Hazelnut Prices Jump After Turkey's March Frost

Hazelnuts have increased by 30 percent following a devastating frost in March.



Turkey is the world's biggest grower of the nuts and Ordu province on the Black Sea coast produces more than half of the country's crop.



The unexpected frost came at a vital time in the growing season, destroyed the young hazelnut flowers.



The price of shelled nuts has risen from 10 Turkish liras ($4.63) to 13 liras since the beginning of August.



Evren Enginyurt, the president of the hazelnut committee with Ordu's Chamber of Commerce and Industry, said prices were increasing every day due to the low-yield.



He said: "Producers have been waiting for a higher price and they're not bringing their hazelnuts to market.



"Some producers are even saying they will not sell their harvests until the price goes up to 20 liras per kilo. We expect that the price will be higher in September. The factories need urgent hazelnuts. Buyers from Europe have been waiting for hazelnuts."



The price rise is a tough blow for buyers at confectionery companies.



In July, Italy's Ferrero said it had bought Turkish company Oltan, a world leader in producing and marketing hazelnuts. Oltan had five production plants exporting to the European Union and other markets with revenues of more than $500 million.



The conditions on Turkey's Black Sea coast mean it provides around 75 percent of the world's hazelnuts.



Turkey earned $1.73 billion from hazelnut exports in 2013, according to the Istanbul Hazelnut and Products Exporters Association, shipping more than 276,000 tonnes of hazelnuts to almost 110 countries.



Italy and the U.S. follow Turkey in the production of hazelnuts. 



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