A fresh approach to dried fruit and natural dried foods

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Turkish Dried Fruit prices begin to ease back despite recent IMF agreement which has strengthened Turkish Lira.  Our correspondent in Izmir Turkey reports that to date 36,972 mt of sultanas have been shipped between 1.9.09 and 1.10.09 at an average raw material price of $1674 pmt.  As ever the UK is the major importer with just over 7000 mt followed by Germany at just under 7000 mt .  An interim statistic is that almost 10,000 from the above future were from the previous year’s crop.  Much of the panic in the market has been caused by belief that this years crop will not be of sufficient size to meet likely requirements.  Offers of Turkish number 9  Sultanas range between USD 2100 – 2220 for genuine good quality standard number 9 sultanas.  There are however, less expensive offers which would appear to be where rain damaged fruit has been blended, so reducing the cost to around USD 2000 pmt FOB this is still a high price and most importers believe the market has some way to fall before it reaches a settled level.  The recent agreement reached by Turkey with the IMF has stregthened the Turkish lira against the US Dollar so increasing prices in dollar terms.  Iran is starting to offer new season fruit.  It is less than clear however what tonnage is available with some estimates over 100,000 mt and some between 65 – 75,000 mt.  The reality must be somewhere in the middle and first indicative prices are between USD 1700 – 1800 pmt C&F Felixstowe An alternative origin remains china with prices between USD 1500 – 1600 pmt C&F Thames port.  Chinese fruit has made a significant in round into the UK market this year and is likely to increase in the future which is good news.  Californian Thompson seedless raisins are broadly unchanged in price at between $0.82  - $0.84 per lb C&F Felixstowe with an estimated crop which is more than sufficient to meet likely demand.  The main factor affecting US prices is therefore the variation in currency.  Greek currant prices have firmed slightly over the past few days which is surprising as availability has been difficult following a further port strike in Piraeus.  Good quality provincial fruit is being quoted between Euros 1670 – 1700 PMT FOB Piraeus with a Vostizza at a premium of Euros 100 pmt on this figure.  Offers of Greek sultanas are few and far between with prices generally above that of the Turkish equivalent.  Greece is therefore a net importer of dried fruit, which is a shame as for many years dried fruit has been one of their leading exports.

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