Tuesday 25 July 2017

Brazil nut prices soaring due to reduced harvests after droughts

Brazil nuts
Brazil nuts

Zalta Rodionova

Nutty about nuts? You might want to consider substituting Brazil nuts for almonds or cashews – even if just as a favour to your wallet.

In Europe, the price of Brazil nuts has increased by 61pc from the start of the year to $14,500 (€13,141) per tonne after warnings of diminished crops surfaced in February and according to data by commodity group Mintec, cited by the Financial Times.

“Historically people have never seen such a situation,” Ailsa Perez-Ulecia, a nut trader at Freeworld Trading in Edinburgh, told the FT.

Reduced rainfall in the Amazon region, which covers the main exporter countries of as Bolivia, Peru and Brazil, has affected both the quality and quantity of the crop, leading to shortages.

Collectors reportedly gathered only about a third of last year’s supply, triggering a spike in prices, according to the FT.

Independent News Service

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