June 1, 2018
Currency has been a major impact over the past month with the Turkish Lira depreciating against the USD to close to 5TL to 1USD, this has kept prices stable while the raw material prices continue to rise. Raw material prices at a farm gate level are close to double what they were at the start of the season, but this hasn’t been seen in export prices due to the continued deterioration of the Turkish Lira. During the last week of May we have seen the Lira regain some of the losses it experienced through the month which has impacted export prices. All of the raw material is now with processors so prices will be dictated by the prices they want to offer out into the market.