Dear Readers
The summer-period in Europe has started meanwhile and purchasers, will no longer think, in the first place, of covering their needs, if any, but will, one by one, going direction beach or the mountains..
Sun-tanned (hopefully) they will come back at the end of August, early September to see what the market meanwhile has been doing and whether there is still some covering to do for the Christmas-period.
At the same time South Africa has arrived in the winter-period.
From there, we have no longer to expect anything special until October/November when we will get a first impression about the upcoming crop. The current crop is mostly gone now, whereby the negative news from Turkey has helped most packers to get rid of their last Thompson-stocks and the like.
Golden choice, in all sizes, were sold out already for quite some time. For Standard and Industrial qualities only limited stocks are left.
Henceforth we can concentrate now on further developments of the two biggest crops viz. California and Turkey, which rule the market.
As we said already in our last bulletin, the chances in both countries to go for a bumper-crop are meanwhile not realistic but how bad it will be, we shall have to see at a later stage.
Assuming that we surely have to reckon with smaller yields from both leading countries, it is to be seen what will happen with the price-development in the months to come and to what extend the other origns like India, Iran and others will have its influences.
Summarizing: most probably we shall shuffle slowly into a period (July/August) without anything spectacular going on but…….. our “gut-feeling” says that autumn will bring up a lot of surprises, which shall result, most obviously, in higher prices.
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Latest news: California informed the world that the present drought is the worst in 500 years.