Oct Cashew Week Book 2014 Ebook

Dear Readers,
We are happy to present to you this special issue

coinciding SIAL-PARIS and SIETTA 2014.
We are truly amidst interesting times. The LP prices
have skyrocketed by over 45% from 1.75 in January
2014 to 2.55 USD a pound during first week of October.
At the same time, whole kernels have moved up by
a mere 5% to 3.55 USD to a pound. So, what is the
real reason behind the spurt in LPs and narrowing
differentials? Is it a supply side issue? Are we
producing less of brokens and more of wholes through better technologies? Or is
it a demand side issue? If it is a demand side issue, then, is it a structural change or a
temporary blip? What is driving this demand for LPs or brokens in general? Answers
to the above questions have many ramifications on the future direction of the industry.
Small differentials between wholes and brokens would accelerate in-situ processing
in Africa. It would also make mechanisation more accessible and affordable. Incentives
for large scale plants would increase. A close watch on the emerging trends in markets
and prices would immensely benefit participants in planning ahead.
In our opinion, whole kernel prices have moved out of the range upwards and hence
would continue its momentum, albeit slowly. Also, the price volatility is expected to
increase in the next three to six months. Uncovered positions are vulnerable. Brokens
prices are likely to stabilise.
President
G. Srivatsava
Vice President
Vinayak Meharwade
ASST. Vice President

Swapna
Research Team
Shalini Kulkarni
Shruthi B N
Vinay Soni
Venkatraman S
Marketing
Minu
I take this opportunity to extend our sincere thanks to all the expert contributors- Shakti
Pal (TechnoServe), Jim Fitzpatrick (Ingredient Sourcing Solutions), Pierre RICAU
(NKal), Manoj Paul (Heat & Control), Malamine Sanogo (Cotton and Cashew
Council), Robert Saccoccio (Scalzo Food Industries) and all regular contributors of
cashew week.
Designer
We would be happy to have your comments and suggestions. Kindly send in your
feedback to us at cashew@commodityindia.com or info@cashewinfo.com
Data Support
Best wishes
G. Srivatsava
President
Foretell Business Solutions Pvt Ltd
www.cashewinfo.com
Cashew Week is the only one of its kind newsletter, exclusively designed
to give you information on Cashew markets in India and abroad updated
on a weekly basis.
For subscription & sample copies, write to info@cashewinfo.com
K. Radhika
Chinna.M
Sanjay
Foretell Business Solutions Pvt Ltd

#146, 1-2 Floor, Gopal Towers,
Ramaiah Street, HAL Airport Road,
Kodihalli, Bangalore - 560 008
Tel:+91 80 25276152/53
Fax:+91 80 25276154
email: info@cashewinfo.com
cashew@commodityindia.com
web: www.cashewinfo.com
T A BL E
CONTENTS
Page 7:

Join us at the Biggest Cashew Event of the Year in the Biggest Cashew
Country-SIETTA 2014
Malamine Sanogo, Director General, Cotton and Cashew Council
(CCA), Cote dIvoire
Page 10:

Understanding Cashew Kernel Market in Australia

Robert Saccoccio, Category Manager of Scalzo Food Industries, Australia
Page 13:

Every Heat and Control System Features Innovative Technology Developed

Through Years of Experience and Expertise
Manoj Paul, Country Manager - India & South Asia Heat and Control
(South Asia) Pvt. Ltd, India
Page

17:
`
Page 23:

Page

37:
Page

41:
Page

42:
Page 45:
USA in the World Cashew Kernels Market

Jim Fitzpatrick, Ingredient Sourcing Solutions, Ireland
Cashew Week Volume 15 Issue 40
www.cashewinfo.com
Cashew Week Tome 15 Numro 39 (French Edition)
www.cashewinfo.com
Cte dIvoire Cashew Market: Balance of 2014 Season and Perspectives for 2015
Pierre RICAU, Agro Markets Analyst, NKal Services, West Africa
Statistics: Indian Cashew Exim Trade - September 2014
www.cashewinfo.com
Annexure
Note to Patrons: Cashew Week is a weekly newsletter released every Monday & sent via email & accessible on
www.cashewinfo.com to all subscribers. Please note Cashew Week Special Issue 2014 is not a regularly printed weekly &
is especially printed for circulation at SIAL Paris and SIETTA 2014 Ivory Coast. Subscribers will continue receiving
the regular newsletter in digital format.
Cashew Week - Sial Paris & SIETTA, 2014 Special
the Biggest Cashew Event of the Year in the

Join us atBiggest
Cashew Country-SIETTA 2014
Mr Malamine Sanogo, Director General of Cotton and Cashew Council (CCA) has shared the recent
innovations and success story of CCA in Cote dIvoire cashew sector and objectives of SIETTA in an
interview with www.cashewinfo.com. Excerpts
nut, identifying all players and giving
them licence, reinforcing the control
of the farm gate price, exports contract
and quality. The army, customs and
police officers have been involved
to protect borders against fraudulent
exportations; the message to producers
have been to focus on best post harvest
practices and they have been supplied
in draw bags.
014 has been a remarkable

year for Cote dIvoire as it
saw the implementation of
several path-breaking laws. The
core market participants and the
farmers seem to be happy. Are you
satisfied with the progress? What
are the key learnings? How would it
help CCA going forward?
Actually, 2014 has been a remarkable
year for the cashew sector in Cote
dIvoire mainly because it is the first
year of existence of the Cotton and
Cashew Council, the new state body
which manages the sector and the first
year of implementation of the new
reforms. So, it is a real challenge for
the entire sector.
Fortunately, with the support of the
Government, the local administration
in producing areas, we have achieved
important results. The main goal of
the reforms is to improve and stabilize
farmers income by creating condition
for fair competition in the value chain,
improving the quality of raw cashew
October 2014
As results, the average KOR has increased from 46 to 48, exports contract
and farm gate price has been stabilized
from the beginning to the end of the
crop season. Some importers from India and Vietnam let me mentioned that
some of them did not trust in us in the
beginning, but they have recognized
our progress now.
During this first year, just with some
basic measures, we have obtained
encouraging results. This ensures us
that if we go forward with the new
reforms, we can reach better results.
For the next crop season, we are planning to reinforce the former measures
and add new ones. These measures
concern mainly the implementation of
the new convention with the national
agency of rural development to teach
farmers new methods of planting. This
will improve the quality and increase
the quantity of the production of raw
cashew nut.
First time CCA is organizing "The
Cashew Processing Equipment
and Technology Trade Fair" in

Cte dIvoire. What you propose to
achieve through this? Do you have
a 'plan-B' should Ebola goes out of
control?
Year after year, Cote dIvoire has
become one of the main players of the
cashew sector specially, raw cashew
nut. One of the main goals of the new
reforms is to make Cote dIvoire a
major player in the entire cashew sector by creating a sustainable cashew
industry. The exhibition SIETTA has
to contribute to achieve this purpose.
SIETTA 2014 offers an opportunity
for manufacturers of food and agro
processing equipment to show and sell
their machines and to access the huge
potential of the African cashew sector,
with a special focus on Cte dIvoire.
In various forums on topics around
cashew processing technologies, food
safety, the cashew market, management skills, doing business in Cte
dIvoire, as well as finance & business planning, participants shall listen
to different experts in the sector and
raise questions for a successful cashew
processing business.
The main objectives of SIETTA:
Promote cashew processing
equipment and innovative technology: Participants and prospective investors will be informed
about the success factors to establish a profitable cashew process-
ing business in Cte dIvoire and

Africa.
Support potential investors to
finance and set up their businesses in Cte dIvoire: Prospective investors will be informed
about finance mechanisms and
incentives to establish a processing factory. In B2B meetings
and workshops with national and
international experts, you get a
The Ivorian Government is working

closely with United Nations, World
Health Organization, Red Cross and
all the partners to avoid the spread of
the virus in Cote dIvoire. Today, there
are no official restrictions for travelling to Cote dIvoire and international
event are continuing taking place in
Abidjan like the Cocoa days, the qualification rounds of the African Cup of
Nation.
comprehensive overview of the

global cashew processing industry.

Encourage national consumption of cashew kernels and

cashew by-products: Participants
In order to guarantee the safety of all

participants, SIETTA Committee has
installed a Health and Safety Commission chaired by the medical service of
the Cotton and Cashew Council.
and prospective investors will

have the opportunity to taste high
quality cashew kernels, by-products and cashew dishes from all
over the world.
The SIETTA will take place in November from 26 to 28 in Abidjan. The
event concerns exhibition and conference with topics on all the value chain.
We are expecting guests from Vietnam, India, Italia, Geneva, Brazil and
African producing countries. Some
equipments are already in Abidjan and
some are on the way to Abidjan.At this
stage, we can say that the SIETTA will
take place.
Concerning Ebolas matter, it is clear
The Commission has already established a prevention plan, guaranteeing

temperature controls by infrared thermometers at entry and hand washing
facilities. The presence of ambulance
service will ensure that potential case
are identified and isolated immediately.
The SIETTA Committee assures all
participants and partners of the exhibition, that they will be informed at any
time about the developments in the
country.
of raw cashews. How do you support

and facilitate these initiatives?
Concerning the opportunities to develop a cashew processing program,
we can just mentioned the potential
of local production of raw cashew
that will reach in few years about 700
thousand tonnes. It is also important
to underline the willpower of the Government to increase and stabilize farmers income by improving processing
capacities. The new investment code
includes many facilities and advantages regarding the area where processing
units will be built, mainly the northern part of the country where cashew
is produced. Transport and logistics
facilities are also some advantages we
can mention.
To get more information about the
cashew processing development program, visit and participate at SIETTA.
..............................................................
Malamine Sanogo
Director General,
Cotton and Cashew Council
08 BP 1775 Abidjan 08
Cote dIvoire
Tel: +225 (22) 527580
So please, be quick, register on www.

sietta2014.com and join us at the biggest cashew event of the year in the
biggest cashew country.
that it has a bad impact on the event

but we want to ensure our guests that
everything is done by the Government
to prevent the epidemic.
Kindly share the opportunities for

foreign investors to invest in IVC's
cashew sector, especially processing
October 2014
Understanding Cashew Kernel Market in Australia

Mr Robert Saccoccio, Category Manager of Scalzo Food Industries, Australia shares insights on
Australian cashew kernel market, consumption, consumption pattern, kernel imports into Australia in
an exclusive interview with www.cashewinfo.com. Excerpts
cashew kernels have been around 90

per cent of Australias imports for over
a decade.
A decade ago, there was a more obvious quality difference as most of the
cashews being exported from Vietnam
were Vietnamese or Cambodian seeds
used for processing. The product
looked whiter and the physical appearance in general was better as we
believe because the raw material was
handled, dried and stored better than
imports of damp product via sea.
hat has been the trend

in cashew kernel import into Australia in
the last five years
The domestic consumption in Australia has been relatively stable with a
demand ranging from approximately
14,000 tonnes to 16,500 tonnes. If you
go back the past decade, the range
would be the same.
Which are the major countries from
where Australia importing cashew
kernels and comment on competitive of each of the countries.
The major countries from where Australia importing cashew kernels are:
Vietnam (92%) - Predominantly
snacking market cashews with some
ingredient usage also. Vietnamese
10
Now the dominance from Vietnam is

a combination of a legacy (the market
is use to Vietnamese cashews) from
a decade ago and the proliferation of
lower priced shorter term offers from
medium or smaller packers in a competitive market environment.
India (2%) - All for the snacking
market. There is room for the Indian
cashew industry to substantially grow
in the Australian market if prices are
competitive, quality is consistent and
infestation levels are reduced.
Indonesia (2%) For snacking market but more of raw cashews and dry
roasted cashews. Due to the process,
Indonesian cashew kernels do not
seem to oil roast as well as cashews
from other origins.
Brazil (2%) - Brazil has a disadvantage in terms of distance and freight
for the Australian market and we

know the Brazilian industry suits USA
consumption very much because of
distance and freight. The two per cent
of cashews that come to Australia
would generally be pieces where the
foreign contaminants are the main
concern. This is something the Brazilian cashew industry does well.
What are main sources of cashew
kernels in Australian market? Comment on the competitive of each of
the sources
The main source of cashews (and other
fruit and nuts) in the Australian market
are the major national supermarkets
and specifically the fresh produce
areas of each supermarket (next to the
fruit and vegetables). In these areas,
the bag sizes of the cashews are quite
large at 750 grams per bag. Cashews
(along with other fruits and nuts) are
also sold in different sections of the
supermarket such as snacking, cooking
and health food sections but the bag
sizes are smaller and overall volumes
not as strong as the fresh produce area.
The wholesale channel is also quite a
large user of fruits and nuts with some
of the larger wholesalers being full
container buyers of cashews, almonds,
walnuts and apricots. Wholesalers
supply smaller markets such as coffee
shops, food service and other sectors but it is a sizeable and important
channel.
October 2014

The ingredient sector where cashew
pieces are used for confectionery or
savoury ingredient lines exists but it
is not as large as the other nut products such as almonds, hazelnuts and
even walnuts. Part of the reason is a
perceived more savoury flavour and
the other part of it is an overall lesser
confidence in foreign material levels
on cashew pieces. The market here has
confidence that an almond, hazelnut,
walnut or even peanut can be used
directly into finished product. There is
less confidence with cashews although
we are seeing some improvements.
Brief us the consumption pattern of
cashew kernels in Australia
These days, there are more promotional activities throughout the season
and because Australia is an ethnically
diverse and sporting nation; Christmas, Australia Day, Lunar New Year
period, Easter, Ramadan, Local Football Finals in September etc are linked
in with promotional activities which
drives demand. There is a direct
correlation with price and volume in
Australia. A 750 gram bag of cashews
is among the most expensive items
one can place in their shopping basket
so affordability is important. We have
seen other higher priced nuts already
be packed in reduced bag sizes 400
grams to 500 grams due to cost factors
and this does negatively impact overall
sales volumes.
more than 75 per cent of all imports

into Australia. The main focus of the
association is to assist in promoting
sales, influencing commercial activity,
mediating quality disputes between
suppliers, importers and customers.
What are the quality parameters
does processors/exporters need to
improve to export kernels to Australia
Reduction in foreign material
we must always keep in mind this
is food
Reduced infestation The last
major improvement in infestation
levels was a long time ago when
changing from tins to flexi-packs
however since then, there has not
been much of an improvement.
Even this year, we have receipted
and had to freeze numerous infested containers of cashews. This has
both a cost associated with it and
a supply disruption which gives

Brief us the activities of 'The Australian Cashew Association', how

does the association is helping in
cashew business
In May 2011, the Australian Cashew
Association was founded by Vice
Chairman Quin Scalzo - Scalzo Food
Industries and Chairman John Waring
Michael Waring Trading. The founding and current membership controls
October 2014
less confidence to the industry

Reduced instances of off flavours we have seen a direct
correlation with receiving cashews where the raw material was
originally from another origin being of lesser quality as a finished
kernel. We believe it is how the
raw material has been handled.
In agricultural products, the first
thing done after harvest is to get
raw material moisture levels down
to an acceptable level but due to
a lack of infrastructure in many
raw material growing countries,
cashew consignments can have an
inferior taste and appearance
Better traceability measures the
cashew has a very unique and
international supply chain yet we
are seeing customers more and
more wanting to know where
their food comes from. There is
improvement to be made here
Overall better hygiene practices

We also see increased demand on
ethical sourcing information and
compliance. Even if everything
is being done correctly, having it
correctly documented is becoming
more important
All the above points are unique to the
cashew kernel industry.
Details on retail and import prices
of kernels in Australia and value addition done for imported kernels for
domestic use
Importers and roasters generally make
skinny margins where most of the
upcharge is by the retailers to the final
consumers keeping in mind Australia
is a very large continent and the major
retailers have large overhead costs.
As mentioned previously, most of
the cashew volume in Australia
comprised of oil roasted and salted
snacking. There are other markets
for dry roasted, flavoured, dicing and
ingredients. However, oil roasted and
salted cashews are in more demand as
compared to others.
.............................................................
Robert Saccoccio
Category Manager
Scalzo Food Industries
156 - 174 Kensington Road, West
Melbourne, Victoria
Australia 3003
Tel.+61 3 9245 7000
Email scalzo@scalzofoods.com.au
Web: www.scalzofoods.com.au/
11
Heat and Control System Features Innovative

EveryTechnology
Developed Through Years of
Experience and Expertise
Heat and Control is one of the world's leading manufacturers of food processing and packaging
equipment systems. Mr Manoj Paul, Country Manager - India & South Asia Heat and Control (South
Asia) Pvt. Ltd has shared the presence of Heat and Control in dry fruits industries, recent innovations,
future prospectus of company in an exclusive interview with www.cashewinfo.com.
Interview excerpts
ist out industries where

Heat and Control supply
their machinery.
Snack food
Meat, poultry, seafood
Candy, confectionery
Fruit, vegetables + salad
Bakery + cereal
Dairy + Cheese
French fries
Brief us the customer responses for

Heat and Control machinery.
We believe that our customers' satisfaction is always the best measure of
our products and service.
The following response was from a
nut installation in the USA.
Testing at Heat and Control's Hayward facility was truly the decision
maker for this project. Having the
equipment set up as it would be in a
production facility gave us the opportunity to test our products through
several scenarios achieving optimal
results."
"Heat and Control's pilot plant technologist was over-accommodating and
extremely knowledgeable about frying
processes, which very quickly helped
October 2014
us dial in the roast and colour qualities

we were looking for." - Kars Nuts Matt Spence, Operations Manager
The two new lines have added about
9,525 Kg an hour of production capacity to Kars Nuts Madison Heights
plant. "We currently run 20 hours per
day, 4 to 6 days per week," says Elam.
"We have the ability to move larger
amounts of product to one or more
lines simultaneously." - Kars Nuts Bill Elam, VP Finance & Operations
What type of machines do you supply for the cashew industry, and list
some of your major buyers?
For seasoned, coated, honey-roasted,
and blended nut products, Heat and
Control builds a complete range of
equipment for nut preparation and
handling, frying, cooling, glazing,
application of seasonings and coatings,
conveying, weighing, packaging and
inspection.
We are offering a comprehensive
range of frying equipment, from batch
through to dedicated nut roasting
machines, to the very versatile HeatWave frying system.
Batch roasters are available for up to
363kg/hr (or 800 lb) of nuts. Their
13

direct tube-fired burner system distributes heat evenly without hot spots.
A unique cool zone below the heating
tubes extends oil life by separating
particles from the higher temperaturecooking zone.
Continuous roasters are available for
a few hundred to several thousand
finished pounds/hour. Economical
direct-heated roasters range from
small countertop models to fryers over
28 feet long. High capacity externally
heated fryer systems are specially designed for peanuts, almonds, cashews,
sunflower meats and honey-roasted
nuts. All Heat and Control nut roasters
are available with continuous filtrations and operate with low oil volume
to provide fast oil turnover rates for
fresh product with a long shelf life.
For the lowest oil volume, instead of
submerging nuts in a bath of oil, the
HeatWave Frying system cooks with
multiple curtains of clean oil. Fines are
removed immediately after oil contacts
the product and cleaning is greatly
simplified.
To help expand its selection of coating
systems and seasoning applicators,
Heat and Control, Inc. purchased
Spray Dynamics, Ltd., a leading innovator of equipment for the controlled
application of liquid and dry ingredients on a wide range of food products.
Applicators for powdered seasonings,
oil and water-based coatings, slurries,
chocolate, yogurt, release agents, and
many other coatings are designed to
optimise the efficiency and quality of
processed and finished products.
Spray Dynamics line enhances the
versatility of our FastBack on-machine
seasoning systems and individual inkitchen flavouring applicators. Most
14
important, it gives our customers a

greater choice of coating systems to
meet individual product requirements.
What is the key value proposition
that you offer to your customers?
As consumer demand for healthy
snacks continues to grow, Heat and
Control has partnered with nut processors to meet their equipment needs for
superior product quality and safety,
lower production costs, and high operating efficiency regardless of capacity.
Share the recent innovations of Heat
and Control machinery.
Energy Recovery Heat Exchanger
(ERHX): Ovens waste millions of
BTUs in exhaust emissions that can
be utilized with our Energy Recovery
Heat Exchanger (ERHX). Pre-heat a
fryer systems cooking oil, heat water
for sanitation, or heat your building
using energy you normally throw
away.
FastBack FDX conveyor: FastBack
FDXTM Force Displacement drives
is 40 per cent smaller than comparable inertia drive horizontal motion
conveyors but can handle runs up to
100 feet long and up to 300 cubic
feet of product accumulation. Like all
FastBacks, the patent-pending FDX
provides gentle horizontal motion conveying that reduces product damage,
eliminates the loss of seasonings and
the separation of pre-mixed blends,
and is easy to clean. FDX also makes
economic good sense, it can be reused
with different pans when line layouts
change.
Revolution mid-gate: Mount the new
Revolution Mid-Gate product distribution gate at the beginning, middle
or end of the FastBack conveyor pan.
Mid-Gates unique cylindrical design
eliminates pinch-points and the risk

of cross-contamination for reduced
product breakage, easy cleaning and
safe responsive full open to full-closed
speeds for all throughputs.
Modular Dust Collection system:
Airborne seasoning dust creates a
hazardous work environment, product
cross-contamination, and a sanitation
nightmare. Now you can eliminate
these problems with Heat and Controls new Modular Dust Collection
(MDC) unit.
Compared to whole-room dust collection systems, the MDC costs about 40
per cent less and can cut energy usage
by as much as 30 per cent.
Integrated into a new FastBack
Revolution On-Machine Seasoning
station, this compact unit collects dust
at the point of application. It requires
no hood or bracket over the product
area. Modular Dust Collection retrofit
packages are also available for most
existing Revolution OMS applicators.
Future prospectus of Heat and
Control
Every Heat and Control system features innovative technology developed through years of experience and
expertise in delivering food operations
around the world. Heavy duty construction provides decades of reliable
operation and low lifecycle costs to
produce nut products of the highest
quality.
Designing a smart footprint solution
that punches well above its weight,
helping processors achieve volume
goals with space and budget restrictions. Innovative design and engineering solutions produce equipment
designed for maximum versatility
October 2014

and production efficiency. Skilled craftsmen, using stateof-the-art manufacturing tools, build rugged machinery to
withstand the toughest production schedules and harshest
working environments. Attention to detail results in the
industrys toughest and longest working food manufacturing equipment.
To keep ahead in the industry we are continually looking
into the future, taking our role as innovators seriously.
So where do we see ourselves in the next few years?
Commitment to Efficiency + Environmental Impacts

Achieve clean energy goals
Helping food processors reduce the environmental

impact of their manufacturing with cooking equipment
that protects air quality, conserves water, and reduces
More integrated systems (i.e. One single system rather than separate components)
Achieve consumer reality
Achieve production + cost efficiency
Achieve better line performance

................................................................................................
Mr Manoj Paul
Country Manager - India & South Asia
Heat And Control South Asia Private Limited
E-2, 3rd Avenue, Anna Nagar, East, Anna Nagar,
Chennai, Tamil Nadu , India
Phone: 044 4210 3951
Email: info@heatandcontrol.com
Web: heatandcontrol.com
energy use

Multiple flavouring applications on one complete line
October 2014
15
USA in the World Cashew Kernels Market

Jim Fitzpatrick, Ingredient Sourcing Solutions, Ireland
he USA is the
largest importer
of cashew nut
kernels in the World and
is second only to India in
consumption of cashew
kernels. Unlike India the
USA is not a producer of
cashew nuts and will not
be for climatic reasons. In 2013 it imported over 131,000
tonnes of cashew nut kernels with a value of USD 912 million. This represented a 38 per cent share of World imports
by volume. Almost all of the imported nuts were consumed
in the USA with re-exports representing only 1.56 per cent
of the imported volumes. Therefore, the USA consumes
approximately 25 per cent of the Worlds cashew nut kernels
every year.
Fig 1: World cashew nut kernels consumption by region
(tonnes)
Indian consumption grew rapidly and India became the

leading consumer. The rapid growth in consumption in Europe and the Middle East further diluted the USA share of
the World import market from 50 per cent of World imports
early in the last decade to 38 per cent in 2013. The rapid
growth in Indian consumption in particular has reduced the
USA share of consumption from 35 per cent in 2000 to 25
per cent in 2013. Nevertheless, USA import volumes and
values have grown in the period despite strong competition
from heavily promoted almonds, volatile prices of cashew
nuts and the recession from 2008.
Today the USA is the largest importer and has the highest per capita consumption of cashew nuts of the major
consuming countries. Demand appears to be going from
strength to strength based on heavy supermarket promotion, the improved consumer health profile of edible nuts
in general, growing consumer awareness. Whilst prices for
cashews are no longer set in New York, as they once were
the US remains a crucial market in determining both prices
and supply or demand balance in the global context.
Fig 2: USA cashew kernels annual imports 1996- 2013
with linear trend (tonnes)
The USA is the second largest consumer only surpassed in

its appetite for cashew nuts by India a major producer and a
country with a population approximately four times that of
the USA.
USA import and consumption of cashew nuts dates back
to the beginnings of the international trade as early as the
1920s when USA buyers imported from India for use in
snack foods. USA consumption of cashew nut kernels led
the World until recent years when with increased prosperity
October 2014
Imports of cashew kernels maintained steady growth

throughout the 1980s and 1990s. In that period it was
often predicted that demand would stagnate as cashew consumers were seen as older and more conservative. The early
years of the last decade proved this inaccurate as demand
continued to grow primarily driven by low cashew prices
but culminating in the consumer craze that was The
Atkins Diet boosting demand for cashew nuts to record
17

levels. After the record of 2004, demand growth returned
to more expected levels until 2008 when it was interrupted
by the financial crisis but has returned to growth since 2012
stimulated by price stability.
The USA share of the World imports and consumption has
fallen in recent years. This has been due to growth elsewhere in consumption as mentioned. This globalisation of
cashew demand in the past ten or fifteen years has lessened
the influence of the US market in the global context as
competition for product now comes from a broader range of
destination markets. It has also increased the diversity and
the likelihood that an American buyer will source cashews
from a new origin.
The concentration of supply in India and Vietnam creates a
greater level of risk for the USA buyer of cashew kernels.
The USA buyer has to compete in India with the burgeoning domestic market, which is cheaper to serve from a cost
point of view, and due to its structure pays higher prices
on faster payment terms. This has led to a greater level of
dependence on Vietnam as a source of supply. The USA
buyer is left with few choices as the only other major
producing region, Africa, has not yet developed a processing industry despite producing more than 40 per cent of the
Worlds cashews. USA buyers have been actively trying to
promote the diversification of cashew sourcing with activity
by retailers and importers.
Fig.3: US imports cashew kernels by region of origin
2009-2013 (tonnes)
US import statistics for the past five years as indicated

in Fig. 3 show as follows:
1. A volatile but ultimately upward trend in import volumes
2. Increased volume imports from all regions except Brazil from where volumes have dropped by 67 per cent
2009 vs. 2013
3. An increasing market share for Vietnam from 44.6 per
cent to 57.5 per cent meaning that essentially Vietnam
has gained almost all of the increased import volume
over the period
4. Increased import volumes from all of the lesser supply
regions
5. More than doubling of the market share from African
countries.
Seasonality in the US Market
As a luxury food consumed primarily as a snack cashew
kernels demand is subject to the influence of the main festival periods. Thanks giving, the last Thursday in November
and Christmas (25th December) is closely followed as peak
consumption periods by the Superbowl (American football)
usually at the end of January. Packers and roasters prepare
for this in advance so that imports tend to peak from the
end of the 2nd quarter to the end of the 3rd quarter in any
given year. Physical imports tend to grow throughout the
year, peak in August and then fall away to the end of the
year. The market is responsive to major events such as the
financial crisis of 2008 which saw imports collapse from
September onwards and will in some years when demand
is better than expected place top up orders later. The
guideline for the trend is 45 per cent during the first half of
the year and 55 per cent in the second half but this may be
more heavily weighted in favour of the second half in years
of high growth in consumption ex. in 2013, 41 per cent
cashew kernels were imported in first half and 59 per cent
in second half. This seasonality tends to suit origins in the
Northern hemisphere which have their crop seasons in the
period March-May such as Cote DIvoire.
Fig 4: US cashew kernels imports by quarter 2007-2013
(tonnes)
However efforts to diversify supply have been frustrated to

a large extent by the fall of Brazilian exports and the lack
of processing capacity development in African countries
which has limited imports from African countries. In addition competition from European buyers for the same
reasons has increased as European demand has grown in
recent years.
18
October 2014

The impact of the seasonal demand on prices is more complex. In the past when long forward buying was the practice
among USA buyers with contracts as far as forward as eighteen months, the impact was very limited in terms of prices.
In recent years there has been a tendency to take shorter
periods of cover. This was initially a result of the financial
crisis of 2008 but continued through periods of very high
prices in 2019, 2010 and 2011.
US Demand and Prices
The US market is reputed to be highly sensitive to changes
in price of cashew kernels. This is due to a number of factors:
US cashew retail sales growth depends on store promotions based on price
The vast bulk of cashew products are sold through
large supermarket chains
High level of per capita consumption of cashew nuts.
Availability of a range of competing domestically produced tree nuts e.g. almonds and pistachios
The vast bulk of cashew nuts have consumed as
roasted and salted snacks meaning that the cashew kernel constitutes up to 80 per cent of the cost of product
unlike in food ingredients where the nut cost is likely
to be much lower
The presence of private label supermarket business at
approximately 29 per cent of the market.
As described above the underlying trend in US imports is
positive. It is now driven by the positive health and wellness profile of edible nuts as a natural product, changes in
eating habits which suit snack foods, demographic factors,
stratification and diversification in the snack food sector,
use of edible nuts in a wider range of products as a food
ingredient and in the past two years stable prices.
Increases in price from an average range USD 2.20-2.50 per
lb. in the early years of the last decade to levels today in the
range USD 3.10-3.50 per lb. have not deterred the underlying growth in consumption in the USA. There is evidence
however to suggest that the pace of this growth is dictated
by the level and volatility of prices. Over the longer period,
this pattern seems to be confirmed with high rates of growth
in periods of price stability or following price corrections.
Rates of growth in USA imports become volatile following
price volatility indicating that in the short term the USA
buyer will respond to price increases by reducing demand
but that increasing prices over a longer period do not stop
demand increasing.
Outlook for US demand
Trends in imports and the resilience of demand in times of
volatile prices and recession indicate that the outlook for
20
demand in the USA is positive. Price is not the only factor

influencing the growth in demand. Consumer trends are
important as we see with the major demand spike in 2004
due to The Atkins Diet fad but also as indicated by more
deeply underlying trends in the health profile of edible nuts.
Demand for cashew nuts is also influenced by the prices
and availability of other tree nuts especially now following
the highly successful promotion of USA grown almonds as
snack foods. This is partly due to the USA pattern of sale
of nuts in mixed nuts packs including a range of tree nuts
but in which the cashew content is often the determinant of
marketability and success according to roasters interviewed.
There are indications in historical import statistics going
back many years that USA buyers are more likely than
their counter parts in Europe, Asia or the Middle East to
consider cashew kernels from new origins. Recent increases
as detailed above in import from African countries confirm
this is still the case and anecdotal evidence from buyers
suggests that the level of import is constrained by availability and not by willingness to consider new sources. In fact
interest from importers and crucially supermarkets in cashew supplies from West Africa indicates there is a demand
for diversification and new sources of supply.
Summary
The USA is a major importer and consumer of cashew
nut kernels
The underlying trend in demand is positive
The importance of the USA market has faded somewhat due to the globalisation of cashew demand and
especially demand in India
Price and especially price volatility are important determinants of short term growth patterns unlike in other
destinations such as India and Europe
Seasonality is a factor but seasonal patterns match well
with main production seasons
USA buyers buy from all origins, are interested in
diversification of supply.
Buyers Requirements
Cashew buying in the USA is undergoing a transition. This
has been ongoing for some years among larger buyers and
major importers. The essential element of this change is
that the buyer takes a close interest in the manufacturing
process rather than simply the quality of the product on
arrival at the roasting and packing facility in the USA. The
introduction of the Food Safety Modernisation Act and
USFDA (Food and Drug Administration) proposals for its
implementation has meant that all buyers must now take
more responsibility in the value chain. This has led to a
wider requirement for process certification especially in the
area of food safety.
October 2014

The FDA implementation proposals are currently under
review but it is clear that the requirements for doing business with USA buyers have become more rigorous and will
continue to tighten in the years to come. At the present time
accreditation or certification for food safety management or
systems remain a competitive advantage as so few processors Worldwide comply however these are moving from
being an advantage to becoming a basic requirement.
Since the introduction of the Food Safety Modernisation
Act the buyer or importer has had to take on the responsibility not only for the product quality on arrival at the
manufacturing or packing facility but also is responsible for
any hazards or adulteration which may have arisen during
the shelling and grading process at origin. The buyer is
responsible for the establishment and monitoring of a Food
Supplier Verification Programme. This means that the buyer
or importer is responsible for oversight of the process. This
is generally done through the auditing and monitoring of
suppliers who must have in place a risk and hazard identification and management system. The relationship between
the processor and buyer assumes a different character than
in the past with a more involved and long term association
likely to develop.
October 2014
Summary
USA buyers are heavily focussed on price in a competitive market
Quality is a very important factor
In procurement the focus is changing toward the process as opposed to simply the end result the product
Importers and buyers are responsible under the provisions of the Food Safety Modernisation Act
To fulfil responsibilities under the act buyers will have
to engage more deeply with their suppliers
Being reliable as a supplier and meeting certification
requirements can be a competitive advantage.
................................................................................................
Jim Fitzpatrick
Ingredient Sourcing Solutions
Ireland
Tel: +353 61 748 848
Email: iss@iol.ie
21
Cashew Week Volume 15 Issue 40

28th Sep to 04th Oct, 2014
ndian Cashew Kernel Market

Indian markets continued to be strong with the upcoming Diwali (23-10-2014) demand. Buying interest
for cashew kernels sustains despite price hike.
Cashew processors in India and other countries are flooded
with enquiries for broken cashews something not heard of
in the Western world in decades. As a result, broken kernel
prices in Vietnam have gone up dramatically. In India,
pieces prices have gone up by about 40 per cent in the last
12 months. It is likely that kernel prices may rise further in
coming days.
RCN Market in India
World RCN markets are yet to absorb origin related information. RCN prices are still on the upper side. Processors/
buyers are eagerly waiting for Tanzanian RCN due to lower
availability to process further.
In Kerala and Karnataka (South Canara), farmers replaced

the cashew plantation with rubber plantation on the perception that rubber prices will remain high. Now, rubber prices
have crashed. So any further cutting down of cashews is
likely to stop. It is time to promote cashew orchards with
the same technicality and approach as rubber, at least in
Kerala and Karnataka.
Indian CNSL Market
During the week, cashew shell and shell liquid prices
showed some weakness on increased supply.
ume and 33 per cent in value compared to kernel imports

in June 2014. Overall, in the first seven month of the year
2014, USA imported 69891 tonnes of kernels worth of 465
million USD, which is higher by 2.73 per cent in volume
terms and lower by 1.43 per cent value terms compared to
the same period in 2013.
Table 1: Source-wise volume and value of kernels imported into USA during July 2014
Country
Volume (tonnes) Value (million USD)
Vietnam
9715
65.50
India
2696
20.22
Brazil
525
3.18
Cote d`Ivoire
344
1.88
Indonesia
251
1.86
Mozambique
250
1.77
Ghana
242
1.39
Thailand
166
1.57
Kenya
78
0.51
China
63
0.51
Burkina Faso
44
0.32
Italy
32
0.23
Togo
21
0.15
Netherlands
17
0.11
Bolivia
16
0.11
Others
65
0.43
14525
99.73
Total
Fig 1: Per cent share of countries in total import of kernels by USA (January to July 2014)
US and Europe Cashew Market

With the increase in prices of kernels, the buyers from Europe, US and other countries have started to work on their
projections for the last couple of months of 2014 and the
first quarter of 2015.
US imported 14525 tonnes of cashew kernels worth of
99.73 million USD during July 2014. Import of cashew
kernels in July 2014 by US increased by 32 per cent in vol-
October 2014
23

increasing demand, is creating a price increase between 5 to
10 per cent.
Vietnam Cashew Market

During the week, kernel prices have gone up with the increase in demand and shortage of RCN.
Middle East Cashew kernel market

Market is stable at higher side; there is no major change in
the prices for the last week. Trade between Iran and Dubai
increased since couple of weeks.
During the week, Middle East buyers were active in Vietnam. Reasonable trades noticed at good prices.
Shortage of RCN for processing in Vietnam is causing early
closure of some factories. This, in combination with the
Table 2: Current Dubai market trading prices for tree nuts
Products
Origin
Cashew Kernel -W240
India
Cashew Kernel W320
India
Almond Shelled 20/22 NPX
California
Almond Shelled 27/30 NPX
California
Walnut Light Halves 80 % Candler
California
Walnut Light Halves 80 % Candler
India
Pistachio 18/20 US
California
Pistachio 20/22
Iran
Market Prices per Kg
Variation (%)
09/27/2014
10/04/2014
AED 35.50
AED 35.50
0.00
USD 9.73
USD 9.73
0.00
AED 31.00
AED 31.00
0.00
USD 8.49
USD 8.49
0.00
AED 42.00
AED 42.72
0.77
USD 11.51
USD 11.72
1.83
AED 38.00
AED 38.00
0.00
USD 10.41
USD 10.41
0.00
AED 51.00
AED 51.00
0.00
USD 13.97
USD 13.97
0.00
AED 39.00
AED 39.00
0.00
USD 10.68
USD 10.68
0.00
AED 45.50
AED 45.50
0.00
USD 12.47
USD 12.47
0.00
AED 46.00
AED 46.00
0.00
USD 12.60
USD 12.60
0.00
RCN Season in Southern Hemisphere Region
expecting that the crop will be good (around 70 to 80 thou-
In Tanzania, there is a good progress in collection of raw
sand tonnes). However, the exact figure will be known by
nuts into the primary societies. Some regional societies re-
October November.
ported recieving of the cashew nuts from end of the september. First auction is likely during second week of October.
Crop arrival has started in Indonesia and crop seems to be
In Kenya, cashew nut arrivals are likely to start by OctoberNovember. It is expecting that Kenya will produce approximately 8000 tonnes of cashew nuts during the year.
New crop arrival in Mozambique likely to start by last
week of October. Looking to the present condition, it is
24
at the same level or bit better than the previous year. However, it is too early to predict the crop size as of now. In last
season, Indonesia produced 40 thousand tonnes of cashew
nuts. During the current season, the prices offered were not
promising. Offered prices range between USD 1600 and
1725 USD per tonne cnf.
October 2014

Table 3: Indian prices of cashew kernels
Cashew Grades
09/27/2014
10/04/2014
Month High & Low

(06th Sep to 04th Oct)
High
Low
% change since beginning of the year

(01/04/2014)
Tuticorin (USD/lb fob)-export prices

W240
3.80 3.90
3.904.00
4.00
3.65
2.60
W320
3.45 3.50
3.50-3.60
3.60
3.25
5.97
W450
3.103.20
3.20-3.30
3.30
3.10
5.69
SW320
3.103.15
3.20-3.25
3.25
3.10
5.74
SW360
2.953.00
2.953.00
3.00
2.95
4.39
SSW
2.702.75
2.702.75
2.75
2.70
10.10
Butts
2.652.70
2.652.70
2.65
2.60
5.94
Splits
2.552.65
2.552.65
2.65
2.55
14.29
Large Pieces
2.40 2.50
2.40 2.50
2.85
2.80
42.03
Mangalore Karnataka (INR/ Kg)

W180
816
825
825
811
10
S180
767
767
767
767
12
W210
728
736
736
705
11
S210
679
679
679
661
10
W240
617
617
617
617
S240
573
573
573
573
W320
538
538
538
538
W1
525
525
527
525
SW
514
514
514
511
SSW
485
485
485
485
JH
485
489
489
476
13
472
476
476
459
16
LWP
434
450
450
423
19
SWP
388
388
388
379
19
459
467
467
441
16
JB
467
472
472
463
16
W180
728
728
728
705
-7
W210
639
639
639
617
-3
W240
551
551
551
529
-5
W320
494
494
494
485
-0.03
W450
459
459
459
450
-2
SW240
467
467
467
459
S (Splits)
467
467
467
434
SS
410
410
410
379
16
Butts
441
441
441
397
14
SB
375
375
375
353
SP
397
397
397
353
25
WSP
401
401
401
362
30
585
570
585
560
Kollam (INR/Kg)
Delhi (INR/Kg)
W320 No.
26
October 2014
Cashew Grades
09/27/2014
10/04/2014
Month High & Low

High
Low

(01/04/2014)
W210 No.
710
710
720
710
-11
W240 No.
660
660
670
660
W180 No.
860
860
860
820
-4
2 pieces
490
490
490
443
23
4 pieces
468
468
468
405
26
8 pieces
385
385
385
350
27
W320
733
733
733
683
11
W210
795
795
795
748
13
W240
778
778
778
723
16
W180
845
845
845
798
10
2 pieces
620
620
620
558
16
4 pieces
603
603
603
550
18
8 pieces
538
538
538
485
11
Local Raw Nuts
95
95
95
92
12
W210
725
725
725
640
13
W240
600
610
610
600
W320
525
530
530
525
-2
W400
490
500
500
490
S240
550
550
570
550
10
S320
495
495
495
495
465
465
465
465
11
440
430
440
420
10
LWP
440
450
450
440
13
SWP
390
400
400
390
25
JH
470
470
470
420
15
W210
650
640
650
620
-3
W240
550
540
550
525
-4
W320
500
490
505
490
SW
475
475
475
400
16
JH
510
500
510
485
11
K/LWP
450
450
450
425
25
W1
465
470
470
460
JB/Butts
475
470
475
455
24
W400
465
465
475
460
Sangrur (INR/Kg)
Jeypore Orissa (INR/Kg)
Vetapalem AP (INR/Kg)
Panruti Tamil Nadu (INR/Kg)

W240
551
551
551
551
W320
485
485
485
450
JH
450
450
450
420
18
JK
419
419
423
388
22
LWP
406
406
406
362
24
28
October 2014
Cashew Grades
09/27/2014
SWP
10/04/2014
Month High & Low

High
Low

(01/04/2014)
350
350
350
330
17
W320
725
725
735
700
12
W210
783
783
805
755
11
W240
763
763
775
738
10
W180
815
815
845
778
10
Jalandhar - Punjab (INR/Kg)
Vengurla Maharashtra (INR per 1 Kg + VAT 5%)

W180
900
880
900
880
W210
770
770
770
760
W240
670
670
670
660
W320
570
570
570
570
W400
510
510
510
510
13
JH
530
535
535
520
19
510
500
510
490
16
LWP
500
480
500
460
20
525
510
525
500
19
W180
870
870
870
850
W210
730
730
730
730
W240
650
650
650
650
W320
570
570
570
560
W400
510
510
510
500
13
JH
510
510
510
500
16
490
490
490
460
14
BB
260
260
260
260
13
NW
480
480
480
480
Goa (INR per Kg)
*Mangalore Prices are exclusive of tax. Tax for inter-state sales- CST 3 per cent, Tax for local sales 4 per cent VAT Note:
W= White Wholes, S= Splits, SW= Scorched Wholes, SSW= Scorched Wholes Seconds, DW= Dessert Wholes, LWP=
Large White Pieces, SWP= Small White Pieces, BB= Baby Bits, SB= Scorched Butts, SS= Scorched Splits, SP= Scorched
Pieces, 1kg = 2.24lb
Table 4: Cashew Raw Nuts Prices
09/27/2014
10/04/2014
% change in price over

previous week
India, local (INR per 80 kg bag)
6500
6500
0.00
IVC (USD per tonne)
1060
1070
3.92
Benin (USD per tonne)
1205
0.00
Ghana (USD per tonne)
1035
1040
-3.72
Origin
Note: Landed cost
October 2014
29

Table 5: Other Tree Nuts Prices at Delhi Market (INR/kg)
Grades
09/27/2014
10/04/2014
Month High/Low
High
Low

(01/04/2014)
Almond Girdhi
in shell
119
119
119
118
15
Almond Gurbandhi in shell
196
196
196
196
Almond California in shell
485
478
509
478
Almond Kernel
California
689
681
703
681
Almond Kernel
Gurbandi
575
575
575
520
Pistachio Irani
1200
1200
1275
1200
-5
Pistachio Hairati
1430
1430
1430
1263
-6
Pistachio Peshawari
1525
1525
1525
1425
-3
Walnut New
600
600
600
550
129
Walnut Kernel
1800
1800
1800
1550
114
Prices of Nuts at International Market

Table 6: Cashew Kernel and other tree nutsPrices in International markets
Grades
09/27/2014
10/04/2014
Month High/Low
High
Low

(01/04/2014)
Rotterdam (USD per lb FCA)

WW240
4.00 4.10
4.00 4.10
4.10
3.85
WW320
3.55 3.60
3.60 3.80
3.80
3.40
WW450
3.40 3.45
3.45 3.65
3.65
3.30
Vietnam (USD per lb fob)

W240
3.78 3.85
3.85 3.90
3.90
3.65
W320
3.38 3.45
3.50 3.55
3.55
2.30
W450
3.18 3.25
3.25 3.35
3.35
3.10
WS
2.70 2.75
2.80 2.85
2.85
2.60
27
LP
2.55 2.60
2.65 2.75
2.75
2.30
77
(Note: FCA=Free Carrier, fob=free on board)
October 2014
31
Currency Movement
Table 7: Forex rates (in USD)
09/26/2014
10/03/2014
% change from beginning

of the year (01/03/2014)
Indian Rupee (INR)
61.145
61.720
-0.87
Euro (EUR)
0.788
0.799
8.56
Japanese Yen (JPY)
109.280
109.770
4.69
Brazilian Real (BRL)
2.420
2.459
3.47
Chinese Yuan (CNY)
6.127
6.139
0.59
Singapore Dollar (SGD)
1.275
1.282
1.21
Tanzanian Shilling (TZS)
1675.500
1680.000
5.76
Thai Baht (THB)
32.330
32.640
-1.12
Mozambique New Metical (MZN)
30.250
30.700
3.37
Vietnam Dong (VND)
21217.500
21247.500
0.70
Indonesian Rupiah (IDR)
12022.500
12176.500
0.54
519.490
526.800
9.57
3.235
3.210
37.33
Currency
Benin CFA Franc BCEAO (XOF)

Ghanaian New Cedi (GHS)
USD vs INR Movement
Fig 2: USD/INR weekly chart

Indian rupee last week hits the seven month low of 61.96 against the dollar on
improving economic activities in US may lead to raising of interest rates sooner
than later in Q1 or Q2 of 2015. The recent weakness in rupee is mostly with

respect to surge in dollar index.
RBI as widely anticipated kept key
rates unchanged during last week
monetary policy review. The RBI is of
the opinion that economic growth in all
sectors is yet to stabilize as deficiency
in monsoon may stall agricultural
growth which may spill over to other
components of economy. It also retains
its earlier growth forecast of 5.5 per
cent for 2014-15.
Indian rupee last week traded in the
region of 61.26 and 61.96 and finally
settled weaker at 61.54 against the
dollar. Technically rupee likely to test
previous week low of 61.96 or 62.14
October 2014
33

level on the lower side and on the higher side, it may hold
the initial support around 61.14-61 and unlikely to drop
further in the short-term.
Vietnam dong traded weaker on rising demand for dollar

from importers surges as final leg of 2014 quarter began
and on expectations that central bank may devalue dong.
USD vs BLR Movement
Last week Vietnam dong traded in the region of 21180 and

21332.50. Technically Vietnam Dong may continue to trade
in a broad range of 21150 and 21400 levels going forward
with bias on the lower side.
Fig 3: USD/BLR weekly chart
Fig 4: USD/VND weekly chart

Fig 5: Comparative Movement of Currencies in 2014
Brazilian real last week traded in the region of 2.4198 and

2.5098 and finally settled around 2.4588. Real declined
to 2.50 against the dollar on pre-election fears. Brazils
presidential race is headed to a second round after President
DilmaRousseff won the most votes on Sunday but failed
to clinch the outright majority. Rousseff will face the more
conservative AecioNeves in a runoff on October 26.
vis--vis USD in cashew processing regions (Weeks

starts from January 2014)
Real may trade in the region of 2.40 and 2.50 in the coming
few weeks and only October 26th re-election will signal
clear direction.
USD vs VND Movement
Vietnams budget revenue in the first nine months of 2014
is expected to be 636 trillion Vietnamese dong (USD30.14
billion), up by 17.2 percent year-on-year, accounting for
81.3 per cent of the years estimate, said Vietnams Ministry of Finance (MoF).
October 2014
(Note: Currencies Indexed to the first week currency assumed to be 100)
35
Cashew Week Tome 15 Numro 39 (French Edition)

Priode du 21 au 27 Septembre 2014
nde: Le march des amandes de cajou

Les marchs indiens se renforcent de plus en plus avec
une hausse de la demande relative la fte de Diwali
qui se tiendra le 23 Octobre 2014. Les acheteurs continuent
montrer un intrt pour les amandes de cajou en dpit de
la randonne dans les prix.
Les transformateurs de cajou en Inde et dans dautres pays
sont inonds de demandes pour les amandes de cajou casses. Ceci est quelque chose de pas entendu du monde occidental depuis des dcennies. En consquence, les prix des
amandes casss au Vietnam ont augment de faon spectaculaire et en Inde environ 40 pour cent d'augmentation
des prix de cette catgorie damandes a t observ dans les
derniers 12 mois.
Au regard de la situation actuelle, il est fort probable que

les prix des amandes de cajou connaissent encore une augmentation dans les prochains jours.
prix du baume ont montr une certaine faiblesse comparativement l'offre.

USA et Europe: Le amrch des amandes de cajou
Avec l'augmentation du prix des amandes, les acheteurs en
provenance d'Europe, des tats-Unis et d'autres pays ont
commenc travailler sur leurs projections pour les deux
derniers mois de 2014 et le premier trimestre de 2015.
tats-Unis ont import 14 525 tonnes damandes de cajou
en Juillet 2014 dune valeur de 99,73 millions USD. Les
importations damandes de cajou ont augmentes de 32%
en volume et de 33% en valeur par rapport Juin 2014.
Dans l'ensemble, au cours des sept premiers mois de l'anne
2014 l'importation damandes de cajou par USA a atteint 69
891 tonnes pour une valeur de 465 millions de dollars.
Fig 1: Principales sources dapprovisionnement en
amandes de cajou par les USA de Janvier Juillet 2014)
Inde: Le march des noix brutes de cajou

Le march international de noix brutes de cajou est dans
lattente dinformations des zones de production. Les prix
des noix brutes de cajou sont toujours hors de porte. Les
transformateurs et acheteurs attendent avec impatience les
noix brutes tanzaniennes en raison de la pnurie.
A Kerala et Karnataka (Sud Canara) les agriculteurs ont
remplac des plantationsde noix de cajou par des plantations dhva sous prtexte que les prix du caoutchouc
resteront toujours levs. Mais maintenant, les prix du
caoutchouc connaissent galement une baisse. Ainsi
labattage des anacardiers peut tre frein et il est temps
de promouvoir les vergers de noix de cajou avec la mme
technicit et approche que lhva, tout au moins au Kerala
et Karnataka.
Inde: Le march du baume de cajou (CNSL)
Au cours de la semaine, la coque de noix de cajou et les
October 2014
Vietnam: Le march de lanacarde

Au cours de la semaine, les prix ont augment avec
laugmentation de la demande et la pnurie des noix brutes
de cajou. Les acheteurs du Moyen-Orient ont t actifs
sur le march du Vietnam et ont de bonnes affaires. La
pnurie de noix brutes pour la transformation au Vietnam
est lorigine de la fermeture anticipe des usines. Ce fait
37

combin avec la demande croissante a cr une augmentation de prix de 5 10%.
Moyen Orient: Le march des amandes de cajou
Le march est stable. Il ny a pas de changement majeur
dans les prix de la dernire semaine. Les changes commerciaux entre lIran et Duba ont augment depuis quelques
semaines.
La campagne de noix brutes de cajou dans lhmisphre
sud.
En Tanzanie, il ya un progrs dans la collecte des noix
brutes dans les socits primaires. Certaines socits rgionales vont commencer recevoir les noix de cajou la
fin du mois de septembre. Il y a un espoir davoir les ventes
aux enchres lors de la deuxime semaine dOctobre.
Au Kenya, les arrives de noix de cajou sont susceptibles
de commencer entre Octobre et Novembre. On espre que
le Kenya va produire environ 8000 tonnes de noix de cajou
au cours de lanne.
Les nouvelles rcoltes du Mozambique sont susceptibles de
commencer vers la dernire semaine dOctobre. Au regard
de ltat actuel, on sattend une bonne rcolte (environ
70 80000 tonnes), mais le chiffre exact sera connu entre
Octobre et Novembre.
Les exportations des nouvellesrcoltes ontcommenc en
Indonsie et le produit semble tre au mme niveau ou
un peu mieux que lanne prcdente. Cependant, les prix
proposs ne sont pas prometteurs. Les prix offerts ont t
compris entre USD 1 600 et 1725 USD par tonne cnf.
Tableau 1: Prix des noix brutes, amandes et produits
drivs du cajou en date du 27 septembre 2014
Dsignation
20/09/2014
27/09/2014
Prix des noix brutes de cajou

Indian RCN (USD per ton)
1335
1328
IVC (USD per ton)
1020
1060
Benin (USD per ton)
1125
Ghana (USD per ton)
1075
1035
Nigeria (USD per ton)
920
Tuticorin (India) (USD per lb fob)

W240
3.653.75
3.80 3.90
W320
3.253.45
3.45 3.50
38
Dsignation
20/09/2014
27/09/2014
W450
3.103.20
3.103.20
SW320
3.103.15
3.103.15
SW360
2.953.00
2.953.00
SSW
2.702.75
2.702.75
Butts
2.652.70
2.652.70
Splits
2.552.65
2.552.65
Large Pieces
2.40 2.50
2.40 2.50
WW240
3.90 3.95
4.00 4.10
WW320
3.50 3.55
3.55 3.60
WW450
3.40 3.45
3.40 3.45
W240
3.75 3.78
3.78 3.85
W320
3.35 3.38
3.38 3.45
W450
3.16
3.18 3.25
WS
2.70 2.75
2.70 2.75
LP
2.45 2.50
2.55 2.60
IVC (USD per ton CNF)
1150
1150
Ghana (USD per ton CNF)
1015
1015
Nigeria (USD per ton

CNF)
955
955
Benin (USD per ton CNF)
1330
1330
Mozambique (USD per

ton CNF)
1355
1355
Tanzania (USD per ton

CNF)
1405
1405
Guinea Bissau (USD/ton

CNF)
1500
1500
W240
9.73
9.73
W320
8.77
8.49
Rotterdam (USD per lb FCA)
Vietnam (USD per lb fob)
Dubai (USD/kg)
Prices of Cashew by products in India (USD per kg)

Cashew Nut Shell Liquid
0.567
0.564
Cashew Shell
0.148
0.151
Cashew Cake
0.066
0.069
Cardanol
1.117
1.112
Tableau 2: Taux de change (USD)

Dvises
19/09/2014
26/09/2014
Indian Rupee
(INR)
60.860
61.145
Euro (EUR)
0.779
0.788
October 2014

Dvises
19/09/2014
26/09/2014
Japanese Yen
(JPY)
109.050
109.280
Brazilian Real
(BRL)
2.368
2.420
Chinese Yuan
(CNY)
6.141
6.127
Singapore Dollar
(SGD)
1.267
1.275
Tanzanian Shilling (TZS)
1668.000
1675.500
Thai Baht (THB)
32.200
32.330
Mozambique
New Metical
(MZN)
30.450
30.250
Vietnam Dong
(VND)
21205.000
21217.500
Indonesian Rupiah (IDR)
11967.500
12022.500
Benin CFA Franc

BCEAO (XOF)
513.810
519.490
Ghanaian New
Cedi (GHS)
3.313
3.235
LIndian Rupeea ferm au niveau le plus bas des trois

dernires semaines 61.14, une baisse de 0,32%, effaant
October 2014
les pertes profondes du taux de 61,62 contre le dollar. Au

cours de la prsente semaine, lIndian Rupee pourrait faire
lobjet dune session de commerce volatile car lexamen de
la politique du RBI prvue mardi, devrait maintenir le taux
dintrt inchang. Techniquement le Rupeeest susceptible
de tester la semaine prcdente avec les taux variant de
61.62 61.74 et peut atteindreles niveaux de 61 et 60.70.
Le Real du Brsil termine la semaine dernire avec des
pertes de 2 2,42% contre le dollar avec la prvision de
croissance lente qui est de 0,9% et lalternance politique.
Mme linflation devrait rester leve, ce qui peut inciter
la banque centrale du Brsil maintenir les taux dintrt
inchangs. Techniquement le taux de 2,44970 doit tre
surveill de prs. En dessous de ce niveau, le Real du Brsil
pourrait enregistrer nouveau le taux le plus bas en 2014.
Le Vietnam Dong sest affaibli la semaine dernire, en dpit
de la bonne activit conomique. Son excdent a atteint 1
milliard de dollars au premier trimestre, 683 millions de
dollars au cours des quatre premiers mois, 1,6 milliard de
dollars au cours des cinq premiers mois et de 1,3 milliards
de dollars au premier semestre. Aprs sept mois, lexcdent
a augment de 1,26 milliards de dollars. Les taux dintrt
du dong, savoir les taux de dpt, les rendements des obligations dtat et de billets de trsorerie ont t assouplis,
ce qui a galement affaibli le dong. La semaine dernire le
Vietnam Dong a t chang dans la rgion entre 21160 et
21240. Techniquement le Vietnam Dong peut continuer se
ngocier entre 21450 et 21300.
39
Cte dIvoire Cashew Market: Balance of 2014 Season and

Perspectives for 2015
Pierre RICAU, Agro Markets Analyst, NKal Services, West Africa
More than 510 thousand tonnes have been exported as raw

cashew nut and more than 35 thousand tonnes are being
processed by the growing local industry.
Currently, Ivoirian industries have a capacity to process
around 60 thousand tonnes/year but as many factories are
just beginning their activities and they could only reach
between 35 thousand and 40 thousand tonnes in 2014. With
the current good conditions for business in Cte dIvoire
and the SIETTA event in November where more than 5000
stakeholders and investors are expected, we think many
new factories should begin to run in the coming years.
014 cashew season have been historical in Cte

dIvoire. It was the first time that cashew prices were
steady almost all the main season. Farmers sold 90
per cent of their production between 0.4 and 0.5 USD/kg,
which is not the best price they have seen but which is a
fair price for them.
In 2015, we expect Ivorian production to reach around 600

thousand tonnes. Rain and humidity condition have been
very good so far for next season but as the rainy season is
expected to last until end of October 2015 harvest could be
late by a few weeks.
*Estimated from current RCN purchases and Kernel exports during 2014 first quarter
................................................................................................
2014 season have begun with good forecast for yields and
an expected increase of Ivoirian output from 510 thousand
tonnes in 2013 to 530 tonnes in 2014. Even if weather have
not be so nice from end of April with early rain damaging
the last flowering, the final output was above our expectation and we know estimate that total output have reach 550
thousand tonnes in 2014.
October 2014
Pierre RICAU
Agro Markets Analyst
NKal Service
West Africa
Tel : 00225 57369981
www.nkalo.com
41
Statistics: Indian Cashew Exim Trade - September 2014
mport of Cashew into India during September

2014
Fig 1: Per cent share of countries in total RCN imports into

India during September 2014
During September 2014, India imported 109 thousand
tonnes of RCN worth of 126.96 million USD. As compared

to August 2014, RCN imports decreased by 24.43 per centin volume and 21.03 per cent in value.
Table 1: Country-wise import of RCN into India during
September 2014
Country of origin
Volume
(tonnes)
Value
(USD million)
Guinea Bissau
39076.51
50.11
Ivory Coast
35708.14
37.49
Senegal
9917.04
11.89
Benin
7466.39
8.76
Gambia
6440.93
8.19
Ghana
4579.70
4.64
Guinea
3023.02
3.29
Nigeria
1034.75
0.93
Burkina Faso
946.22
0.92
Togo
763.61
0.65
Bangladesh
92.00
0.08
Mali
31.00
0.02
Total
109079.31
126.96
India imported major quantity (36%) of RCN from Guinea

Bissau followed by Ivory Coast (33%) and Senegal (9%).
During the month average unit price of imported RCN were
high for the origin Guinea Bissau (USD 1.28 per kg), followed by Gambia (1.27 USD/kg) and Senegal (USD 1.20
per kg). Overall, the average unit value of imported RCN
observed during September 2014 was USD 1.16 per kg.
Overall, in the first six months of the financial year India
imported 707 thousand tonnes of RCN worth of 778.10
million USD.
42
Along with the RCN during September 2014, India imported 118.24 tonnes of cashew kernels worth of 0.41 million
USD. In which Vietnam exported 102.51 tonnes of broken
kernels worth of 0.24 million USD and Thailand exported
15.72 tonnes of value added kernels worth of 0.17 million
USD to India. The unit import value for broken kernels
from Vietnam observed at USD 1.07 per lb fob.
Table 2: Port-wise import of RCN into India during
September 2014
Indian Port
Tuticorin Sea
Cochin Sea
Mangalore Sea
VIZAG
Kolkata Sea
Mundra Sea
Ludhiana ICD
JNPT
Goa Sea
Petrapole LCS
Sea
Grand Total
Volume
(tonnes)
73388.69
19849.32
9200.74
3126.68
1574.88
948.85
460.88
286.15
211.14
Value
(USD million)
86.90
23.06
10.61
3.18
1.46
0.85
0.39
0.27
0.22
32.00
0.02
109079.31
126.96
Exports of Cashew from India during September 2014

In September 2014, India exported 8.36 thousand tonnes of
kernels worth of 61.96 million USD. USA, UAE,
October 2014

Netherlands, Japan, etc remained as the major export destinations for Indian cashew kernels during the month.
As compared to August 2014, the exports volumes decreased by 23.45 per cent where as value by 23.18 per cent
in September 2014.
The average export price in September 2014 stood at USD
3.39 per lb fob for wholes, USD 2.61 per lb fob for brokens.
Table 3: Destination-wise exports of cashew kernels
from India during September 2014
Destination
Country
USA
UAE
Netherlands
Japan
South Korea
Saudi Arabia
Germany
United Kingdom
Vietnam
France
Belgium
Greece
Singapore
Nepal
Spain
Algeria
Kuwait
Volume
(tonnes)
1956.37
1463.41
763.18
591.08
347.11
345.00
286.62
260.95
190.51
180.30
170.10
138.94
123.60
108.64
94.18
90.00
86.30
77.70
63.50
63.50
63.22
59.33
58.55
58.20
47.63
Value
(USD million)
14.24
11.16
5.55
4.62
2.60
2.70
2.15
1.92
1.37
1.29
1.30
1.06
0.96
0.60
0.69
0.56
0.66
0.51
0.45
0.48
0.46
0.49
0.42
0.50
0.34
Trinidad And
Tobago
47.63
0.34
Thailand
Egypt
Turkey
New Zealand
Lithuania
Bahrain
47.63
45.00
41.41
32.75
30.88
21.30
0.34
0.38
0.30
0.21
0.22
0.13
Russian Federation
Israel
Italy
Iran
China
Malaysia
Jordan
Canada
44
Destination
Country
Australia
Czech Republic
Poland
Slovakia
Cyprus
Finland
Hungary
Qatar
Lebanon
Others
Total
Volume
(tonnes)
17.01
15.88
15.88
15.88
15.88
15.88
15.88
15.00
14.00
268.98
8364.79
Value
(USD million)
0.10
0.11
0.11
0.10
0.14
0.11
0.10
0.11
0.17
1.90
61.96
In the first six months of financial year 2014-15, India

exported 54.55 thousand tonnes of kernels worth of 403.71
million USD.
Fig 2: Per cent share major countries in total exports of
kernels from India during September 2014
Table 4: Port-wise export of cashew kernels from India

during September 2014
Indian Port
Volume (tonnes) Value (USD million)
Cochin Sea
4009.64
29.37
Tuticorin Sea
2013.32
15.26
Mangalore Sea
1067.97
8.08
Vizag
774.83
5.97
Chennai Sea
144.38
1.04
Ludhiana ICD
115.40
0.73
Rexual Road Sea
108.64
0.60
Goa Sea
60.21
0.45
Mundra Sea
45.95
0.33
JNPT
11.60
0.08
Others
12.85
0.05
8364.79
61.96
Grand Total
In September 2014, India exported 1996 tonnes of RCN to

Vietnam at a value of 2.70 million USD through Tuticorin
port. The average export value of RCN to Vietnam
observed at USD 1354 per tonne.
October 2014
Annexure
Annexure 1: Import of Cashew Kernel, almond shelled and walnuts shelled into France (1996-2013)
(Units= Volume in tonnes, value in USD million)
Year
Cashew kernel
Almond, shelled
Walnut, Shelled
Volume
Value
Volume
Value
Volume
Value
1996
3947
18
19966
124
3691
13
1997
4498
20
21784
117
4636
15
1998
6915
28
20789
96
5428
17
1999
4606
21
21117
73
4496
12
2000
4338
22
24296
73
6025
16
2001
5077
23
24075
68
6525
18
2002
4992
18
27869
85
6434
19
2003
3646
14
27053
101
6162
18
2004
4400
18
27436
133
7197
23
2005
5338
28
28467
205
7191
30
2006
6300
30
27531
184
7768
37
2007
6946
34
26011
151
7758
42
2008
6599
39
28384
144
7265
44
2009
6335
35
30440
126
7523
35
2010
5586
35
27898
135
7020
41
2011
5294
45
30420
162
7385
57
2012
6249
49
32628
183
7766
53
2013
9044
66
31714
231
9164
72
CAGR (%)
2.76
6.51
2.60
4.88
3.84
10.54
Source: UN Comtrade
Annexure 2: Imports of cashew Kernels into France from major countries
(Units = Volume in tonnes, value in USD million)
Year
India
Vietnam
Brazil
Others
Volume
Value
Volume
Value
Volume
Value
Volume
Value
2000
2824.20
16.13
22.30
0.14
530.00
2.31
961.86
3.39
2001
3910.30
19.07
60.90
0.29
511.90
1.33
593.80
2.66
2002
3186.40
13.57
125.80
0.62
872.70
2.13
806.90
1.90
2003
2870.20
11.49
55.70
0.25
548.40
1.49
172.10
0.75
October 2014
45

Continued...
Year
India
Vietnam
Brazil
Others
Volume
Value
Volume
Value
Volume
Value
Volume
Value
2005
3669.60
18.86
370.40
2.00
872.20
4.04
425.30
2.62
2006
4045.30
18.77
303.60
1.50
658.90
2.92
1292.20
6.35
2007
4366.80
20.79
330.30
1.49
797.50
3.09
1450.90
8.92
2008
4088.50
23.72
427.00
2.31
764.20
3.61
1319.60
8.89
2009
3512.80
20.31
1414.90
6.75
717.20
3.37
690.20
4.94
2010
3503.00
21.40
941.20
6.02
567.10
2.65
574.50
4.50
2011
3046.60
26.06
1049.20
8.78
541.80
4.30
656.60
5.98
2012
2845.00
22.43
2193.24
16.37
628.46
4.58
582.39
5.38
2013
4136.68
30.14
3803.36
27.83
635.57
4.12
468.62
4.16
CAGR (%)
0.77
5.19
40.83
45.04
-0.10
7.41
1.16
10.45
% Share in 2013
45.74
45.50
42.05
42.01
7.03
6.22
5.18
6.28
Source: UN Comtrade
October 2014
47
50
October 2014
October 2014
51

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Dear Readers,

We are happy to present to you this special issue

ASST. Vice President

Foretell Business Solutions Pvt Ltd

Understanding Cashew Kernel Market in Australia

Every Heat and Control System Features Innovative Technology Developed

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014 has been a remarkable

and Technology Trade Fair" in

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ing business in Cte dIvoire and

The Ivorian Government is working

comprehensive overview of the

Encourage national consumption of cashew kernels and

In order to guarantee the safety of all

and prospective investors will

The Commission has already established a prevention plan, guaranteeing

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cashew kernels have been around 90

hat has been the trend

Now the dominance from Vietnam is

for the Australian market and we

Cashew Week - Sial Paris & SIETTA, 2014 Special

more than 75 per cent of all imports

Brief us the activities of 'The Australian Cashew Association', how

less confidence to the industry

Overall better hygiene practices

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Heat and Control System Features Innovative

ist out industries where

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Multiple flavouring applications on one complete line

Cashew Week - Sial Paris & SIETTA, 2014 Special

USA in the World Cashew Kernels Market

Indian consumption grew rapidly and India became the

The USA is the second largest consumer only surpassed in

Imports of cashew kernels maintained steady growth

Cashew Week - Sial Paris & SIETTA, 2014 Special

US import statistics for the past five years as indicated

However efforts to diversify supply have been frustrated to

Cashew Week - Sial Paris & SIETTA, 2014 Special

demand in the USA is positive. Price is not the only factor

Cashew Week - Sial Paris & SIETTA, 2014 Special

Cashew Week - Sial Paris & SIETTA, 2014 Special

Cashew Week Volume 15 Issue 40

ndian Cashew Kernel Market