Latest news with #Expana
Yahoo
14-07-2025
- Business
- Yahoo
Orange Juice Hits Four-Month High as Brazil Tariffs Risk Supply
(Bloomberg) -- Orange juice futures rose to a three-month high in New York on mounting worries that President Donald Trump's threat to slap a 50% tariff on Brazilian goods will curb supplies to the US. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests The most active contract rose as much as 8.7% to $3.1385 a pound, the highest since March 6. Futures of orange juice have rallied since Trump's announcement last week of the tariff, which risks upending trade in commodities ranging from coffee to beef. The threat of disruption to supplies of orange juice comes at a time when the US has grown increasingly reliant on Brazilian imports amid a decline in production in Florida, according to Craig Elliott, market analyst at Expana. Though the impact of the import tariff 'remains uncertain, the amount of orange juice trade potentially affected is significant,' said Elliott. That 'could potentially further erode Brazil's competitiveness amid an already challenging market environment.' 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot Trade War? No Problem—If You Run a Trade School Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
NDTV
04-07-2025
- Business
- NDTV
Nutella Fans Brace to Pay More As Frost Hits Turkish Hazelnut Harvest
First olive oil, then cocoa and coffee. Now a fresh supply squeeze is set to hit another food pleasure - the hazelnuts that go into making the chocolaty Nutella spread. Wholesale prices in Turkey, which accounts for around 65% of global hazelnut output, have jumped by around 30% since April following the country's worst spring frost in more than a decade. And they are expected to continue rising, according to data from agricultural intelligence firm Expana. "Fluctuations in Turkish supply and pricing ripple through the entire market," the International Nut and Dried Fruit Council, an umbrella body for the industry, said. Some alternative supply is available from smaller producers Italy, the US and Chile, "though not enough to fully offset Turkey's dominance." Some hazelnuts farmers have lost 50%-100% of their crop, according to Turkey's National Hazelnut Council. Turkey accounts for around 65% of global hazelnut output. That could be bad news for the world's biggest buyer, Italy's Ferrero SpA, which takes around a quarter of Turkey's crop to make products like Ferrero Rocher chocolates and Nutella. Hazelnuts constitute 13% of the spread's ingredients, and it produces millions of jars each year. Weather events including the frost "can have an impact" on Turkish production, the confectionery maker said in a statement, but added that that it didn't expect disruption to supplies, citing alternative sources from Italy, Chile, and the US. It's yet another reminder of how vulnerable the world's food supplies - from treats such as Nutella to essentials like wheat - remain to climate change. Prices of coffee and cocoa have soared - buffeted by unpredictable weather. Olive oil supplies have been hit as heat waves across southern Europe have intensified. Brazil, one of the world's top crop exporters, was hit by the worst drought in its history last year. Turkish Hazelnut Price Jumps After Frost Hits Harvest "In recent years, especially due to climate change, temperatures have been high in the winter months and fruit trees have been waking up early," the head of the country's Agricultural Engineers Association was reported as saying. "Therefore, early spring frosts, which we did not talk about much in previous years, have now started to pose a major risk for fruit growing." Some farmers growing hazelnuts at the highest altitudes have lost between 50% to 100% of their crop, according to Cem Senocak, who heads the National Hazelnut Council. Political Cost The damage to the hazelnuts could also pose a political problem for President Recep Tayyip Erdogan. Around 450,000 families depend on the crop for their livelihoods, concentrated in the northern Black Sea provinces that are a key stronghold of support for Erdogan, who hails from the region. The president personally announces the price that the state grain board will pay farmers each year, and disappointing prices have, at times, translated into lost votes at elections. The unseasonable cold snap also risks pushing up Turkey's food prices more broadly, the central bank warned in its latest inflation report, complicating efforts to rein in 35% price growth. Seeking Profits Still, some investors are looking for ways to profit from the shortage. Finnish asset manager Evli said it has added Turkish hazelnut processing company Balsu Gida Sanayi ve Ticaret AS to its Emerging Frontier fund, predicting that wholesale prices for the nut could rise fivefold over the next year based on an analysis of the impact of previous frosts and growing pest infestations. Turkey's main exporter group has already slashed its forecast for this year's harvest - which runs from August to September - by a fifth to 609,000 tons. "There simply is no place to get these missing hazelnuts from at scale until the next year's harvest in Turkey in August 2026," Burton Flynn and Ivan Nechunaev, investment advisers to the fund, wrote in a blog post last month.
Straits Times
04-07-2025
- Business
- Straits Times
Nutella fans braced to pay more as frost hits Turkish hazelnut harvest
Sign up now: Get ST's newsletters delivered to your inbox Hazelnuts constitute 13 per cent of the spread's ingredients, and millions of jars are produced each year. First olive oil, then cocoa and coffee. Now a fresh supply squeeze is set to hit another food pleasure – the hazelnuts that go into making the chocolaty Nutella spread. Wholesale prices in Turkey, which accounts for around 65 per cent of global hazelnut output, have jumped by around 30 per cent since April following the country's worst spring frost in more than a decade. And they are expected to continue rising, according to data from agricultural intelligence firm Expana. 'Fluctuations in Turkish supply and pricing ripple through the entire market,' the International Nut and Dried Fruit Council, an umbrella body for the industry, said. Some alternative supply is available from smaller producers Italy, the US and Chile, 'though not enough to fully offset Turkey's dominance'. That could be bad news for the world's biggest buyer, Italy's Ferrero, which takes around a quarter of Turkey's crop to make products like Ferrero Rocher chocolates and Nutella. Hazelnuts constitute 13 per cent of the spread's ingredients, and it produces millions of jars each year. Weather events including the frost 'can have an impact' on Turkish production, the confectionery maker said in a statement, but added that that it didn't expect disruption to supplies, citing alternative sources from Italy, Chile, and the US. It's yet another reminder of how vulnerable the world's food supplies – from treats such as Nutella to essentials like wheat – remain to climate change. Prices of coffee and cocoa have soared – buffeted by unpredictable weather. Olive oil supplies have been hit as heat waves across southern Europe have intensified. Brazil, one of the world's top crop exporters, was hit by the worst drought in its history in 2024. 'In recent years, especially due to climate change, temperatures have been high in the winter months and fruit trees have been waking up early,' the head of the country's Agricultural Engineers Association was reported as saying. 'Therefore, early spring frosts, which we did not talk about much in previous years, have now started to pose a major risk for fruit growing.' Top stories Swipe. Select. Stay informed. Singapore $3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches Singapore Seller's stamp duty hike will curb short-term speculation; market effect likely minimal: Analysts Singapore NTUC says some foreigners taking on platform work illegally, calls for work group address issue World Trump says countries to start paying tariffs on Aug 1, floats range of 10% to 70% Singapore Sengkang murder: Man accused of killing elderly mother escorted back to crime scene Singapore Tourism bump from Lady Gaga concerts raked in up to estimated $150m for Singapore economy Singapore Jail for man who recruited 2 Japanese women for prostitution at MBS Life Book review: OB Markers sequel Ink And Influence makes catch-22 proposal for The Straits Times Some farmers growing hazelnuts at the highest altitudes have lost between 50 per cent to 100 per cent of their crop, according to Mr Cem Senocak, who heads the National Hazelnut Council. Political cost The damage to the hazelnuts could also pose a political problem for President Recep Tayyip Erdogan. Around 450,000 families depend on the crop for their livelihoods, concentrated in the northern Black Sea provinces that are a key stronghold of support for Erdogan, who hails from the region. The president personally announces the price that the state grain board will pay farmers each year, and disappointing prices have, at times, translated into lost votes at elections. The unseasonable cold snap also risks pushing up Turkey's food prices more broadly, the central bank warned in its latest inflation report, complicating efforts to rein in 35 per cent price growth. Seeking profits Still, some investors are looking for ways to profit from the shortage. Finnish asset manager Evli said it has added Turkish hazelnut processing company Balsu Gida Sanayi ve Ticaret AS to its Emerging Frontier fund, predicting that wholesale prices for the nut could rise fivefold over the next year based on an analysis of the impact of previous frosts and growing pest infestations. Turkey's main exporter group has already slashed its forecast for 2025's harvest – which runs from August to September – by a fifth to some 609,000 tonnes. 'There simply is no place to get these missing hazelnuts from at scale until the 2026's harvest in Turkey in August,' Mr Burton Flynn and Mr Ivan Nechunaev, investment advisers to the fund, wrote in a blog post in June. BLOOMBERG
Bloomberg
04-07-2025
- Business
- Bloomberg
Nutella Fans Brace to Pay More as Frost Hits Turkish Hazelnut Harvest
First olive oil, then cocoa and coffee. Now a fresh supply squeeze is set to hit another food pleasure — the hazelnuts that go into making the chocolaty Nutella spread. Wholesale prices in Turkey, which accounts for around 65% of global hazelnut output, have jumped by around 30% since April following the country's worst spring frost in more than a decade. And they are expected to continue rising, according to data from agricultural intelligence firm Expana.
Yahoo
23-05-2025
- Business
- Yahoo
Record beef prices raise Memorial Day cookout costs
By Tom Polansek, Heather Schlitz CHICAGO (Reuters) -Beef prices set records last month at U.S. grocery stores, and economists expect they will climb further as demand increases during the summer grilling season that traditionally begins with cookouts on Memorial Day on Monday. Higher prices hit consumers who are increasingly nervous about the economic impact of President Donald Trump's trade policy and after Washington halted cattle imports from Mexico over a pest called New World screwworm, which could hike up beef prices further by tightening the cattle supply. One consumer feeling the pinch is DeAndrea Chavis, an artificial intelligence analyst in Raleigh, North Carolina, who buys ground beef nearly every week to prep tacos and other dishes for lunch but lately is making smaller portions because of rising prices. Chavis said she has seen lean ground beef prices climb above $9 per pound from $6 to $8 in recent months. She is planning to keep hamburgers on the menu for a cookout next week but may have more hot dogs in the mix to control costs. "Ground beef is supposed to be a cheaper option," said Chavis, 28. "Now that is even starting to add up." Ground chuck prices in April reached a record $6 per pound, up 14% from a year ago, after farmers slashed their cattle herds to a 74-year low due to a years-long drought that reduced grazing lands. However, demand for beef is expected to reach a 39-year high as consumers stomach higher prices, Rabobank senior analyst Lance Zimmerman said. A Memorial Day cookout for 10 people eating a mix of foods, including one cheeseburger and chicken sandwich apiece, will cost an estimated $103, up 4.2% from last year, according to Rabobank. Hamburger meat prices jumped 6.4%, the bank said. Some consumers are buying cheaper cuts of beef, such as a top sirloin, to save money without switching to lower-cost chicken or pork, said Ian Anderson, market researcher for commodity data firm Expana. "Folks are still looking to get that juicy steak, and they don't want to pay ribeye prices sometimes," he said. 'IN LOVE' WITH HAMBURGERS The U.S. has increasingly relied on beef imports over the past 30 years to meet demand for ground beef. Imports of Brazilian boneless beef trimmings used for hamburgers were a record 6,888 metric tons in the week ended on May 10, signaling strong demand, said Bob Brown, an independent livestock market analyst. "We are so in love with hamburgers," he said. But the U.S. Department of Agriculture indefinitely blocked imports of Mexican cattle this month due to screwworm in Mexico. U.S. feedlots fatten Mexican cattle for roughly six to eight months before sending them to slaughter, meaning the ban would hit beef supplies after the peak of summertime demand, economists said. The USDA also closed the border for Mexican cattle imports from late November through February, which could tighten supplies this summer, they added. "Slaughter has declined dramatically recently," David Anderson, livestock economist at Texas A&M University, said. "If we have less beef produced, that's part of the recipe for higher prices." At some specialty butcher shops, customers who are long accustomed to paying higher prices for fresh local meat haven't pulled back on their spending, shop owners said. "I don't think people are shying away from meat," Bill Begale, owner of Chicago butcher shop Paulina Market, said, noting that there are no shortages of customers for their fresh meat, homemade sausages and expansive deli items. Chavis, in the meantime, said she has started shopping at Lidl and Aldi stores, instead of Food Lion and Walmart, as she hunts for cheaper ground beef. Alas, she said, "it's a problem all over."
