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Turkish market in Turmoil.  The dried fruit market in Turkey continues to cause concern with prices of sultanas and raisin increasing on a daily basis.   The problem has been exacerbated by some packers who have sold fruit forward and have been unable to cover their requirements either from local farmers of the Izmir Borse.  Our correspondent reports the other packers have purchased product on the bourse at high prices in a seemingly deliberate attempt to firm the market further.  All this is extremely bad news for consumers who need to receive their shipments of fruit to meet production requirements.  The shortage on the spot market therefore has created near panic with many importers fully sold out awaiting arrivals which in the main would already be allocated to existing customers. Prices range from USD 2100 – 2300 pmt FOB Izmir for Specially cleaned Standard number nine sultanas.   This is a huger increase and it seems possible that the market has someway to go before it settles to a more stable level.  Hopefully the arrival of fruit from other origins such as Iran and china will help to reduce the volatility in what appears to be a vastly overheated market.  If however demand remains strong it seems unlikely that there will be any restbite for the foreseeable future. The 2009 Greek currant crop is thought to be between 23, 000 – 34,000 mt with a virtual nil carry over from last year.  The vostizza areas is estimated to have around 7000 mt with gulf around 4500 mt and provincial 12,500 mt.  Once again farmers are holding back their fruit in the expectation of higher prices.  In reality there should be sufficient fruit to meet likely demand but if packers have to pay a premium over last year the price of currants will necessarily increase.  An interesting statistic is the size present crops, 2008 22500 mt, 2009 23/24000 mt, compared to 2003 39,000 mt 2004 42,000.  This is virtually half and reflects the changes in the subsidy system and the general lack of interest for this commodity. Prices provincial fruit are being quoted between Euros 1650 – 1700 pmt FOB Piraeus for province fruit with Vostizzas at a premium of approximately euro 100 pmt on this figure. The continuing uncertainty concerning the USA export program means that offers received after the 1.10.09 are likely to be subject to a clause which will change to reflect any reduction in the current level of export support.  This is approximately $0.23 per lb at present or £300 pmt. Prices of Californian Fruit are being quoted $0.85 - $0.88 per lb C&F Felixstowe which again reflects the change in the market following the turmoil in Turkey.

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