The information contained herein was prepared between mid-September and October 2024.
Northern Hemisphere. The crop season was, at the time of this report, nearing the end. This season, due to the impact of the El Niño, crop yields across all major growing regions decreased. As a result, kernel prices rose and remain consistently high. The remaining stock was either of reduced quality, with lower yields, or had already been allocated to meet existing commitments.
In Viet Nam, most smaller processing units ceased operations due to the scarcity or high cost of raw materials. In India, domestic demand remained robust, bolstered by Diwali and the wedding season. These festivities, along with the approaching Chinese New Year, were expected to drive strong consumer demand.
By mid-September, although the export ban in Côte d’Ivoire was lifted, price movements remained minimal. Retailers were in their main purchasing period for the 2025 calendar year needs, which was anticipated to close in two months’ time.
Southern Hemisphere. With the harvest season in the northern hemisphere concluded, the southern hemisphere crops remain as the only sources of supply until the next harvest. The crops were expected to start arriving towards October.
At the time of this report, uncertainty remained regarding Tanzania’s policies, where cashew is one of their significant cash crops. Any remaining southern hemisphere supply was expected to come mainly from Mozambique, Brazil and Indonesia. The Brazilian crop was expected to perform significantly better this season, with official estimates placing production at approximately 150,000 metric tons. Early shipments began arriving at factories in mid-September, though the bulk of new crop shipments was projected to commence in the second half of October. Brazil remains uncompetitive in the 240 and 320 grades due to high sales volumes to Latin American markets. However, the availability of larger nut sizes and broken grades were expected to increase. Indonesia reported insect damage, which could contribute to potential shortages.
