to Vietnam buying of IVC in the 725-750 range plus possible delays in movement from Tanzania. Initial reports indicate that Govt may fix farmgate price equivalent to approx US$ 1000 which is about 10-12% higher than current kernel prices (depending on outturn). Official announcement is expected next week.

European enquiries for next year contracts began early and some contracts have been made. Some more contracts are expected to be finalised in coming weeks. Limited selling interest from origin, wide price range, currency fluctuation seem to be delaying decisions. Given the fact that current prices are lower & economic situation outlook is much better than last year, one would expect that roasters & retailers would take larger positions but the uncertainty of price (and currency) trend might result in only part volumes being contracted now.

Asian consumption growth is strong. Many other markets are also showing signs of growth in consumption but a proper trend will be known only after 2-3 quarters of growth. Some buyers are showing interest to cover forward requirements at current levels but processors do not seem to be inclined to sell unless they can get a premium.

If the current standoff due to wide difference in selling & buying ideas continues, we might enter 2010 with lower than normal volumes covered for forwards and this will increase volatility in the first quarter which will make things difficult for all stakeholders.

We expect market to move in a narrow range in the next few weeks with steady activity for nearbys around current levels and slightly higher levels for forwards (in case buyers decide to cover more volume for FH 2010).

Please advise your views on market + news of recent activity / offers + your forecast of demand & price trend + any other info / news

Pankaj N. Sampat

2009-09-17T12:08:00.001-07:00

R.L. “Pete” Turner September 17, 2009

WALNUT MARKET/CROP REPORT

CROP:

The National Agriculture Statistics Service has announced the California 2009 walnut crop at 415,000 tons, down 5 percent from 2008 production. The crop survey was conducted between August 1 and August 22, 2009. NASS “objective” estimate is 16,000 tons more than the Handlers July “subjective” estimate (399,000 tons); and as of now, most of the walnut industry believe the crop will come in somewhere between these two numbers.

The official survey has the “nut set” for Hartley’s at 2001, up 34 percent and the Chandlers “nut set” at 1,346, down 6 percent. However, as he does every year, Vic Tolomeo, Director of NASS’s informed the industry that the “net set” carries very little weight in determining the overall tonnage of a variety.

As an example, Hartley’s, one of the industries oldest varieties has had no significant new plantings over the past 15 years; and are down to less than 40,000 acres. The production of Hartley’s is also declining and if we use the past four year average (1.5 tons/acre) we will have about the same tonnage as last year (60,000 tons). My projection for Hartley’s is 62,000 tons (up 2,000 tons) and Chandlers at 159,000 tons (down 18,000 tons).

Packers are now receiving the early varieties (Serr’s, Ashley’s, and Payne’s) and so far, they look OK. However, it will be another week before we can determine a trend for color, insect/mold and sunburn damage and oil-less nuts.

The August shipments of 31,000 tons (inshell eqv.) is another record shipping month; up 145 percent over last August (10,800 tons). Both export and domestic markets contributed to the record numbers.

California Walnut Shipment Recap

Month (August) 2007/08 Year to Date 2008/09 Year to Date Diff. (YTD)

Inshell Pounds (000) 63 118,768 378 173,549 54,781 (46%)
-
Shelled Pounds (000) 10,812 237,992 26,665 283,882 45,890 (19%)
-
Total (Inshell eqv. tons) 12,662 337,413 31,051 415,342 77,929 (23%)

The August shipments puts my final 2008 crop walnut supply and utilization carry-over (based on 43.2% “shell out rate”) at 54,000 tons. However, the “shell out rate” will most likely be adjusted once the final inventories have been tallied late this month by the California Walnut Board. My guess is the adjusted rate will be close to 44.0 percent, making the carry-over around 65,000 tons.

Market:

Although the 2009 crop is projected to be down from last years record crop, most of the industry believes that strong export demand and favorable exchange rates will continue to drive the market. Early trades seem to support this assumption and current booking activities have increase since the export opening prices were set last Friday.

The opening for Jumbo Hartley’s is $1.20, and Chandler Light Halves and Pieces 20% is $2.45. Most recent trading activities on both packs have been close to these numbers.

Jumbo Inshell Chandler’s are trading at $1.35 and I believe this will be short lived, especially if the Chandler crop comes in at the projected levels. Also, the USDA School Lunch Program will help keep the domestic shelled market and shipping levels up, at least through December when the program ends.

Please let me know if you have any questions or comments.

Regards,

Pete

This is a great salad and works for your diet!

APPLE - CABBAGE - WALNUT SALAD
tsp. red wine vinegar
1 tsp. Dijon mustard
3/4 tsp. salt
1/4 tsp. freshly ground pepper
2 tbsp. olive oil
4 c. thinly sliced red cabbage
1 Granny Smith apple, julienned
1/4 c. chopped walnuts
Whisk first 4 ingredients in bowl. Gradually whisk in oil. Add cabbage and apple; sprinkle with walnuts.

WALNUT MARKET/CROP REPORT

2009-08-17T10:38:00.001-07:00

R.L. “Pete” Turner August 16, 2009

CROP:

The California Walnut Handlers have announced their 2009 crop “subjective” estimate at 399,000 tons. The official “objective” crop forecast from CASS will be announced first week of September.

July shipments of 27,502 tons (inshell eqv.) makes seven straight months of record distribution for the walnut industry. Inshell shipments have slowed somewhat but the Shelled material continues to move at record levels.

A small amount of the USDA School Lunch material shipped during this period; however, the bulk of this tonnage (shelled) will be shipped between August and December.

California Walnut Shipment Recap

Month (July) 2007/08 Year to Date 2008/09 Year to Date Difference (YTD)

Inshell Pounds (000) -170 118,706 1,366 173,171 54,465 (49%)
-
Shelled Pounds (000) 13,581 227,180 23,171 257,218 30,038 (13%)
-
Total (Inshell eqv. tons) 15,781 324,750 27,502 384,291 59,541 (18%)

This year’s YTD shipment of 384,291 tons (inshell equivalent) is 18 percent more than last year; and I expect that August will be another record shipping month for the industry.
As noted last month, I anticipate some confusion on the 2008 crop carry-over number. My walnut shipment model shows we will have a 57,000 ton carry in from the 2008 crop. This is based on the official California Walnut Board’s “shell-out rate” of 43.2 percent. However, industry leaders believe the CWB will adjust the “shell-out-rate” to a higher number, possibly adding 15,000 to 20,000 tons to the carry in. I believe the CWB will announce the revised “shell-out rate” in early September.
As noted above, the Packers have set their 2009 crop “subjective” estimate at 399,000 tons, 35,000 tons less than last year. They are also projecting the Chandler crop at 152,000 tons, 25,000 tons less than last year and the Hartley’s at 57,000 tons, about the same as last year. The early varieties tonnage should be down considerably from the 2008 crop.
It is still a little early but so far, most of the growers are anticipating excellent quality and larger than average nut size. They also believe the crop will be a few days earlier than last year and expect to start harvest of the early varieties the first and second weeks of September.

Market:

Everyone in the industry will be watching the Pacific Rim countries (Australia, China, Hong Kong, Japan, Korea and Taiwan) to see if they will continue at record levels they set for the 2008 crop. As an example, so far the industry has shipped 29.9 millions pounds of Inshell compared to 1.6 million last year. They are also ahead of last year for Shelled material with 46.3 million pounds shipped to date, compared to 34.4 million last year.

The Middle East (Egypt, Israel, Turkey, U.A.E.) are also at record pace with Inshell at 37.3 million pounds (18.2 million last year) and Shelled at 15.8 million pounds compared to 7.1 million pounds last year.

Europe is slightly ahead of last year on both Inshell (73.4 million pounds) and Shelled (32.4 million pounds).

It is too early to predict if these market will keep pace with last year, but early enquiries are much more active than in the past, so it’s possible this market will remain strong.

Except for some early 2009 crop bookings, the current markets is quite, but expect heavier activity toward the last half of the month. Early shipments of Inshell (2008 crop) will start hitting the docks and the USDA School Lunch Program will be in full swing. So, I have no doubt that August will be another record shipping month for the industry.

Inshell material is basically gone and except for some Combination inventories, most of the Chandler and Light material have been sold off. The last I heard was Jumbo Hartley’s were still in the $1.20 range and Light Halves and Pieces between $2.40 and $2.55. Also, for what ever it is worth, I believe opening prices will be at or very near these levels.

Please let me know if you have any questions or comment.

Regards,

Pete

Forget your diet and try this one:

APPLE WALNUT CRISP WITH CARAMEL ICE CREAM
3/4 c. old fashioned rolled oats
3/4 c. firmly packed light brown sugar
1 tsp. cinnamon
1/2 tsp. salt
1/2 c. (1 stick) unsalted butter, cut into bits & softened
1 c. walnuts, toasted lightly, cooled & chopped
3 lb. Gravenstein or other tart apples, peeled & sliced
2 tbsp. fresh lemon juice
3 tbsp. sugar
Combine the flour, the oats, brown sugar, cinnamon and salt in a bowl. Add the bits of butter to this mixture and blend until it resembles coarsely ground meal. Stir in the walnut bits.
In another bowl, toss the apple slices with the lemon juice and sugar. Turn the apple mixture into a buttered 10 inch pie pan and cover the fruit evenly with the topping mixture. Bake the crisp in a preheated 375 degree oven for about 25-30 minutes or until the top is golden brown. Let stand for 15 minutes before serving. Serve with a scoop of caramel ice cream.
Serves 8.

Turkey: Prices going nuts, hazelnut producers say

2009-07-01T08:39:00.001-07:00

Turkey: Prices going nuts, hazelnut producers say

Hazelnut production has become quite troublesome for producers due to government incentives deemed unsuitable by hazelnut producers.

The overstocked inventories have caused prices to remain unstable, according to Hazelnut Promotion Group, or FTG. "The excessive amount of incentives provided by the government has generated overproduction, making hazelnut production one of Turkey’s major problems," said Kamil Yavuz, executive board member of FTG, speaking at a press conference Tuesday.

Turkey’s annual hazelnut exports are worth between $1 billion to $1.5 billion. Meanwhile, the Turkish government spent $1 billion for the production of hazelnuts within the past year, he said. "T that money could have been used to build new schools and industry centers."

Other countries such as Chile, Azerbaijan, and Georgia have also started to produce hazelnuts, Sevinç said. "If we continue to use our natural resources badly other countries will take the leadership of hazelnut production, unless we determine a suitable policy."

Almond Crop Likely Not As Big As Thought

2009-07-01T08:35:00.000-07:00

June 30, 2009
The June 30 objective almond forecast for the 2009-2010 crop year is 1.35 billion meat pounds, according to the USDA’s National Agricultural Statistics Service – California Field Office (NASS/CFO). This forecast is based on 710,000 bearing acres.
Doug Flohr, statistician for USDA-NASS, California Field Office, said the forecast is down 7% from the May 8 subjective forecast of 1.45 billion pounds. The estimate is also down 16% from last year’s crop of 1.61 billion pounds. The average nut set per tree is 5,589, down 25% from the limb-busting 2008 almond crop. The average nut set of the industry’s flagship variety, Nonpareil, is 5,136, down 27% from last year's set. The average kernel weight for all varieties sampled was 1.58 grams, up 10% from last year.
The 2009 crop is down in part because of a difficult spring, and looks to be about two weeks behind. Bloom progressed slowly due to wet conditions, and wet weather hampered pollination. Cool temperatures did extend the almond bloom in parts of the Sacramento Valley. In addition, freezing temperatures in March caused damage to some almond orchards.
The official announcement was made Tuesday at the Modesto office of the Almond Board of California (ABC), which pays for the forecast. Following the announcement, Richard Waycott, president and CEO of the Almond Board of California, expressed confidence in the industry's ability to continue to market California almonds and grow global demand.
“While the objective estimate has been lowered somewhat from the subjective estimate, the efforts of the ABC to further develop global markets by expanding the demand for California almonds continue undaunted,” he said. “The organization looks forward to a very successful crop year in which millions of additional consumers worldwide begin including California almonds in their daily diets.”

CASHEW MARKET REPORT - JUNE 20, 2009

2009-06-23T08:01:00.000-07:00

June 20, 2009

Cashew market was reasonably active this week. Prices moved up 5-10 cents for W320 and a bit on other grades too. Business was done with USA, Europe and other markets for W240 between 2.80-2.85, W320 up to 2.50/52, W450 between 2.25-2.30, SW320 around 2.35, FB between 1.90-95 FOB. Not much being offered from Vietnam but some processors sold small quantity few cents lower than India.

Nothing new to report on RCN – not much is available in origins. Prices moved up slightly this week in the resale market. Brazil crop may be delayed (as we said in our last report) and currency strength is causing some concern to processors there. RCN supply & price for major portion of 2009 crop are now known and factored into the current levels.

Usage in first half was not as bad as initially feared. Kernel inventories are low. Offtake in third quarter and timing of next round of buying will determine price trend for rest of the year and first half of next year.

If we look at price pattern for last few months, we will see that there have been periodic dips and spurts in activity (and price)… after each spurt, the price has been settling at slightly higher level. It is expected that this trend will continue until the 2010 crops start arriving.

For next few weeks – maybe 2/3 months – we feel that prices will move in the 2.40-2.60 FOB range. If demand in Jul-Sep is normal, prices will probably remain around middle of this range. If demand is strong in Jul-Sep, it is quite possible that prices will go above this range. Downside below this range is limited.

Would appreciate your comments on the market situation, your views on demand and price trends, news from origins & main importing countries and any other info

Regards,
Pankaj N. Sampat
Mumbai – India

2009-06-02T07:55:00.001-07:00

MAY 30, 2009

Cashew market has been very quiet for more than two weeks now. This resulted in sales by some processors for W320 at slightly lower levels. Business done during this week was around 2.85 for W240, between 2.40 and 2.45 for W320 and arojnd 2.25 for W450 mainly with off markets. USA & Europe have been quiet – although there is some interest for forwards, their buying ideas do not match sellers expectations.

RCN market has been steady at the higher levels. IVC is trading in wide range between 750 and 850 depending on quality. GB moved up from 825-850 to 950-975. Shipments from IVC are progressing well but yields are very low. Shipments from GB have not started yet.

It seems that current stalemate in kernel market will continue for some time. Processors are unlikely to be aggressive sellers unless kernel prices move up as they are buying RCN at high prices. Kernel buyers will not start taking forward positions until they have a better idea of consumption trends. Till then, they will continue to cover needs as they arise and this will support market at current levels.

As we said in our last report, it seems that kernel availability in 2009 will be 5-10% lower than 2008 and this will (more or less) cancel out any drop in usage. So, unless there is a much bigger drop in usage, lower prices should not be expected more so because bulk of the RCN for 2009 processing has been bought at higher levels.

In summary, we expect market to trade around current levels for the next few weeks and a price range of 2.35 to 2.55 FOB for rest of the year. Any major move outside the range will happen in Jul/Aug depending on when and how much buyers need to buy for shipments in 2009. If they have to come in early to buy significant volume, prices could move up sharply. If they can wait longer and need to buy only small volumes, we could see prices stabilise at lower end of the range

What do you think about market situation ? Please share your views about market trend and any other info / news

Regards
Pankaj N. Sampat

WALNUT MARKET/CROP REPORT

2009-05-26T11:38:00.000-07:00

R.L. “Pete” Turner May 25, 2009

WALNUT MARKET/CROP REPORT

CROP:

In my February walnut market/crop report I mention that the official California 2008 crop received by the Handlers was established at a record 434,000 tons; 79,000 tons more than the previous largest crop (2005). I believe I also stated that due to world financial mess and the by far largest crop in history, we would have plenty of walnuts available for a long time. Well….I’m 0 for 3!! I not only missed with my 2008 crop estimated by 80,000 tons, the world financial situation was short lived (at least for walnuts), and now, it looks like we will basically be out of walnuts by the new 2009 crop harvest.

It’s amazing what five months of record shipments will do for an industry. Especially, when we have a shipping month like the one we had in April. Most of this record shipping activity can be attributed to low pricing and a short China crop.

The California Walnut Board announced the April shipments at 40,585 inshell equivalent tons; 20,145 tons more than last year. Inshell shipments were 19.7 million pounds, compared to 1.7 million pounds last April. Shelled shipments were 26.7 million pounds, 9.8 million pounds more than last year. Total inshell equivalent year to date shipments are 290,288 tons: compared to 271,591 last year (up 7%).

Everyone in the industry was surprised by the April shipments which was the largest shipping month since October 2008 and the second largest shipping month since November 2007. And these numbers do not include the first flight (10.5 million pounds shelled walnuts) for the USDA School Lunch Program which is scheduled to start shipping in July and ending in October. Thus, we can expect the heavy monthly shipments to continue right up to new crop.

It is still too early to predict the 2009 crop, but industry leaders believe it will be significantly less than the 2008 crop. The Handlers will have their “subjective” estimate in late July, but right now, many believe it will be 350,000 to 375,000 tons.

Market:

The past several months record shipments have greatly reduced inventories, especially Chandlers and Hartley’s; which have basically sold off. The prices for Chandler LHP were $1.85 in early April with recent trades taken place at $2.25. Now that the Chandlers are gone, regular Light material is also fading fast. Regular LHP have jumped from $1.65 last month to $2.00 this week and Combo material is following the same path.

Jumbo Hartley’s that were selling at $0.85 in late March and are now demanding somewhere around $1.25. Again, that is if you can get them. This being said, I am sure there may be some packers offering lower pricing, however, I am just not aware of them.

The out look on the forward market is a lot different than a few months ago. It appears that the heavy demand for walnuts will continue and will most likely see continued strengthening of the market. However, I do not believe we will see prices reach the levels we experienced last year.

The walnut health message continues to expand as new studies show even more health benefits from eating walnuts. The most recent is from a study showing that walnuts have reduced the occurrence of breast cancer in mice. More on this later.

Please let me know if you have any questions or comment.

Regards,

Pete

MCX launches futures trading in Almond for the 1st time

2009-05-13T09:09:00.000-07:00

Published on Tue, May 12, 2009 at 20:34 , Updated at Tue, May 12, 2009 at 20:36 Source : press release

MCX (Multi Commodity Exchange of India Ltd.), India’s leading commodity futures exchange has launched trading in “Almond”. This is the first time in the world when Almond is available for trading on futures trading platform. MCX received the approval from the regulator – FMC and launched “Almond (Non Pariel)” September contract today. The first trade was executed at Rs. 318 per kg and made a high of Rs 330.75. The participation was seen from more than 100 participants across India. At the end of first trading session, the contract witnessed total volume of 5,13,500 kgs valuing at Rs. 16.89 crores with open interest as 64,000 kgs.
The trading unit for the contract is 500 kgs with price quote as ex- Delhi (exclusive of VAT, other taxes and levies). It will be a compulsory delivery contract with deliveries at the exchange designated cold storages in Delhi and Navi Mumbai. The delivery unit will be 1 MT. The initial margin required to trade will be 5% of the contract value.
The MCX Almonds futures will provide a viable platform to hedge against price and supply risk faced by entire gamut of almond value chain participants like, importers, agents, brokers, traders, wholesalers, retailers, processors, confectioners and other consumers. The participants would be able to manage their sales and purchase of inventory, six to nine weeks in advance thus eliminating the uncertainties related to price and delivery. The Almond future contract will also help in establishment of a transparent national pricing mechanism, integration of spot markets and reduction in price volatility thus maintaining the balance in the demand - supply situation throughout the year.
Almond is one of the largest traded dry fruits in India and world. India is world’s largest importer of in-shell almonds and largest consumer of fresh almonds in kernel form. In India, Non Pariel - Almond is the largest traded variety, it’s preferred for its bigger size, competitive price and taste. Delhi, Mumbai, Amritsar, Ahmedabad are leading consumption centers. September to February i.e .during festival season, Non Pariel is the largest traded and preferred variety, because of its bigger size, competitive price and taste.

US: Pistachio growers could gain key self-regulation

2009-05-06T09:11:00.001-07:00

US: Pistachio growers could gain key self-regulation California's pistachio producers could potentially boost research and promotion efforts and do more to combat disease, under Agriculture Department recommendations made public Tuesday.The proposed changes would expand how the San Joaquin Valley-based pistachio industry regulates itself. Growers from Arizona and New Mexico would be folded into an existing marketing order, a grower-run organization that would gain new powers under the proposal."We're going to reduce the risk of a food safety crisis," said Bob Klein, manager of the Fresno-based Administrative Committee for Pistachios. The Agriculture Department proposals largely track a wish list posted by leaders of California's $500 million-a-year pistachio industry. A two-day hearing conducted in Fresno last July laid the foundation for the new rules.The proposed changes now face a month-long public comment period and subsequent industry vote. The changes would revise rules for the Administrative Committee for Pistachios. The organization is one of many marketing orders governing specific crops throughout California.Agricultural marketing orders, and the related promotion orders, enable growers and handlers to assess fees, fund advertising and research and, in some cases, set crop standards.The federal pistachio marketing order began in 2004, though it currently has limited authority. The revisions would authorize a research program, potentially focusing on nutrition and other areas. Research projects would need separate approval."It gives us additional flexibility, if some huge problem erupts," Klein said.The pistachio marketing order also would be authorized to impose minimum quality standards and to combat aflatoxin, toxic fungus whose presence throws a scare into farmers and consumers alike. The new rules give the industry more flexibility to set tougher standards.Such contamination can wreak havoc on producers. Aflatoxin found in Iranian pistachios in the 1990s helped prompt European buyers to shift more to American pistachios. But earlier this year, traces of salmonella found in a Terra Bella pistachio processing plant sparked a nationwide recall of the nut.Agriculture Department officials said that expanding the marketing order to include New Mexico and Arizona would protect California producers as well by ensuring uniformly high safety standards."An aflatoxin incident in any one commercial producing area could adversely affect other commercial producing areas," the Agriculture Department stated.The Agriculture Department added that the revised rules would allow the pistachio marketing board to impose specific new quality standards "if circumstances warrant." The industry currently assesses fees and maintains a separate California Pistachio Research Board under state law.Though pistachios are grown in 32 California counties, the southern San Joaquin Valley dominates the field. Half of all the state's pistachios are grown in Kern County, while Madera, Kings, Tulare and Fresno counties account for most of the rest.All told, pistachio orchards span some 177,000 acres in California. Arizona is second in the nation, with 2,281 acres while New Mexico has only about 400 acres. Klein said he didn't expect any immediate assessment increases.Source: fresnobee.com

India: Cashew export dips 22% in March

2009-05-01T06:09:00.001-07:00

MarchThe cashew kernel exports in March declined by 22 per cent to 8,783 tonnes due to slackening demand from the US amid the global slowdown. Exports during March 2008 stood at 11,201 tonnes, according to Cashew Export Promotion Council (CEPC) data.Cashew exports are affected mainly on account of global economic crisis, as it does not fall under essential commodity, CEPC Secretary, Mr K Sasi Varma said.The demand has come down considerably from the US, which is battling recession since December 2007, he added.India exports about 45 per cent of the nut to the US. In terms of value also exports dipped by about 10 per cent to Rs 230.46 crore from Rs 255.72 crore in the same month last year.In terms of volume, exports for 2008-09 dipped by 5.43 per cent to 1.08 lakh tonnes compared with 1.14 lakh tonnes in the previous fiscal. In value terms it was up by 29 per cent at Rs 2,950.24 crore against Rs 2,288.90 crore a year ago.To promote the interests of cashew producers and boost consumption of the nut across the world, CEPC is sending a five-member delegation to the US to discuss the modalities for setting up a Global Cashew Alliance, Mr Varma said.The delegation will also attend the Annual Convention of Association of Food Industries (AFI) at Naples, Florida, from April 30 to May 2.

No Salmonella found in N.Y. pistachio plant

2009-04-23T07:53:00.001-07:00

According to the Associated Press, no Salmonella was found in the Commack, N.Y.-based Setton International Foods processing plant. All nine environmental swabs and 10 sample tests of the company’s food products came back with negative results. The investigation was conducted in tandem with an investigation into Setton Pistachio of Terra Bella, Inc. in Calif., where federal food safety officials announced they found traces of Salmonella inside the plant. Setton Pistachio, now temporarily closed, had recalled more than 2 million lbs of pistachios the first week in April, and then expanded the recall of raw and roasted nuts on April 6. By April 10, 14 million lbs of nuts had been recalled, and it is likely that the company may need to recall up to 20 million lbs. So far, no pistachio-related illnesses have been reported.

Peanut industry faces more good news than bad

2009-04-23T07:05:00.000-07:00

Apr 21, 2009 10:25 AM, By Ron SmithFarm Press Editorial Staff
The peanut industry can look forward to more good news than bad in the next few years, despite current over-supply, low prices and a salmonella contamination that affects the entire industry.
“We’ll come out of the salmonella issue stronger than ever,” said Howard Valentine, executive director of the Peanut Foundation.
Valentine spoke on current peanut issues at the Oklahoma Peanut Expo in Lone Wolf, Okla. He said industry changes to be initiated worldwide will restore public confidence in peanuts and peanut products.
Current lack of consumer confidence and the accompanying effect on markets come from what Valentine described as a “criminal offense” by the Peanut Corp. of America (PCA), headquartered in Blakely, Ga., with another plant in Texas.
He said a Jan. 13, 2009, product recall followed reports of hundreds of people sickened by salmonella contaminated peanut products. So far, nine deaths have been attributed to the contamination.
Valentine said the recall included only 30,000 pounds of peanuts, which he describes as “a small amount. PCA sold to small companies.” The recall ultimately totaled 3,000 products, which is a lot, Valentine said.
The company allegedly shipped peanuts to various manufacturers in spite of records that showed 12 positive tests for salmonella. Eventually every product from the PCA plant was recalled. The plant was closed, as was one in Texas.
“PCA has done immeasurable damage to the industry,” Valentine said. “But we will work through the problems and come out stronger. I think we will do that. We will change consumer perceptions.”
He said the issue has unified the peanut industry. It also proved a catalyst for change. Valentine said the entire industry, from producers to manufacturers, are making changes to provide better safeguards.
A kill step recommendation is a key. Valentine said a combination of time and the right temperature is required to kill salmonella on peanuts. “Now, kill step regulations will be released to manufacturers worldwide,” he said. The Food and Drug Administration have approved regulations.
“We will continue to study and update good agricultural and manufacturing practices,” he said. A key will be improved sanitation, such as covering equipment to prevent contamination from bird droppings. “We expect big changes at the manufacturing level,” Valentine said.
A hazard analysis procedure also will be in place to assure contaminants are eliminated. “The industry will provide training for shellers and manufacturers,” he said.
A certification program also will help restore confidence in peanuts and peanut products. “It will be an international program,” Valentine said. “Jars and packages will be marked with certification labels.”
A promotion program will “minimize bad publicity” and to take a “proactive stance” for the industry.
Valentine said most peanut products are safe for consumption. “Jarred peanut butter is safe. It was not produced at PCA. And major supermarket chains have scan data so they know what’s on the (contaminant) list. They’ve pulled those products off the shelves.”
He said only one brand of crackers was included in the recall.
He also commented on the current peanut surplus and a hopeful outlook for peanut allergy treatment.
Increases in peanut exports, spurred by funds from USDA and FSA, have helped peanut markets. Since 2000, peanut exports have increased from 220,000 tons to 400,000 tons of farmer stock and few products have been recalled from export markets.
He said a “cure for peanut allergies” may be only two years away. An 18-month trial treatment program has shown that children with peanut allergy, after taking an oral immunization (extremely small amounts of peanuts), can eat up to 15 peanuts a day.
Within two years this oral immunotherapy will become “the method of treatment,” Valentine said.
email: rsmith@farmpress.com

Peanut supply pressures price

2009-04-20T11:41:00.000-07:00

Apr 20, 2009 10:41 AM, By Ron SmithFarm Press Editorial Staff
U.S. peanut growers need to reduce acreage by 35 percent this year to bring production in line with demand. But that’s not likely to happen, says a Georgia peanut broker.
“Nationally, we expect an acreage reduction of about 22 percent,” said Richard Barnhill, president, Mazur and Hockman, Inc., Albany, Ga.
Barnhill, speaking via phone to the Oklahoma Peanut Expo in Lone Wolf, Okla., said the Southeast is more likely to cut acreage by 15 percent to 18 percent. “Growers do not have very good alternatives. Also, farmers will try to keep their rotations.”
USDA National Agricultural Statistics Service estimates a 400,000-acre reduction for peanuts this year, 1.1 million compared to 1.5 million in 2008.
NASS figures put Texas at 160,000 acres, down from 195,000 last year. Georgia growers should plant 500,000 acres, off from 690,000 last year. Alabama, at 170,000, will be off from 195,000 in 2008.
North Carolina, at 75,000, will be down from 98,000 acres; South Carolina, at 55,000, will be down from 71,000; Virginia, at 12,000, will cut acreage in half from last year’s 24,000; Oklahoma, with 15,000 acres anticipated, will be down from 19,000; Mississippi, a relative newcomer to peanut production, will be down to 20,000, off just 2,000 from last year; and New Mexico, at 7,000 acres, will be down 1,000 from 2008.
Tough decisions
“Growers will have some tough decisions at planting time,” Barnhill said. “Other commodity prices are off their peaks, too.”
He said if peanut acreage is less than 1 million, prices should hold. “If acreage tops 1 million, prices will weaken further.”
He said prices for the 2008 crop averaged from the mid-50-cent to the mid-60-cent range. “Now they are down into the low 40s. We have an oversupply of peanuts. A 1 million-ton carry-out from the 2008 crop is 600,000 more than last year.”
Production in 2008 was the biggest in four years, 2.5 million farmer stock tons. “Acreage was up and (moisture from) a hurricane in the Southeast came at the right time to produce big yields,” Barnhill said.
Demand is about 2 million farmer stock tons: 1.4 million for snacks, peanut butter, and other products; 100,000 for seed; 125,000 for oil; and 425,000 for export.
Supply outlook
Supply looks like this: 2.5 million farmer stock tons from the 2008 crop, a 410,000-ton carry-in, 100,000 tons imported. Total is just over 3 million tons.
“A 1 million-ton carry-out is why no contracts have been available like last year’s,” Barnhill said. “We have way too many peanuts and the salmonella scare is not helping. The 2.5 million-ton 2008 crop made the market weaker. Supply and demand always works.”
He said the impact of salmonella also remains a question. “The issue affects the whole industry.” Barnhill said January consumption numbers for peanut products were off. Peanut butter was down more than 8 percent, “the first time we’ve seen a significant downturn in peanut butter in eight years.”
And the worst is yet to come. “February numbers will be worse because they will show the whole market effect of salmonella. It could take up to two more months to calm the issue down — get it out of the media. The plants are closed; the products are off the market. We hope USDA announces that.”
Barnhill said the salmonella scare could reduce demand by 100,000 tons, about 5 percent of the reduced demand.
And that’s not the only issue facing peanut farmers as they make planting decisions. “China is getting more aggressive for exports in 2009. But a weak U.S. dollar could help U.S. producers compete.”
He said Southwest peanuts could have an advantage in export markets because of demand for high oleic and low aflatoxin peanut production. “We also see specific demand for Spanish and Virginia-type peanuts.”
Barnhill said the United States needs about 1.5 million tons of farmer stock peanuts in 2009. “A 500,000 to 600,000 ton carry-out is reasonable for a 2.6 million-ton supply. He said a 550,000 ton carry-out allows for crop yield problems.
Because of oversupply and the salmonella issue, “we don’t see much activity in the market,” Barnhill said.
Oklahoma, with just 15,000 acres planned for 2009, could maintain or increase plantings without significantly affecting the market, Barnhill said. “I’m not certain why acreage is shrinking so much (in Oklahoma).”

Crisis in Vietnamese Cashew Industry

2009-01-14T09:36:00.000-08:00

January 12, 2009

During the latter half of 2008, we published articles on two problems that had severely impacted the world cashew scenario: The increasing defaults by Vietnamese shippers that occurred during the spring and summer, and the disturbing reports of chlorophenol contamination that began surfacing around the same time. The cashew world has been on a virtual roller coaster ride since then, buffeted by the world recession and by industry practices that in some cases have backfired. Both of these articles can be accessed in the Newsroom section of the Cashew Concern website: www.cashewconcern.com .

Crisis in Vietnamese Cashew Industry

On June 20th, 2008, we published an article entitled "Unbridled Cashew Speculation - History Lesson 102" warning of the potential fallout from an overheated cashew market fueled by speculation and low price feeding frenzy. A recent article which appeared in VietnamNet Bridge describes the devastating effect that this "perfect storm" has had on the Vietnamese cashew industry. The complete article can be accessed at the following link: http://english.vietnamnet.vn/biz/2008/11/815737/

Over the last decade, Vietnam quickly became the largest exporter of cashew kernels in the world, surpassing even India. Unfortunately, instead of healthy, managed growth, many Vietnamese cashew producers opted for the quick money to be had by offering cheaper prices than their global counterparts. Offers were made without a realistic assessment of production capacity. In 2008, as cashew prices soared, they did not deliver under the signed contracts, but sold to others as the price went up, with the intention of fulfilling the contracts later. However, material prices rose sharply, making it impossible to honor the contracts without devastating losses. To make matters worse, demand dropped and cashew prices fell dramatically.

The Vietnamese cashew industry is now in crisis and is scrambling to survive. Reports have begun to surface of Vietnamese cashew splits that have been adhered together with 502 glue in an attempt to disguise them as wholes, a practice that certainly cannot be tolerated.

Vietnamese cashew producers are now seeking help from the Vietnamese government in the form of loans and tax reductions, but it remains to be seen if the industry will be able to recover. Alarmingly, farmers in Vietnam are increasingly giving up on growing cashews in favor of more profitable crops, such as rubber and cocoa.

The speculation that has become rampant in the cashew industry has in the end benefited no one. Vietnam's cashew industry is struggling to survive, American cashew importers hit by the massive wave of defaults sustained significant losses at a time when the economy makes it difficult to absorb such a blow, and American roasters faced historically high prices during a brutal retail season.

Chlorophenol Update

On September 9th, we published an article about the detection of chlorophenol, mostly in cashews exported from India. In order to prevent contamination, guidelines have been established by the Cashew Export Promotion Council of India. The guidelines have been published by the African Cashew Alliance and can be accessed from their website. Alarmingly, however, there have been reports as recently as December 27th of containers being rejected because of chlorophenol contamination, and it is not at all clear that the source of the problem has been identified. An article published in the Indian Express states that the rejected cashews had been tested in India before shipment.

Every Link in the Global Food Chain is Important

Clearly more vigilance is needed. As we move further into the 21st century, better monitoring systems must be put into place, not only to ensure that suppliers follow good manufacturing practices, but also to understand the calibre of suppliers that we work with. Each link in the global food chain is important. We need to build strategic working partnerships between supplier, importer, roaster, retailer and consumer in order to ensure a better overall food product and foster the development of reliable working relationships that have a positive effect on food quality and on our business as a whole.

"An Ounce of Prevention or a Metric Ton of Cure" Peanut and Tree Nut Processors Association Conference - January 17 - 20

David Rosenthal will give a presentation entitled "An Ounce of Prevention or a Metric Ton of Cure - It's Your Choice" at the General Session of the PTNPA Conference, held at Our Lucaya Resort in the Bahamas, on January 18th. The co-host of this session will be Merle Jacobs, president of the American Council for Food Safety and Quality.

Walnut Market Update

2008-11-21T07:41:00.000-08:00

R.L. “Pete” Turner November, 15, 2008

WALNUT MARKET/CROP REPORT

CROP:
The Walnut Marketing Board announced the October shipments at 75,812 inshell equivalent tons; 7,226 tons less than last year. Inshell shipments were 77.5 million pounds, compared to 76.9 million pounds last October. Shelled shipments were 32.0 million pounds, 6.2 million pounds less than last year. Total inshell equivalent year to date shipments are 95,406 tons; compared to 105,632 tons, down 10% from last year.

We will not know the final crop tonnage for several more months, but most industry leaders believe the crop will come in close to the 375,000 ton forecasted. Some packers feel the crop may be above the forecast as mid-crop receiving’s were very heavy compared to last year. However, this would have been the case anyway as the forecasted tonnage was up over 50,000 tons and the fact that the industry continues to loose the early crop varieties which have been replaced by Chandler’s, Howard’s and Tulare’s which are all mid-crop varieties. Thus, about 65% of the crop is being harvested and trucked to the packers over a 2-3 week period. This not only puts constraints on harvest/ hullers; but ultimately, on the plants and their processing facilities.

The quality of the 2008 crop is excellent with more than average Light material. The light kernel on the Chandlers, Howards, Tulare’s and Hartley’s appear to be above average as well as above average yields on almost all varieties.

The 2008 crop was 7-10 days later than last year which put even more pressure on the packers to meet vessel dates. In addition, there was a lot of questions on the availability of containers and vessels which added to the challenge. However, something must have gone right, as the industry shipped 77.5 million pounds of Inshell in October which is slightly more than we shipped last October.

MARKET:
In my more than I want to remember years in the walnut industry, I have never seen a walnut market that compares (so far) to what has impacted us during the past month or so.

First, the market for Chandler Light Halves & Pieces opened at $3.55 and Jumbo Hartley at $1.45, which was readily accepted by the buyers. Sales were brisk and forward bookings were heavy and the only challenge was getting containers and booking space on vessels.

Then, as some would say, the perfect storm hit. As with other businesses, our industry was hit extremely hard by the sudden collapse of the world financial institutions which put tight credit limits on buyers. The walnut market basically shut down and buyers had to set on the sidelines as they had no resources to conduct their business.

The markets quickly weaken with Chandlers Light Walnuts Halves and Pieces dropping from the $3.55 opening prices to $2.55 within a span of two weeks. However, Inshell Hartley’s bookings remained strong and only dropped about $0.05. Packers were facing not only the biggest crop in history, but had very few buyers to reduce their inventories. Thus, packers marketing strategy was almost solely based on their inventory positions.

This created a situation where some customers demanded adjustments to early contracts and some just walked away from their commitments. This has created some bitter relationships between seller and buyer, which is not a good formula for good business.

But, it now seems the market has finally bottomed out and bookings and shipments have been very active this week. In addition, the domestic market has picked up and as the walnuts prices are more favorable, bakeries, confectionery, and re-baggers are starting to add walnuts back into their mixes. I believe the domestic market will be stronger than it has been during several years of higher pricing. In addition, it is believed that the walnut market will stay around the current levels for the next several years. This will give the domestic users the confidence to establish longer market strategy for their products that contain walnuts.

The current market is still a little cloudy but most bookings on Chandler LHP is close to $2.35, regular LHP at $2.25 and CHP at $2.15, and Jumbo Hartley’s at $1.35. There have been sales at lower pricing but most of these seem to have disappeared over the past week.

I believe our industry is over most of the financial troubles and I see a more stable market going forward. We have not lost any Inshell sales as Italy, Germany and Spain are purchasing as heavy as ever. Turkey continues to purchase Inshell Chandlers and is 2.3 million pounds ahead of last year. Right now, Korea seems to be the only country to be purchasing less than at this same time last year.

Please let me know if you have any questions or comments,

Regards,

Bentzy
Bentzy Klein
Bentzy's Brokerage
Talknuts.blogspot.com

US: Cranberry crop grows in leaps and bounds

2008-11-18T08:14:00.000-08:00

George Rogers has been growing cranberries for 33 years, but has never seen anything like this season. “It’s our biggest crop ever,” said Rogers, senior vice president for the Wareham based A.D. Makepeace Company, the world’s largest cranberry grower. “We had good weather, little pests, just a good growing season that is up ten percent from last year. All the stars were aligned this year and a lot of people had a record crop. I won’t be surprised if Massachusetts overall has a record crop,” he said. Like most growers throughout the region, Rogers said the successful harvest could not have come at a better time because many growers were starting to “dip” into reserves.Back in 2000, an imbalance of supply and demand caused the cranberry industry to crash, with growers receiving only $12 per barrel. One barrel equals 100 pounds.Rogers said 2008 projections are estimated at $60 per barrel.Robert Beams, vice president of Agricultural Supply Development at Ocean Spray’s Middleboro facility agreed this year’s crop was outstanding.Ocean Spray is a farmer-owned cooperative, with about 650 fresh fruit growers throughout the U.S., British Columbia and Quebec, the majority being cranberry growers.About 25 percent of Ocean Spray’s cranberries came from Massachusetts.Last year, Ocean Spray’s Massachusetts’ crops produced 1.5 million barrels.The preliminary projections show 2.25 million barrels for 2008.Ocean Spray berries picked in 2006 sold for $47.69 per barrel, and those picked in 2007 sold for $54 per barrel, a 13.2 percent increase.Like A.D. Makpeace, Ocean Spray’s projections are also $60 per barrel for the 2008 season.“It was just an enormous crop for Massachusetts,” Beams said.“It’s a bit of a surprise for many of us. We’re still waiting to see how big the industry’s crop is as a whole because there’s generally about another million barrels out there that we don’t know about yet. All the fruit handlers report inventories to the Cranberry Marketing Committee and the next report won’t come out until January, so we can’t tell yet exactly how large the crop was this year.” Cranberries are harvested in the fall from mid-September through November.Most are wet harvested, which means growers flood the cranberry bogs and use machines that loosen the cranberries from the vine.With small air pockets in their center, cranberries float to the water’s surface where they are gathered.Jack Angley, owner of Carver’s Flax Pond Farm, has been dry harvesting cranberries for 47 years on his 35-acre farm.He makes up about only 5-percent of North America’s dry harvesters, which use mechanical pickers that comb over the berries and gather them in a burlap bag.“Dry harvesting has quite a few challenges to maintain for a quality environment. The vines can’t grow too thick to allow the machines to go through them,” Angley said.“The quality of my berries, color are beautiful this year, but a weed problem did set me back so this wasn’t my biggest crop this year.” Organic cranberry grower, Kristine Reese, co-owner of Cranberry Hill Farm in Plymouth, met the same challenges as Angley, but said the organic cranberry market is steadily improving.“It was a great year for us in terms of weather conditions, but we don’t use fertilizers and chemicals, so it was also a good year for weeds and we do all our weeding done by hand.More good weather, means more work for us,” she said. Source: enterprisenews.com
Publication date: 11/18/2008

Export rivals and frost cut Iran’s harvest cash

2008-11-18T08:11:00.000-08:00

Iran’s revenues from pistachio and saffron exports are going to plunge by US$550 million (Dh2m) and $50m respectively this year as a result of growing foreign competition and a poor harvest caused by heavy frosts in April and a nationwide drought over the past year.After oil, pistachios are Iran’s biggest export item followed by saffron and, until 2007, the Islamic republic was the world’s top exporter of both. While still managing to retain its place as the world’s top saffron exporter, for the first time ever Iran is being overtaken as the top pistachio exporter by its arch-foe, the United States.Revenues from pistachio exports make up around eight per cent of the country’s non-oil revenues. Exporting 207 tonnes of pistachios earned the country over $1 billion of hard currency last year.Iran’s pistachio markets gradually shifted from western European countries to East Asia in recent years following rows with the European Union over the degree of aflatoxin contamination of Iranian pistachios. Aflatoxin is a carcinogen produced by fungus growing on the soft outer skin covering the nut and its shell. China is now Iran’s biggest pistachio market, followed by European countries and Russia. China imported more than 60 tonnes of pistachios from Iran last year.Iranian pistachio exporters are worried about the drop in the country’s pistachio supply, as well as the chance that the nearly two-fold increase since last year in the price of Iranian pistachios will cause them to lose Chinese and other East Asian markets to US suppliers. There was an increase in US pistachio production this year, which enabled US exporters to drop their prices below that of their Iranian competitors, said Mohammed Hossein Karimipour, the head of the agricultural committee of the Iranian Chamber of Commerce, quoted by the Sarmayeh economic newspaper.While the US produced 190 tonnes of pistachios in 2007 and Iran produced a record high of 270 tonnes, Iranian output this year fell to 90 tonnes, according to Mr Karimipour. In some cities, such as Rafsanjan in Kerman province in eastern Iran, the April frosts destroyed nearly all the year’s crops. The province produces more than 70 per cent of Iran’s pistachios.“In Rafsanjan between 90 and 95 per cent of the population depends on pistachio farming for their livelihood, directly or indirectly. This year’s crops yielded only about one fifth of last year’s production,” said Ahmad Hassani, a pistachio exporter from the province and a member of the Iranian Pistachio Association’s board of directors.“Between 70 to 75 per cent of all crops in Kerman province were destroyed. This has given rise to a serious unemployment problem in the region,” he said. While pistachio exporters are worried about US rivals, it is the thought of the Afghan presence in the international saffron market that is troubling Iranian saffron exporters. Some Iranian saffron exporters allege Afghanistan is re-exporting Iranian saffron.“They are buying it in bulk and re-exporting it to Spain in their own name,” an Iranian Agricultural Cooperatives’ official was recently quoted as saying by Khorasan newspaper. Bulbs of the saffron crocus are said to have been smuggled from Iran to Afghanistan six years ago in great quantity and saffron is now extensively cultivated by Afghan farmers. Saffron farming is greatly encouraged by the Afghan government as a substitute for opium poppy farming, but the country’s production is still only a fraction of what is produced in Iran.Iran used to produce more than 90 per cent of the world’s most expensive spice, which is also known as “red gold”. But in recent years saffron production and exports have dropped consistently. Drought and the April frosts this year destroyed 40 per cent of the bulbs of the saffron flowers. In 2007 the value of saffron exported by Iran was down to $50m from $95m in 2004.Analysts say the skyrocketing price of saffron – which has increased nearly seven-fold from 2004 – arising from the poor harvest as well as high labour costs, has also led to a fall in exports.Saffron farming is labour-intensive. Every flower has to be picked by hand and every single thread of saffron has to be pulled out of the flower by hand immediately after the flower is picked. One hundred and fifty of the purple saffron flowers yield only about one gram of the red stigmas known as saffron threads. A kilogram of saffron is now traded for 2.3 million Iranian rials (Dh830) in the domestic market.Moreover, a drop between 30 per cent and 40 per cent in Iran’s non-oil exports in the second half of the Iranian calendar year (the year began on March 22) is expected as a result of the international financial crisis, Hamid Hosseini, a member of the Tehran Chamber of Commerce, was quoted by Mehr News Agency as saying.As well as pistachios and saffron, the crisis will affect exports of such luxury goods as Persian carpets and caviar, he said.Source: thenational.ae
Publication date: 11/18/2008

Could Almond leaves be the next viagra

2008-11-14T06:14:00.000-08:00

The leaves, bark, roots, fruit and seeds of Indian almond have been used to effectively reverse blood sugar regulating functions in damaged pancreas of diabetics, prolong ejaculation, stop the spread of lung cancer, and sickle cell anaemia. CHUKWUMA MUANYA reports.

RECENT studies have shown that diabetes and its attendant complications (erectile dysfunction/premature ejaculation, leg ulcer/gangrene, liver/ kidney failure), lung cancer and sickle cell anaemia can be addressed with extracts of Indian almond.

Nigerian and Indian researchers have regenerated the pancreas with Indian almond extracts thereby boosted blood sugar regulation, improved sexual and liver/kidney functions in diabetics.

Diabetes Mellitus (DM) is a chronic disease caused by inherited and/or acquired deficiency in production of insulin by the pancreas, or by ineffectiveness of insulin produced, such a deficiency results in increased concentration of glucose in the blood, which in turn damages many of the body's systems in particular the blood vessels and nerves.

Indian almond is botanically called Terminalia catappa and belongs to the plant family combretaceae. It is found in almost every town and village in Southern Nigeria. In Efik, it is called m_b�_s__ m_b�k�r� (groundnut of whiteman). It is also known as Malabar Almond, Tropical Almond, Fruit (by some Nigerians).

Indian almond is a large deciduous stately tree, originally from India, growing up to 90 feet. It thrives as an ornamental tree in many tropical cities in the world.

All parts of the plant (leaves, bark, roots, fruit and wood) are used in traditional medicine, such as in dysentery; dressing of rheumatic joints; treating coughs, asthma. The fruit may be helpful in treatment of leprosy, headaches, in reducing travel nausea. Leaves have been used to get rid of intestinal parasites; treat eye problems, rheumatism, wounds; and stop the bleeding during teeth extraction.

Indian almond has strong antibacterial properties and works against Gram positive and Gram negative micro-organisms. The leaves have been shown to protect against acute liver injury produced by some hepatotoxicants (chemicals that produce liver damage). .

In Nigeria fallen leaves are used as an herb to treat liver diseases. The leaves also have potential in the management of sickle cell disorders. Dried leaves are used for fish pathogen treatment, as an alternative to the use of chemicals and antibiotics.

Leaves have antioxidant as well as anti-clastogenic (preventing breakage of chromosomes) properties. Research suggests that moderate consumption of the seed kernel may be useful in the treatment of men with sexual dysfunctions, primarily from premature ejaculation.

The various extracts of leaves and bark of the plant have also been reported to be anticancer, antioxidant, anti-Human Immuno-deficiency Virus (HIV) reverse transcriptase, and anti inflammatory (painkiller).

According to The Useful Plants of Tropical West Africa by H. M. Burkill, the bark is used in Asian medicine as an astringent for dysentery. It has also been recommended for use as a decoction for gonorrhoea and leucorrhoea, bilious fever and stomach-cramp. The tree yields an insoluble gum of the bassoin type. The leaves and flowers also contain tannin, and the presence of a sterol is reported. In the Philippines and S India sap from young leaves is made into an ointment for scabies, leprosy and other cutaneous diseases.

The leaves when applied externally are refreshing and sudorific, and appear to exercise an anodynal effect on pain for they are used for headache, on rheumatic joints, or in an oily ointment for breast-pain.

In Nigeria, the leaves macerated in palm oil have been used as a remedy for tonsilitis. Leaf in Java has shown some antibiotic activity. The fruit contains six to 20 per cent tannin. The fleshy pericarp is eaten in Gabon. The kernel is edible, and has a very subtle flavour making it a delicacy. The husk however is tough, not amenable to separation, so that the kernel is difficult to obtain. The kernel contains 51-63 per cent of a fixed oil known as Indian Almond oil, oil of Badamier, or from the Philippines as Talisay oil.

Material from Cote d'Ivoire has been analysed to contain glycerides of palmitic acid 34.4 per cent, oleic acid 32.1 per cent, linoleic acid 27.5 per cent and stearic acid six per cent. It closely resembles sweet almond, cotton seed, kapok and ground nut oils, which it might substitute for dietetic and other industrial uses.

Indian researchers in a study titled "Anti-Diabetic Activity of Terminalia catappa Linn. Leaf Extracts in Alloxan-Induced Diabetic Rats" found that Terminalia catappa leaves extracts have anti-diabetic activity.

According to the study published in Asian Journal of Pharmacology, aqueous and cold extracts of Terminalia catappa exhibited significant anti- hyperglycemic (reduces blood sugar) activities in alloxan-induced hyperglycemic rats without significant change in body weight. Alloxan is a drug used to induce diabetes in animal models.

The researchers found that Indian almond extracts also improved conditions of DM as indicated by parameters like bodyweight, and lipid profiles along with serum creatinine (a chemical molecule that is present in the liquid portion of the blood), serum urea, and serum alkaline phosphatase. The lipid profile is a group of tests that are often ordered together to determine risk of coronary heart disease. Serum urea level is a biochemical indicator of protein metabolism. Serum alkaline phosphatase is a measure of the integrity of the hepatobiliary system and the flow of bile into the small intestine.

The researchers, which include Syed Mansoor Ahmed, Vrushabendra Swamy B.M., P Gopkumar R Dhanapl and V.M. Chandrashekara noted that the number of functionally intact _-cells in the islet organ is of decisive importance the development course and outcome of DM. Beta cells (beta-cells, _-cells) are a type of cell in the pancreas in areas called the islets of Langerhans. They make up 65-80 per cent of the cells in the islets. Beta cells make and release insulin, a hormone that controls the level of glucose in the blood.

The renewal of _-cells in diabetes has been studied in several animal models. The total _-cell mass reflects the balance between the renewal and loss of these cells. It was also suggested that regeneration of islet _-cells following destruction by alloxan may be the primary cause of the recovery of alloxan - injected guinea pigs from the effects of the drug.

In alloxan-induced diabetes, (-)-epicatechin and Vinca rosea extract have also shown to act by _-cell re-generation. Epicatechin is a strong antioxidant, has insulin mimic action and improves heart health. Similar effect in streptozotacin-treated diabetic animals was reported by pancreas tonic, ephedrine, and Gymnema Sylvestre leaf extracts.

The researchers observed damage to pancreas in alloxan-treated diabetic control, and regeneration of _-cells by glibenclamide. Glibenclamide (INN), also known as glyburide (USAN), is an anti-diabetic drug in a class of medications known as sulfonylureas, used in the treatment of type II diabetes. A comparable regeneration was also shown by aqueous and cold extracts of Terminalia catappa. This effect may be due to _-carotene (an antioxidant found in coloured fruits and vegetables. It is a precursor to vitamin A), which was reported to be constituents of Terminalia catappa.

The beneficial role of _-carotene in reducing diabetic complications like glycosylation in alloxan-induced diabetic rats had been reported previously. Glycosylation is the enzymatic process that links saccharides to produce glycans, either free or attached to proteins and lipids.

Photomicrographical data in the researchers studies confirm healing of pancreas by Terminalia catappa leaves extracts, as a plausible mechanism of their anti diabetic activity.

The researchers concluded: "Aqueous and cold extract of Terminalia catappa leaves exhibited significant anti hyperglycemic activities in alloxan-induced diabetic rats. These extracts showed improvement in parameters like body weight and lipid profile as well as regeneration of _-cells of pancreas and so might be of value in diabetes treatment."

Taiwanese researchers have also found that Indian almond stops the spread of lung cancer in animal models.

Shu-Chen Chu, Shun-Fa Yang, Shang-Jung Liu, Wu-Hsien Kuo, Yan-Zin Chang and Yih-Shou Hsieh in a study titled "In vitro and in vivo antimetastatic effects of Terminalia catappa L. leaves on lung cancer cells" investigated the effect of the extract of T. catappa leaves (TCE) on invasion and motility of tumor cells to find that TCE exerted a dose-dependent inhibitory effect on the invasion and motility of highly metastatic A549 and Lewis lung carcinoma (LLC) cells.

Metastasis is the spread of a disease from one organ or part to another non-adjacent organ or part. Only malignant tumor cells and infections have the capacity to metastasize. Metastatic disease is a synonym of metastasis. Cancer cells can "break away", "leak", or "spill" from a primary tumor, enter lymphatic and blood vessels, circulate through the bloodstream, and settle down to grow within normal tissues elsewhere in the body. Metastasis is one of three hallmarks of malignancy (contrast benign tumors).

According to the study published in Food and Chemical Toxicology, to further investigate the precise involvement of TCE in tumor metastasis, A549 and LLC cells were treated with TCE at various concentrations, up to 100 _g/mL, for a specified period and results from zymography and Western blotting showed that a TCE treatment may decrease the expressions of tissue inhibitors, in a concentration-dependent manner.

Zymography is used for the detection of enzyme activity. Western blot analysis can detect one protein in a mixture of any number of proteins while giving information about the size of the protein.

Furthermore, the inhibitory effect of TCE on the growth and metastasis of LLC cells in vivo was proven. These results indicated that TCE could be applied to be a potential antimetastatic agent.

Researchers have also assessed the biological value of Terminalia catappa seed meal-based diet in rats. Nasir O. Muhammad and Oyelola B. Oloyede of the Department of Biochemistry, University of Ilorin, investigated the effects of defatted the seed meal on the growth performance and carcass of rats.

According to the study published in Biokemistri, 12 weaning albino rats (Rattus norvegicus) with an average weight of 24.0 � 3.4g were maintained on diets composed of defatted T. catappa seed meal (Tc meal) and soybean meal (control) for six weeks.

The weights of the rats were monitored on weekly basis, at the same period of the day and before being served the (weighing) day's feed. The organs and carcasses of the rats were weighed after they were sacrificed and disemboweled, and the chemical compositions of the carcasses were also determined.

The body weights of the rats maintained on defatted Tc meal were significantly reduced to one-third of the weights of the control animal. The organ to body weight ratio of the Tc meal rats was significantly higher than that of the control.

In the carcass of rats fed Tc meal diet, ether extract, crude protein and ash contents were significantly reduced when compared with the control. However, the crude fibre and the nitrogen free extract (NFE) were significantly higher in the Tc meal rats than that of the control.

The researchers concluded: "It can be deduced that the defatted Terminalia catappa seed meal could cause depression in growth rate, enlargement of rat tissues with adverse effects on carcass of rats."

Researchers have also studied the effects of Terminalia catappa seeds on sexual behaviour and fertility of male rats.

W. D. Ratnasooriya and M. G. Dharmasiri of the Department of Zoology, University of Colombo, Sri Lanka, evaluated the aphrodisiac potential of Terminalia catappa seeds using a suspension of its kernel (SS) in one per cent methylcellulose in rats. Methyl cellulose (or methylcellulose) is a chemical compound derived from cellulose. It is a hydrophilic white powder in pure form and dissolves in cold (but not in hot) water, forming a clear viscous solution or gel.

Preliminary chemical testing showed the presence of alkaloids, oils, amino acids and peptides in the seed kernel.

According to the study published in Asian Journal of Andrology, male rats were orally treated with 1500 mg/kg or 3000 mg/kg SS or vehicle, and their sexual behaviour was monitored three hours later using a receptive female. Another group of rats was orally treated with either 3000 mg/kg SS or vehicle for seven consecutive days. Their sexual behaviour and fertility were evaluated on days one, four and seven of treatment and day seven post-treatment by pairing overnight with a pro-oestrous female. The estrous cycle comprises the recurring physiologic changes that are induced by reproductive hormones in most mammalian placental females.

The results showed the 1500 mg/kg dose, had a marked aphrodisiac action (prolongation of ejaculation latency) but no effect on libido-sexual desire- (per cent mounting, per cent intromission and per cent ejaculation), sexual vigour (mounting-and-intromission frequency), or sexual performance (intercopulatory interval). An aphrodisiac is a substance, which is used in the belief that it increases sexual desire.

In contrast, the higher dose (3000 mg/kg) reversibly inhibited all the parameters of sexual behaviour other than mounting-and-intromission frequency and copulatory efficiency. The effects of high dose SS were not due to general toxicity, liver toxicity, haemotoxicity, stress, muscle deficiency, muscle incoordination, analgesia, hypoglycaemia (reduced blood sugar) or reduction in blood testosterone level. They were due to marked sedation.

The researchers concluded that the kernel of T. catappa seeds has aphrodisiac activity and may be useful in the treatment of certain forms of sexual inadequacies, such as premature ejaculation. "The present findings show that seeds of T. catappa possess potent aphrodisiac activity and provides scientific evidence in favour of the claims made in Ayurvedic medicine in Sri Lanka regarding this action. The results also suggest that moderate consumption of kernel of seed of T. catappa could be useful in the treatment of men with sexual dysfunctions resulting primarily from premature ejaculation."

Nigerian researchers have also studied the anti-sickling activity of Terminalia catappa leaves harvested at different stages of growth.

The researchers include: J. O. Moody, F. I. Segun and O. Aderounmu Department of Pharmacognosy, Faculty of Pharmacy, University of Ibadan; and O. O. Omotade, Institute of Child Health, University College Hospital, Ibadan.

According to the study published in the Nigerian Journal of Natural Products and Medicine, the aqueous and ethanolic leaf extracts of Terminalia catappa, a fruit bearing tree, popular in folkloric medicine for the treatment of sickle cell anaemia disease were assessed for their in-vitro anti-sickling activities. Extracts were prepared from the reddish-brown freshly fallen leaves, reddish-brown leaves and green leaves of the plant by maceration in the solvents.

Phytochemical examination of the extracts showed that cardiac glycosides are present in abundance in the reddish-brown freshly fallen leaves, moderate in the reddish-brown leaves and in trace amount in the green leaves. High concentration of saponin was however observed in the green leaves, while only present in trace amount in the reddish-brown leaves and absent in the reddish-brown freshly fallen leaves. Alkaloids were detected present in all the three samples of the leaves but anthraquinones and tannins were completely absent.

Antisickling activities of the extracts obtained from leaves harvested at different stages of growth (green leaves, reddish-brown leaves, reddish-brown freshly fallen leaves) were evaluated using p- hydroxybenzoic acid, (5mg/ml) and normal saline as controls. The method employed involved the inhibition of sodium metabisulphite-induced sickling of HbSS red blood cells collected from confirmed non-crisis sickle cell patients.

The researchers concluded that both the aqueous and ethanolic leaf extracts of the reddish-brown freshly fallen leaf exhibited highest anti-sickling activity (78 per cent inhibition at 180 min incubation and 77 per cent inhibition at 90 minutes incubation respectively).

Nigerian researchers have also studied the antimicrobial activities of methanolic extracts of Terminalia catappa against some pathogenic microorganisms

H. Babayi of the Department of Biological Sciences, Federal University of Technology, Minna; and I. Kolo, J. I. Okogun and U. J. J. Ijah of the Pharmaceutical Microbiology Division, National Institute for Pharmaceutical Research and Development (NIPRD), Idu - Abuja, investigated the ethanolic extracts of leaves of Eucalyptus camaldulensis and Terminalia catappa for in vitro microbial activities by agar dilution method.

The phytochemical analysis of the crude extracts of the medicinal plants revealed the presence of saponin, saponin glycosides, steroid, cardiac glycoside, tannins, volatile oils, phenols and balsam (gum). The methanolic extracts of the two plants inhibited the growth of Bacillus subtilis and Staphylococcus aureus (ATCC 103207 and Clinical strain respectively) but had no inhibitory effects on Pseudomonas aeruginosa, Salmonella typhi and Escherichia coli.

Staphylococcus aureus is the most common cause of staph infections. It is a spherical bacterium, frequently found in the nose and skin of a person. About 20 per cent of the population are long-term carriers of S. aureus. S. aureus can cause a range of illnesses from minor skin infections, such as pimples, impetigo (may also be caused by Streptococcus pyogenes), boils, cellulitis folliculitis, furuncles, carbuncles, scalded skin syndrome and abscesses, to life-threatening diseases such as pneumonia, meningitis, osteomyelitis endocarditis, Toxic shock syndrome (TSS), and septicemia. Its incidence is from skin, soft tissue, respiratory, bone, joint, endovascular to wound infections. It is still one of the four most common causes of nosocomial infections, often causing postsurgical wound infections.

Bacillus subtilis is a Gram-positive, catalase-positive bacterium commonly found in soil. B. subtilis is not considered a human pathogen; it may contaminate food but rarely causes food poisoning

Weekly Cashews Update

2008-11-10T06:15:00.000-08:00

NOV 8, 2008

Cashew market was quiet this week. Prices came down a few cents mainly due to lack of activity. At the lower levels, very limited business is being done by a few processors for nearbys e.g. W240 from 2.65 to 2.75, W320 from 2.35 to 2,.45 FOB. Large packers were asking few cents more for nearbys (and also forwards). Stray business was done at the higher levels

Very small quantities have been purchased in this week’s tenders in Tanzania, mainly by local processors. RCN traders and Indian processors are not showing interest as the price expected (over US$ 1000) is high – about 20/25 cents disparity with current kernel prices, Indonesia RCN prices have inched up a bit – current quotes are around US$ 900 C&F

Shipments from India & Vietnam in third quarter have been good but there are no reports of any excess inventories in USA / Europe (of course the tightness of first half is not there but supplies are not as comfortable as they were for a few weeks in Aug/Sep). Financial restraints are adding to the need to control inventories

Fundamentally, current prices should be comfortable for all segments as they are near the historical average (of course we have seen lower prices several times in the past for long periods but since then, processing costs have gone up and prices of all commodities have moved on to higher ranges. Also, purchasing power in general – except for the recent past – has been higher than it was when prices were below 2.00 dollars). So, one would expect prices to stabilise and maybe even move up a bit but the external factors like the financial turmoil, general downturn in major economies, currency volatility, lack of confidence & reduced position taking in all segments of the chain are having a “pull down” effect on demand & prices of almost everything (especially lower priority products) in the short & medium term

The potential for a significant move in prices in late 2008 / early 2009 is strong.. But it is difficult to predict which way things will go. If drop in usage in fourth quarter is not as bad as expected and if economic situation settles down, we could see a lot of buying interest in first quarter for deliveries second quarter onwards because everybody is working with thin inventories and forward cover. But if the problems we have seen in Sep/Oct continue into 2009 then buying interest will continue to be slow & for nearby positions only

Would appreciate your comments on the market situation, any special news or info and your views / expectation of demand & price trends in coming weeks / months

Regards
Pankaj N. Sampat

Cranberry Update

2008-11-06T07:59:00.001-08:00

Good day,

The 2008 North American Cranberry harvest has just finished, and here is what we know so far:

Wisconsin – Very good
Massachusetts – Excellent
Quebec/Eastern Canada – Average
Pacific Northwest – Poor to Fair

Overall, we believe that this will mean a reasonable amount of fruit should be available for the coming year. It is not a record crop, but not a disaster either.

We should be able to quote new crop prices in 2-3 weeks.

Many thanks for the opportunity to be of service.

Best regards,

Marc

The weather pattern over California this week

2008-09-05T07:11:00.000-07:00

The weather pattern over California this week brought near normal conditions for the middle of August. The state is very dry, except for extreme northern California, north of the city of Ukiah. The Pacific High continues to dominate the Golden State steering most storms into the Pacific Northwest. However, rain did fall north of Ukiah, California from the tail end of cold fronts moving into the Northwest, ranging from a trace up to about half an inch of precipitation. Sky conditions were mostly clear for the rest of California. Daytime high temperatures throughout the state were seasonable with 60s and 70s along the immediate coast, 80s to upper 90s in the valley and foothills, uppers 90s to around 120 in the desert, and 70s through the lower 90s in the mountains.
Nut crops
Almond harvest remained underway. Some groves were still being irrigated. Walnut orchards were being prepared for harvest. Some walnut groves were also irrigated. Treatments for husk fly and mites continued in some areas.