Prices have largely stabilised since the last report. The Spanish crop and bloom was conversely affected by the snows during bloom, so a much smaller new crop is predicted with prices already well up and likely to continue in the medium to long term. The first so-called "objective" estimate from California will come mid-May, which will start to form the shape of prices to come on the developing new crop.

Hazels: Snow and frost in early April across a wide area of the Black Sea growing region has meant prices in Turkey have firmed, as the prospects for the much-needed larger new crop, suddenly shrank overnight.


Prices are currently trading at levels virtually double their "usual" historic average, with no new crop respite until the end of 2010. Unless there is a dollar collapse, which will convert to lower UK prices, the main problem is the lack of physical supply over the next six to seven months.Offers for prompt shipment are about as much as origin sellers are willing to make, while fears over long-term availability exist.


Prices are currently trading beyond levels that are double their "normal" range, and look likely to remain difficult until October when both US and Iranian new crops will hopefully deliver better supply.

l Based on information provided by RM Curtis