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Dear Patrons of Cashew Week

While we welcome all our readers to the prestigious international conference

on cashew at Goa, we thank all our subscribers and sponsors for their support

which paved the way for this print edition.

As we all know, Goa and cashew have a special relationship as Goa is

associated with its beautiful beaches abound with lush green cashew trees and

the processing of world famous feni.

While we have presented the picture of the national and international cashew

markets in our regular features of the weekly, we also have a collection ofarticles relevant to the occasion, written by eminent writers focusing on

various aspects associated with cashew.

The cashew markets across the world continue to be dull and kernel prices

seem to have got stuck somewhere in a range for a long time. The reason

for the same seems to be the extra caution being exercised by the players

who are deferring any forward positions and are transacting small quantities

with conrmed orders only. The whole industry is waiting for cues from the

demand side for this lull to be broken. We hope that the discussions in the

conference will throw light on the upcoming demand situation in the coming

festival season.

While on one hand we need to ponder over the economics of current cashew

cultivation and processing and the ultimate kernel prices which determine the

same, we must acknowledge the ever growing appetite for cashew and its

products across the world. While Africa is rapidly increasing its processing

capacity and Vietnam is having issues with maintaining its plantations, it is

high time that India has to focus on enhanced productivity technologies and

area expansion for a larger supply base in order to maintain its leadership

among the cashew processing nations of the world. Along with this, we need

to focus on quality and food safety aspects to satisfy the discerning consumers

of tomorrow. We hope that the conference will provide an array of thoughts

and enrich the knowledge of the world cashew community on these pertinent

aspects.

Wish you Happy Reading from the Cashew Week Desk

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Sl. No. Content Page no.

1 Development of Cashew in Goa 5

2 Cashew Nut Shell Liquid in India 8

3Indian Cashew Industry Meeting

Competitive Challenge of Vietnam9

4 Cashew Nut is in the Seed 14

5 Indian Cashew Market 15

6 International Cashew Market 27

7 RCN Quality in Cte dIvoire 29

8 Currency Movements 30

Foretell Business Solutions Pr ivate Limited#146, 1st & 2nd Floor, Gopal Towers, Ramaiah Street,

HAL Airport Road, Kodihalli, Bangalore - 560 008. India

Tel : +91 80 2527 6152/53, Fax : +91 80 2527 6154

Email: [email protected], [email protected]

Table of Contents

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www.cas ew n o.com Page | 5

Development of Cashew in Goa

Satish S. P. Tendulkar Director of Agriculture, Government of Goa

ashew as everybody knows was introduced in Goa

by Portuguese who ruled this State for four and half

ecades till 1960. The tree being a very hardy and

easy to grow in the tropical areas was introduced

s a tool for soil conservation on steep slopes, on

hills in Goa in between year 1550-1600. But the

real economic value of cashew nupt was known to

people only after about 100 years of its introduction.

he technology of processing of cashew in Goa is

thus 250 years old. In course of its cultivation therower understood the value of its fruits for making

lcoholic drink feni and records of feni making

re traceable upto year 1870. Today cashew is

enerating produce worth Rs. 200 crores annually for

the State and involving more than 4 lakh population

of the State in direct and indirect employment.

One third of the area under cultivation in Goa is

under Cashew covering 55000 Ha and producing

bout 25000 tonnes annually. The State has about

15000 ha under high yielding grafts and remaining

rea is under seedling progeny. A large chunk of

and under cashew of about 7000 Ha is with Goa

Forest Development Corporation, which is also

seedling progeny. The remaining all area is in private

holdings. The average productivity of cashew in

oa is about 450 kgs per hectare with trees ranging

rom 60-250 per hectare. The per tree production

rom sparsely populated plantation is more while is

very low in thick plantation. The sparsely populated

plantations are also not cared properly, and in many

of the places the wild bushes and shrubs have been

growing rampantly. The need is therefore felt for

leaning such areas to facilitate optimum plant

population to enhance production. However, theorest regulations have been a hindrance in this

ctivity. The high density plantation out of seedling

origin generally tend to be tall and very frequently

the trees are seen broken down in rains. The stem

borer problem is noticed to be increasing in such

reas.

The grafted plantations are being established in Goa

or last 15-18 years. The Vengurla-4 is the most

predominant variety which is cultivated followed

by Vengurla-7 and Balli-2 variety. The average

yield is about 600-700 kg per hectare, though some

plantations have been harvesting upto 2000 kg per

hectare. Considering the present market rate and

the yield of feni the farmer can earn anywhere

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age | 6 www.cas ew n o.com

between Rs 20,000/- to Rs 70,000/- net prot per

hectare from cashew with systematically managed

plantation.

ashew in Goa is generally grown in neglected

hill slopes without irrigation or manuring, thus

by default it is organic in nature. Many of the

processing units exploit this situation for exporting

this product as organic. However, much need to be

one to improve the productivity of this crop to meet

the ever growing demand of this organic cashew.

here are about 38 cashew processing units in Goa

with a processing capacity of more than 35000

tonnes. However, much of the local cashew is

marketed outside Goa and local processing units

ace a shortage of produce. The decit is thus met

rom the imports from other States or from other

ountries.

ashew in Goa is unique. It is mainly because

the crop in Goa is not harvested but is collected.

he fruit ripens on tree and the fallen fruits are

ollected. This provide full term for the fruits toevelop sugar and other components including the

size of kernel which provide an unique taste. The

ull development of the kernel also increases the

recovery for processing industry and improves the

keeping quality of raw nuts, this is a major reason

or the high demand of Goa cashew by processing

ndustry which get a premium rate in the market.

The feni making industry is thus supportive to the

production of quality cashew.

The plantation of cashew in Goa are heterozygones.

The vide varieties of plants with different characters

of fruit, nut, productivity and quality are observed.

The plantations are thus a very good source for the

botanist and breeders. The cashew clones developed

in Goa are mainly selection of the available germ

plasm. The Balli-1, Balli-2, and Bhaskara are some

of the examples. Taking clue from the researchers

some of the farmers have identied some of the

ocal high yielding trees and are multiplying them.

This shows the immense wealth, the State is having

in terms of germ plasm variability which is ready

or exploitation for economic betterment of cashew

in the state as well as for the Country.

Development of Cashew is taken up in the State

with support from National Horticulture Mission.

Annually about 300-500 Ha of new area is covered

while about 700-1000 ha is rejuvenated with grafts.

Assistance of Rs 11250/- per ha is provided for newrea and Rs 15000/- is provided for rejuvenation.

The assistance is provided in three instalments.

Assistance is also provided for soil and water

onservation measures. Many of the plantations are

now certied as organic plantation with linkage to

processing units. These farmers get Rs 4/- to Rs

5/- extra per kg of raw nut. Incentive of Rs 10,000/-

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per hectare is also provided for organic certication

n cluster of 50 Ha. The support from Government

needs to be enhanced to at least Rs 22000 per hectare

ue to rising cost in recent years.

he cashew grafts are produced in government

nurseries as well as in private nurseries. Annually

bout 4 lakh cashew grafts are produced in the

State. Goa has a well developed marketing setup of

new cashew. The Goa State Agriculture Marketing

Board has market yards in 11 places with facilities

or correct weighing and record. The processing

units either buy the raw nuts at this market directly

or purchase through the traders of cashew nut. The

processing in Goa is generally by steam roasting.

However, some units produce and sell drum roasted

ashew at premium rates.

ashew cultivation is getting more and more

popular and added thrust is given for increasing the

production and productivity. However, some issues

need to be attended on top priority to meet the ever

rowing demand of this crop by processing industry.

Some of them are as below:-

Increasing productivity per unit area: The per1.

hectare production from cashew grafts need

to be enhanced to at least 1500 kg by proper

management, manuring and other methods. A

standardised package need to be developed for

the State.

Proper manuring schedule specially with2.

certied organic inputs need to be standardised

for organic cashew.

The widely available cashew germ plasm in3.

Goa needs to be exploited for selection of new

lines before they get vanished with induction of

grafts. This plantation needs to be protected as

germ plasm bank.

The old cashew plantations as well as the newly4.

developed once from grafts have been showing

an increasing trend of stem borer infestation.

The traps or other biological means for its

control need to be developed to increase the life

span of the cashew plantation.

The inter crops in between cashew under5.

rainfed cultivation need to be recommended

without any competitive effect.

The production of cashew feni or ethanol from6.

cashew apple juice needs to be standardised

as a by product like from sugarcane molasses

to improve cashew quality and income from

cashew.

Pest control by fogging of pesticides need to be.standardized.

Contour trenching or continuous contour8.

bunds need to be created for soil and water

conservation.

Drip irrigation should be promoted.9.

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ashew Nut Shell Liquid In India

Omprakasn N. Phadnis, M/S. N.S. Phadnis, Panruti, Tamil Nadu

ashew Nut Shell Liquid (CNSL) is used in India

or ages now. Since the Portuguese brought this

rop to India, it showed its presence more on west

oast than on south. For decades only Kerala, Kar-

nataka and Goa were good cultivators and it took

some years for Tamil Nadu and AP to join them. To-

ay, Gujarat, Orissa, West Bengal and some parts of

Manipur are also cultivating.

n Kerala and Goa, the oil was initially used for

the purpose of water proong. All the dhonies

.e. small boats were applied this oil which was ex-

tracted by kiln method in various villages in Kerala.

t was only Pierce Leslie which was doing the pro-

duction of CNSL in scientic and mechanized way.

hey were having bath oil roasting method. After

that this cashew processing method developed lot

n Kerala but in Mangalore area and Goa area the

nuts were processed by drum roasting method only.

Later, it was discovered that the kernels got yellow-

sh and therefore, in 1970s, the bath oil method wasiscarded and steam roasting came in to existence.

his method is fully acceptable and modernized now

every where. The shells that are available now are

subjected to crushing by expellers and the oil is ex-

tracted from the shells like ground nut kernels. This

oil is subjected to various methods of purication.

As mentioned, the initial use of the oil restricted to

water proong and it followed with some medici

nal use. Later on, it was discovered that the CNSL

polymerizes fast and could be used as phenolic sub-

stitute. It was used in rubber industries. The RRL,

Hyderabad were able to distill the CNSL and spread

the use of cardanol, residol etc. Card Chem Indus-

tries of Hyderabad were pioneer to set us the rst

istillation unit of cardanol from CNSL in India.

Today there are more than 15 well working distilla-

tion units in India mostly spread in south. The car-

anol which is having phenolic structure is used as

phenol substitute and has good demand overseas in

brake linings, paints and chemical industries includ-

ing colors. CNSL has been in use in brake linings,

paints and water proong industries along with in

plywood industries too. Both CNSL and cardanol

re used in foundry industries on a very good scale.

About few years back, when the crude oil prices

started raising globally, once again thoughts wentor the fuel purpose of CNSL. Trials are on for using

it as bio-diesel fuel. At this moment it is used widely

in blending furnace oil. The furnace oil properties

does not alter much and it is very protable for the

urnace oil suppliers to add CNSL to bring down

osts of furnace oil.

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Indian Cashew Industry Meeting

Competitive Challenge of Vietnam

a oo avas ar 1, Archana Kshirsagar1

History of Cashew Industry in India

ash in cashew seems to reveal that cashews are

ommercially very valuable processed nuts in the

world. The English name cashew is derived from the

Portuguese name for the fruit of cashew plantation,

aju. In India also, cashew is commonly known

s kaju, and was brought by the Portuguese from

Brazil during the 16th century, and was rst planted

n Goa, from where it spread to other parts of the

ountry, and thereafter across Southeast Asia, and

even Africa.

What is the wonder about cashew? Usually, a seed

s inside a fruit; but, unlike other fruits, cashew seed

or nut can be easily noticed, without cutting the

ruit, as it is attached outside to the lower portion

of the soft cashew apple, which is not so much a

ruit as an enlarged stem of the cashew tree. How

aptivating is the sight of a cashew tree, indeed!

ncidentally cashew nut also ranks rst among the

world production and trade of edible nuts.

Four centuries ago, when the Portuguese landed on

the Indian soil, they brought with them the priceless

tree nut, Cashew. Cashew came, conquered and

took deep roots across the entire coastal region of

India. Cashew found the Indian soil more congenial

or its growth than even its homeland - Brazil. Not

surprisingly, cashew soon gained popularity as a

ash crop in many parts of the country. Large-scale

ommercial cultivation of cashew commenced in

India during early 1960s, however. Today, India

is the largest producer and processor of cashews,

nd is still seeking new areas for cultivation in

the country. Cashew is presently grown in Kerala,

Karnataka, Goa, and Maharashtra along the west

oast, and in Tamil Nadu, Andhra Pradesh, Orissa,

nd West Bengal along the east coast.

The products of cashew fruit are cashew apple and

nuts/kernels. Cashew apple is used in the preparation

of jams, as also for the manufacture of soft and

lcoholic drinks, in Brazil. In India, cashew apple

is extensively used only in Goa to prepare cashew

iquor called feni.

In India, cashew processing began during the

rst half of the 20th century. The processing was

Dr. Madhoo Pavaskar is Director, Research & Strategy, Financial Technologies India Limited, Mumbai. Archana

Kshirsagar is Assist. Vice President in the same company, and is working with Dr. Pavaskar. The views expressed in

the article are personal.

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then manual. Cashew kernel is covered by a thin

membrane called testa, which contains non-edible

substance tannin. So, processing of cashew kernel

s indispensable. The yield of kernel is around 22-

24% of raw cashew in shell. The major by-product

of cashew processing is cashew nut shell liquid

CNSL), which is an important raw material used in

the manufacture of resin.

ndia is the second largest producer of raw cashew

nuts in the world, the rst being Nigeria; India

ranks number one in area under cashew plantations,

though. To be fair, almost 70% of the global raw

ashew production in 2010 was accounted for by just

our countries, namely, Nigeria, India, Cte d'Ivoire,

nd Vietnam. If three more countries, namely,

ndonesia, Philippines, and Brazil, were added,

then these seven countries together contributed as

much as 84% to the total world production in that

year. While India shared nearly 19.6% of the world

creage under cashew in 2010, it contributed 22.2%

to the world production. This was because its per

hectare yield of cashews in shell at 660 kg was then

slightly higher than the global average of 585 kg.

Nevertheless, Indias average yield of cashew nut

n shell was much less than similar yields of other

major cashew producing countries like Nigeria (2

tonnes), and Vietnam (1 tonne), and Philippines (4.8

tonnes)

ndia is also the second largest exporter of shelled

ashew (kernels) in the world, and follows Vietnam

that leads globally in cashew exports. India enjoys

omparative cost advantage in not only production

of cashew fruit, due mainly to long coastal line of

the country that favours cashew cultivation, with apt

soil and climatic conditions, but, more importantly,

lso processing of raw cashews, owing to abundant

vailability of cheap and skilled labour. To be sure,

India may well be regarded as the global leader in

ashew processing, mainly because of the dexterity

of its labour. For, when processed manually, broken

nuts hardly account for 20% of the countrys output

of processed kernels.

Location of Cashew Industry

ashew processing industry in India gathered

momentum through the last over half a century. In

the early years, the industry was located mostly in

Kerala, which had then over 50% of the cashew

plantations in the country. But land ceiling legislation

restricted the expansion of cashew sowing in Kerala,

s demand for cashew nuts grew. Therefore, over

the years, cashew cultivation extended to the other

oastal states of the country, more particularly in

the Sindhudurg district of Maharashtra. The cashew

industry promptly developed in other states, too.

High value added tax (VAT) of 12.5% in Kerala also

uelled the growth of the industry in other states,

where such tax was around 2-4% only.

The number of cashew processing units in the country

increased rapidly from 170 in 1959 to as many as

3650 in 2005-06, the last year for which the ofcial

government data are available. The total capacity of

processing units in India was then 15 lakh tonnes in

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www.cas ew n o.com age | 11

terms of raw nuts, and the capacity utilization was

5%. Maharashtra had then 2200 units, followed by

Kerala 432 units, and Tamil Nadu 417 units. Nearly

84% of the processing units in Maharashtra were in

the small scale cottage sector.

Probably, at present, the country may have around

4000 cashew processing units, with an installed

apacity of about 18 lakh tonnes. Assuming 75%

apacity utilization, as in 2005-06, the utilization

may presently be estimated at around 14 lakh tonnes.

Half of the capacity is utilized through domestic

supplies, while for the rest the industry depends on

the imports.

Cashew Processing

ashew processing involves roasting/boiling,

moisture conditioning, shelling, drying, peeling,

rading, and packing. Four types of methods,

namely, sun drying, drum roasting, oil bath roasting,

nd steaming, are adopted by the different processing

units.

raditionally, experienced semi-skilled workers

processed raw nuts manually. Since 1960s, the

processes came to be mechanized for roasting, CNSL

extraction, and shelling. Nevertheless, for the most

part, cleaning of raw materials and kernel grading

by sizes have still remained manual operations.

Although, cashew processing industry in India

nvolves low capital investment and operational

osts, and therefore achieves much greater

efciency in terms of yield, it needs a large number

of experienced workers, working at unhealthy levels

of exposure to CNSL. In contrast, the mechanized

methods are more vulnerable due to shortage of spare

parts, and require large volumes of raw material

supplies for efcient operation. Moreover, though

mechanization is introduced in cashew processing,

the availability of skilled and cheap labour, and

better quality of kernels under manual processing,

bounds the scope for wide mechanization.

Mechanization is conned to mainly in roasting/

boiling, and packing. But manual labour continues

to be in use in such processes as shelling, peeling

nd grading. Not surprisingly, capacity utilization

of fully mechanized units in the country, by and

arge, operates at below optimum. Nevertheless, the

industry in India, being mostly manual and labour

intensive, employs as many as four lakh workers,

with 95% women employees.

Exports of Cashew Nuts

In the scal year 2011-12, India exported almost

132,000 tonnes of shelled cashew nuts, as against

106,000 in the previous year. In fact, Indias cashew

nut exports increased from 82,000 tonnes in 2000

to 132,000 in 2011-12, which represented an annual

growth of 4.45%, the exports witnessed ups and

owns during the intervening years, though. Whats

more disturbing is that even though India ranks

second globally in cashew exports, a small country

ike Vietnam, whose production is less than half of

that of India, exports twice as much as India ships

broad. Vietnam has thus emerged as Indias major

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n 2010 to as much as a fourth of what it was in

2010 - from 1.25 million tonnes to merely 29, 000

tonnes. Though precise reasons for the swift fall

n Vietnams cashew production is not known, it

seems that, of late, Vietnam has moved to augment

ts production of rice and spices, especially pepper.

ndias cashew output, on the other hand, hasremained steady around 650, 000 tonnes. Manifestly,

ndias dependence on imports of raw cashew nuts

s much less than that of Vietnam.

his is not all. Export demand for cashew kernels

rom the developed countries like USA, Europe,

nd Japan, which together account for 90% of

world imports of shelled cashew nuts, continues to

remain strong, despite recession in those economies.onsequently, the average unit value realization on

world cashew nut exports has swelled from US $

3, 369 per tonne in 2002 to US $ 5, 351 in 2010,

showing a net increase of 59% over the period of

eight years. The average unit value realization on

ndias exports of cashew kernels, however, rose by

87%, from US $ 3,251 per tonne to US $ 6, 066

over the same period. The higher rise in the unit

value realization by Indian cashew exporters seems

to reect the superior quality of Indian cashew

kernels.

Whats more, while the average global unit value

ost on imports was higher at US $ 1, 087 per tonne

n 2010, India could procure raw cashew in the world

markets at a lower average cost of US $ 992 during

the same year. In fact, India has been consistently

buying raw cashews in the global markets at a price

ower than the average world import price. As a

result, the cashew processing margins of the Indian

ashew industry has remained higher than that of the

global industry. That gives India a competitive edgeover other cashew exporting countries, including

Vietnam.

India also has an added advantage in that it can expand

its cashew cultivation owing to the availability of

plenty of land in its extensive coastal areas. Vietnam

oes not have a similar advantage. What India needs

to do is to adapt a phased replanting of cashew trees

with grafts of improved varieties to achieve a highergrowth rate of cashew production. At the same

time, the cashew industry should also improve its

efciency and viability by adapting high levels of

hygiene standards to increase production of better

uality kernels that can fetch higher value in the

export markets.

Benchmarking the Global Cashew Industry, Micro and

Small Enterprise Trade-Led Growth Program in Brazil,

Development Alternatives, Inc (DAI), Melissa Hall,

Pareen Patel, German Sarmiento, Nikola Smith, Aimee

Sostowski, and Stephanie Waxman, May 2007.

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Cashew Nut is in the seed

r. a s manan, ea , Horticultural Research Station

ashew Kernels are

processed from raw

ashew seeds, those intact

rom the shell grading

hem to required standard

by the food companies all

over the world. The Kernel

s dried to loosen the skin

which is then carefully peeled off. Cashew kernels

should have moisture content not greater than 5

percent by weight and preserved in a dry and clean

place. Cashew kernel is surrounded by a ne brown

seed coat, contains antioxidants which protect the

kernel from penetration by atmospheric oxygen

so preventing it from becoming rancidity. Cashew

kernel has oil, edible linoleic acid and kernel cake.

ashew nut shell liquid has phenolic compound.

he cashew testa has tannin of commercial utility.

Majority of the nut are in the fruits, or fruit includes

nut. In Cashew crops cashew apple (fruit) holds

the seed at distal end. Cashew apple with conical

shape and size and its juice contains 80-85% water

ontent. The seed attached to fruit, which has edible

kernal called cashew nuts. The general statement for

ashew nut pointed to seed but actual nut in side

the seed. The seed that inculcate the tasty nut called

kernal. The nature adds tangible delicious and sweet

olfactory from soil to tree, tree to fruit, fruit to seed

and nally seed nut in a miracluls morphology which

made the cashew nut has dollar earning crops. The

seed coat is a guard with tannin odors may able

to preserve the cashew nut luster, shinning, glossy

ppearance, plumule and radical, with considerable

ir pouch from the effect of biotic and abiotic

actors. That means cashew nut in the seed is the

nature phenomenon, which deals the postharvest

management of food security and preservation by

the cashew apple before abscission.

A Cashew nut in the apple may not be tasty and

remains as seed if excites as such in the nature. The

omposition of cashew apple like, water, sugar,

mineral, acids, fats and carotene compound whenreaches to seed part the moisture content reduces

but ample increase in carbohydrate, protein, fat,

alcium, phosphors and iron. In addition, over to the

kernel seed testa that forms with moisture, tannin,

ber and oil act as cashew nut inner protection.

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Indian Cashew Market

Price Movement\

Average FOB prices USD/lb of W-320 gradeerne

his week W320 grade prices moved down to USD

3.20 to 3.35 per lb compared to last week level of

USD 3.25 to 3.40 per lb FOB at Mumbai.

Raw Cashew Nut Price Trend-India Rs.80/kg

his week, RCN prices remained stable at Rs 6000-

6250 per 80 kg bag in Vetapalem (AP).

Commentaries by Experts

Mr Pankaj N. Sampat, Samsons TradingCompany

FOB prices USD per lbs

GradesPrices for9/29/2012

Prices for10/06/2012

W240 3.60 to 3.75 3.55 to 3.75W320 3.25 to 3.40 3.20 to 3.35W450 3.00 to 3.15 3.00 to 3.15SW320 3.00 to 3.15 3.00 to 3.15SW360 2.75 to 2.90 2.70 to 2.90

. to . . to .WS 2.00 to 2.25 2.05 to 2.25WB 2.10 to 2.30 2.20 to 2.30

P 1.65 to 1.80 1.60 to 1.75

During weeks 39 + 40, we saw slightly more activity

rom USA and EU than previous weeks. BUT, the

ashew market is continuing to pass through the

longest quiet and steady period in many years. Despite

this, there has not been much change in prices in the

last 3 months!! BUT, the range of offers from different

processors continues to be wide current prices are

W240 from USD 3.55 to 3.75, W320 from 3.20 to

3.35, W450 and SW320 from 3.00 to 3.15, SW360

rom 2.70 to 2.90, Splits from 2.05 to 2.25, Butts from

2.10 to 2.30, Pieces from 1.60 to 1.75 FOB. There has

been a slight pick up in activity in the Indian market

s well in the last few days. Although there has not

been any big increase in prices in domestic market,

the appreciation of over 5% in value of INR vs. USD

means the equivalent USD prices are higher.

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On the RCN side, there is nothing much to report.

here have been some sales from stocks of West

African RCN in Vietnam and India. Good volume

of West African RCN is still available but quality and

onsequently realization / kernel parity are a concern.

ood quality Indonesia RCN continues to trade at

a signicant premium. No news from Tanzania or

Mozambique about pricing and movement, except that

rops should be normal question is how much will be

ollected + sold (and when). There is no change in the

news from Brazil expectations are for a crop below

250,000 tonnes for third year in a row.

Supply of RCN is comfortable and unless the 2012/13

rops are bad (in terms of collection rather than

ctual production); there is no reason to fear a supply

tightness. But due to reduced buying in West Africa

uring the 2012 season, lot of RCN is in the wrong

place. Conversion into kernels in the last quarter of

2012 is likely to be less than normal. If kernel activity

picks up, processing in rst quarter of 2013 may be

higher than normal.

Demand outlook continues to be hazy especially in

USA and EU. Continued economic uncertainty makes

t difcult to forecast or project offtake in coming

months. Everybody seems to be content making short

term deals. Unless this changes and there is some

condence for future planning, periodic buying in

small and short trances is likely to continue.

Although it is difcult to judge how much forward

business has been done, trend of short term covering

or the last few quarters and relative quietness in the

market for last 2-3 months leads us to believe that

buying for shipment in last quarter has been lower than

normal. This is corroborated by reports that offtake

n many markets in last few months has been slow

meaning inventories are lasting longer than planned.

If the offtake in the last quarter picks up, it could mean

bunching of buying for nearbys and rst half of next

year.

There is nothing on the horizon pointing to a major

move in prices in the foreseeable future. And that

would be good for everyone in the chain as stability in

prices would induce condence in consistent supply.

But if the Indian demand picks up in next 4-6 weeks

nd if that is coupled with buying interest from USA

nd EU for 2013 shipments, we could see some upward

movement in prices before the end of the year. However

there is no reason to expect any big jump in prices.

Another point to be kept in mind is that processing

costs have gone up signicantly in the last 3 years in

ll countries. This portion of increase in average price

is unlikely to go down. So kernel prices can come

down signicantly only if RCN prices come down.

Overall it would be reasonable to expect a steady

market in the last quarter moving in the current range

with limited downside and some possibility of a price

increase if activity picks up in next 4-6 weeks.

Mr Giridhar Prabhu, Achal Cashews Private

Limited, Mangalore

An important message that needs to go out to the

ashew producing community is: TAKE CARE OF

POST HARVEST TREATMENT of raw cashews.

The estimated loss of global value on this account

exceeds Rs 700 crores per annum (100 million Euros).

This is calculated at 10 percent of the traded value of

raw cashews. The marketing potential loss is much

higher.

This can be substantiated only when producer trader

nd manufacturer interests gather to study assess and

estimate the losses.

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ashew marketing is in peril due to quality issues and

valuable material is handled badly without information

nd knowledge about the produce.

ashew markets in India woke up to the seasonal

requirements. There is no extraordinary phenomenon

to notice. Demand is routine. There is still no evidence

of Industrial demand being aggressive. Passive demand

or core consumption is on.

he markets in India generally are lack luster. The

bright spot in worked dried fruit markets is almonds.

With a reasonably good crop almond prices have

jumped nearly 20 pc.

his is both due to physical demand and could be

speculative buying

Almond prices are hovering at Rs 440 - 445 per kg

range.

Shell prices are warmer with enquiries from millers

nd liquid is yet to get liquidity.

he next two weeks will reveal the contours of Indian

emand.

World enquiries could come in at any time and

hopefully the lull will turn into active markets for

offered materials.

he Brazilian crop news is now out in the open. Impact

could be guess work. There is sufcient material

round of dubious quality. Good quality kernels can

be anticipated out of Tanzanian and Mozambique

supplies.

Mr Rajendra Sabat, Sabat Associate Cashew

Expert/ Consultant , Orissa

he cashew market was not showing any good activity

looking to the market situation and coming up Dasara

nd Diwali. The processors were eagerly waiting for

the Dasara and Diwali in which period the the market

is always running with full demand. But unfortunately

this year neither the market has good demand not

having any good sale.

Looking to the market position the local RCN is not

matching with the kernel prices. Local RCN is quotingt Rs 80 per kg.

he current cashew kernel prices in Rs/Kg at

Orissa

ra es eypore oas a r ssa a asa

W240 500-510 465-470

- -

W450 440-445 405-410

H 390-395 330-335

K 350-360 275-285

Mr. Biju P, Agro Trade International, Kerala

ashew market is very quiet again

Current prices of cashew kernels at Kollam USD

per

ra esPrices for9/29/2012

Prices for10/06/2012

W180 4.75 .90W210 4.50 .50

. .

. .W450 3.05 3.05SW240 3.25 3.20SW320 2.98 .98Splits 2.50 3.00

WP 2.30 .50. .

Packing : 1x50 Lbs Flexi Pouch, Shipment :

Prompt

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Indian CNSL Market Commentaries

Mr Venkatesh, Kanco Southwest Enterprises,

anga ore

his week CNSL traded at Rs 22.50 per kg in Ex-

Mangalore.

he price of Cardanol quoted at Rs 52.00 per kg in

Ex-Mangalore.

Mr Omprakash N. Phadnis, M/S. N.S. PHAD-

, anru , am a u

As anticipated, the market has zoomed up as far as

the CNSL is concerned. The rates after touching as

ow as 17.50 per kg are around Rs. 20.50 per kg

today and the shell market is Rs. 5.80 per kg. Cake

is quoted around Rs. 4.25 per kg.

Basic reason is low shelling of raw nuts due to work-

ers non availability. Second reason is low out turn

rom the shells which is said to be around 18-19%

only. Some furnace oil adulterators having connec-

tion in Chennai lifted over hundred tonnes around

Rs. 19.50 per kg and this has pushed the market up.

No international demand is seen.

o not m ss t e o en pportun ty to vert se nwww.Cashewinfo.com/Cashew week

ContactSwapna at 09342540609 or mail at [email protected]

Foretell Business Solutions Pvt Ltd#146, Ramaiah Street, 1st & 2nd Floor , Gopal Towers,

Near Anjenaya Tech Park, Old Airport Road, Kodihalli,

Bangalore - 560008, India

Ph: 080 25276152/53, Fax:080 25276154

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Domestic Prices of Nuts

rice Highlights for the week

angalore market Some improvement has seen in the market with some of the cashew grades

ollam marketncrease in W180, W210, W240 and WSP prices where as, other grade prices

were steady to low compared to last week

Delhi market Steady to low in cashew kernel prices from last week

Sangrur market Kernel prices remained steady

eypore market Kernel prices moved up from last week prices

Vetapalem market210 and JH prices moved down and other kernel prices moved up from

ast week prices

Panruti market Kernel prices were steady to high

alandhar Market No movement in the kernel prices

Cashew Grades 09/29/2012 10/06/2012 % change in price over last week

Mangalore Rs/ kg

.

S180 661 644 2.57

210 617 631 2.27

.

240 551 556 0.91

S240 511 520 1.76

320 503 511 1.591 489 498 1.84

SW 472 485 2.75

SSW 441 441 0.00

432 437 1.16

S 419 414 1.19

WP 366 368 0.55

SWP 331 326 1.51

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379 392 3.43

.

Kollam Rs/kg

180 595 600 0.84

210 529 538 1.70

240 494 498 0.81

320 450 423 6.00

450 432 397 8.10

SW240 423 397 6.15

SW210 No stock No stock

S (Splits) 375 362 3.47

SS 309 309 0.00

Butts 322 317 1.55

SB (Scorched Butts) 295 287 2.71

SP .

WP 322 317 1.55

SP 73 282 3.30

Delhi Rs/Kg

320 No. 495 495 0.00

210 No. 660 658 0.30

o. .

180 No. 00 700 0.00

pieces 363 355 2.20

pieces .

8 pieces 98 298 0.00

Sangrur Rs/Kg

.

210 663 663 0.00

240 618 618 0.00

180 03 703 0.00

pieces 500 500 0.00

pieces 485 485 0.00

8 pieces 460 460 0.00

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eypore Orissa Rs/Kg

ocal Raw Nuts .

210 560 600 7.14

240 520 565 8.65

320 475 500 5.26

400 450 470 4.44

S240 500 500 0.00

S320 460 470 2.17

S 385 400 3.90

360 385 6.94

WP 350 360 2.86

SWP 310 340 9.68

H 400 410 2.50

Vetapalem AP Rs/Kg

- - .

240 490-500 500-510 2.02

320 430-440 440-445 1.72

- .

H 25-435 425-430 0.58

/LWP 335-340 335-340 0.00

- .

B/Butts 365 360-370 0.00

400 400 400-410 1.25

Panruti Wholesale Market Tamil Nadu Rs/kg

aw nut (Rs/80kg) 5500 5500 0.00

240 450 450 0.00

.

450 388 388 0.00

H 350 350 0.00

K 309 309 0.00

282 287 1.77

SWP 250 280 12.00

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alandhar Punjab Rs/kg

.

210 635 635 0.00

240 535 535 0.00

180 583 583 0.00

*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 Sec-

onds, 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

Cashew Raw Nuts prices

Country 09/29/2012 10/06/2012 % change in price over last week

Indian RCN (Rs per 80 kg bag) 6000 to 6250 6000 to 6250 0.00

Ghana (Rs per 80 kg bag) 5000 to 5200 5000 to 5200 0.00

Benin (Rs per 80 kg bag) 5000 to 5200 5000 to 5200 .

Other nuts prices at Delhi market Rs/kg

Grades 09/29/2012 10/06/2012 % change in price over last week

Almond Girdhi New 84 84 0.00

Almond Gurbandhi New 00 200 0.00

Almond California .

Almond Kernel California 36 441 1.15

Almond Kernel Gurbandi 375 375 0.00

Pistachio Irani .

Pistachio Hairati 820 830 1.22

Pistachio Peshawari 1060 1040 -1.89

Walnut New .

Walnut Kernel 650 650 0.00

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International Cashew Market

rice Highlights

Prices for 10/06/2012 arket Source

240 USD 3.60 to 3.65 per lb FOB Vietnam Mr Kim, Vietnam

320 USD 3.20 to 3.25 per lb FOB Vietnam Mr Kim, Vietnam

Commentaries by Experts

Mr Kim, Khiem Nguyen Co., Vietnam

he week was totally quiet without any demand/

trades from buyers sides but prices offered were

not changed i.e. W320 at USD 3.20 to 3.25, W240

t USD 3.60 to 3.65 per lb fob for October and No-

vember shipments. Very limited sales reportedly

one at USD 3.19 per lb fob for Prompt. Reliable

sellers offered W240 at USD 3.65, W320 at USD

3.25, WS at USD 2.10 to 2.15 per lb fob for October

December shipments but no business done at the

said levels.

here might be some minor demands but too weak

nd prices lured were lower compared to the levels

esired by sellers. The limited and seldom demand

uring the past week could not temporally drag the

kernels market to its rmer status like before. But

there is still strong feeling that there are some de-

mands in the coming time as buyers will have to

need something at least in preparation for their on-

oming holidays. It is however, the time for this is

not long enough so demand may be weak compared

to previous years so chances for the prices to be

strongly waken up is limited.

hina market was quiet with weak prices offered

to this market. Brokens demand from this was also

uiet.

FOB prices of cashew grades that sold last weekor c o er

GradesPrice USD per

lbs 09/29/2012

Price USD per

lbs 10/06/2012

. to . . to .

. to . . to .

W450 3.10 3.10

BW320 3.10 3.10

WS 2.10 2.10

WB 2.10 2.10

DW 2.30 2.30

P 1.60 to 1.65 1.60 to 1.65

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Mr Jim Fitzpatrick, Ingredient Sourcing Solutions

More trade in the past week but still way below

what would have been considered normal vol-

umes a couple of years ago. The market has been

n a relatively quiet pattern since this time last year

bar the over reaction in April and May. This has led

to some frustrations for processors and others buthas led to certain price stability for the past three

months. This is not yet enough to encourage a re-

turn to far forward purchasing on the part of buyers

but does at least help to build some level of con-

ence that cashews are an item that will eventually

become more easily judged and therefore promoted

t retail level.

he quiet demand pattern is not unique to cashewss a number of tree nuts and especially peanuts are

returning from volatile times to a more normal pat-

tern What is unique to cashews is the wide differ-

ences in price between processors which makes it

difcult for buyers to determine exactly where the

market is at a given time and often to unfair com-

parisons between justiably higher priced, reliable

processors and their less reliable competitors. Given

that the cashew kernel trader is, if not extinct then at

east an endangered species, the ability of less fre-

uently involved buyers to identify reliable proces-

sors is in question causing continued conict and

amaging the reputation of the industry. Perhaps it

is time for some generic marketing approach on the

part of the edgling World Cashew body to addressthis and other problems.

Short term there is little in the way of market mov-

ing news to be expected. The general expectations

or crops are well known. There is a stock of RCN in

West Africa slowly making its way to be processed

lthough much of it may never make it and will un-

ergo a miraculous rebirth as 2013 crop next March.

Demand is lacking energy and the lethargic patternis likely to continue especially in the North Ameri-

an and European markets as buying season 2012

ends. Price movements are likely to be a function of

ocal factors and nancial pressures indicating that

when good reliable processors want to sell toward

the bottom of the current range cashews should be

bought.

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RCN Quality in Cte dIvoire

Mr. Pierre RiCAU NKalo Services - RONGEAD

te dIvoire is the second cashew producer in the

world with around 420 000 Metric Tonnes in 2012. It

s also currentlythe country where cashew production

s growing the fastest in Africa.

Most of the Ivoirian cashew acreage has been planted

between 1995 and 2002, and our expectations are that

production in Cte dIvoire will reach his peak around

2020 with a production between 500 000 and 550 000

metric tonnes.

n 2012, Cte dIvoire will be the 4th country for

ashew processing with more than 20 000 MT of RCN

processed locally, but still around 90 % of the production

s exported to India, Vietnam and Brazil as Raw Cashew.

Even if it is expected that local processing will grow

n the coming years, Cte dIvoire will still mainly

be a raw cashew supplier for the coming 10 years.

Each year, RCN importers complain about the bad

uality of Ivorian cashew. Yet, when you compare

arm gate quality, the Ivorian cashew is not very

ifferent from Beninese or Bissau Guinean cashew nut.

Averages KOR at the farm gate are between 48 and

51 lbs depending of Ivorian regions, and Nut Count is

enerally around 190 nuts / kg in the whole country.

But when Ivorian cashew reaches Asian factories,

yields often fall to 42 to 46 lbs per bag.

Where and when happened this big decrease?

he decrease happens mostly during the cashew storage

nd transport and mostly because cashew trading come

ate after the harvest.

here is no payment for quality at the farm gate

evel as local traders mainly try to get big volumes as

soon as possible. So farmers nd no interest to dry the

ashew after the harvest. Most of the time, cashew will

be stocks several weeks in plastic bags and is dried

only when it reaches the port and exporters facilities.

ashew harvest normally begins during the second

half of February. Most of the cashew is harvested in

March and April. Generally, the short rainy season

lso called season of mangoes rains lasts all April

Month. That is why, from April, humidity rate grows

in cashew stocks and quality begins to decrease. More

the storage is long; worst is the quality, as it can be

seen in the chart below.

Another problem is that for exporters it is not always

interesting to spend time and money to get better quality

product as many RCN importers never pay premium

or good quality and often do not pay last part of the

ontract arguing of bad quality even if the quality wasgood. On this point, it seems to be really important to

get an arbitrage authority and common quality control

standards between India, Cte dIvoire and eventually

Vietnam to get a real valuation of quality.

Ivorian government has amongst his priority to improve

ashew average quality but it is really necessary that

good quality bring value until the farm gate level to get

big change.

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Currency Movements

Forex Rates (In USD)

Currency 09/28/2012 10/05/2012

ndian Rupee 52.855 51.916

uro 0.778 0.767

apanese Yen 77.930 78.660

Brazilian Real 2.026 2.032

hinese Yuan 6.286 6.324

Singapore Dollar 1.228 1.229

anzanian Shilling 1574.550 1575.750

hai Baht 30.834 30.620

ozambique Newetical

28.500 28.500

Vietnam Dong 20850.000 20890.000

ndonesian Rupiah 9569.100 9589.000Benin CFA FrancBCEAO

507.790 504.200

hanaian Newedi

1.897 1.899

Comparative Movement of Currencies vis--Vis

USD in cashew Processing Regions Weeks Starts

rom anuary

(Note: Prices Indexed to the rst week prices as-

sumed to be 100)

USD vs. BRL Movement

In recent time Brazil trade account improvedas shown in above chart from Aug12 low of

805.86million dollar. The recent weakness in Real

which is currently around 2.06v/s dollar was mainly

because of improvement of Brazil export sector.

However still the current account balance is decit

as shown in above chart but shows some signs of

improvement. So Improving Brazilian trade and

current account balance to keep Brazilian Real weak.

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he Brazilian real closed weaker to the dollar Friday

fter the countrys central bank sold reverse-swap

ontracts to deter the currency appreciation. The

real exited active trading at BRL2.0293 to the U.S.

ollar, according to Tullett Prebon via FactSet, after

hursday closing price at BRL2.0167. The Brazilian

entral bank sold the equivalent to $1.29 billion in

reverse swap contracts Friday. Such auctions givethe investors a chance to exchange dollar-linked

bonds for paper indexed to domestic interest rates.

hey tend to support the dollar against the real by

removing dollar-hedged contracts from the market.

ntervention by Brazils central bank and declarations

rom government ofcials aiming to protect local

exporters have kept the real in a tight trading range

between BRL2.00 and BRL2.05 in recent months.

echnically Brazil currency poised to extenduncertain movement in broad range of 2-1.998level.

Overall, central bank intervention and improvement

of Trade and current account decit Brazil Real

ikely to keep Real lower around 2 against US dollar.

vs. ovemen

Vietnams government bonds fell, pushing the

ve-year yield to the highest level since May, after

the State Treasury sold more debt. The dong was

steady.

The government on Oct. 5 auctioned 500 billion

ong ($23.9 million) of three-year notes and 850

billion dong of two-year bonds at 9.9 percent and

9.7 percent, respectively, according to Hanoi Stock

Exchange. The yields were 10 basis points higher than

t a sale of similar-maturity securities on Sept. 27.

The yield on the ve-year notes rose eight basis

points, or 0.08 percentage point, to 10.23 percent,

according to a daily xing from banks compiled by

Bloomberg.

The dong traded at 20,890 per dollar as of 3:16 p.m.

in Hanoi, unchanged from the end of last week,ccording to data compiled by Bloomberg. The

State Bank of Vietnam set the currencys reference

rate at 20,828, unchanged since Dec. 26, according

to its website. The dong is allowed to trade as much

s 1 percent on either side of the rate.

Technically Vietnam dong likely to remain in range

of 21000-20000 level.

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Indian Rupee Revival of Good Times

Debajit Saha, Content Editor, Bullion Bulletin

ndian Rupee nally got out of stage of nemesis.

t had lost long ago good days of a strong currency

with economic downturn all over the world and un-voidable (or at times avoidable) macro-economic

actors of domestic economy. Lack of economic

reforms under colalition political pressure kept the

entral government out of path of reforms which

otherwise could have saved the currency from its

rapid downfall against US dollar. Neverthless, alls

well that ends well. Central Government nally has

taken series of bold steps which revitalizes the eco-

nomic environment. Protectionist thus turns into

saviour. Rupee performed best amongst all Asianurrencies last quarter and most importatantly, last

two weeks.

Now the important question is it a reaction rally or

rupee will continue to strengthen against dollar. We

would focus on this in next paragraphs.

Macro Economic Syndrome

Advocates of Keynesian economics argue that pri-

vate sector decisions sometimes lead to inefcientmacroeconomic outcomes which require active pol-

cy responses by the public sector, particularly mon-

etary policy actions by the central bank and scal

policy actions by the government to stabilize output

over the business cycle. The term business cycle (or

economic cycle) refers to economy-wide uctua

tions in production or economic activity over sever-

al months or years. These uctuations occur around

long-term growth trend, and typically involve

shifts over time between periods of relatively rapid

economic growth (an expansion or boom), and pe-riods of relative stagnation or decline. )Wikipaedia

The above theory is perfectly suited for emerging

economies growth story. (It is necessary to focus

on global parameters as India is exposed to global

economic vulnerability same way other emerging

economies are. China has grown only at the rate of

ittle above 9% last year from whopping 12-13%

in previous years. So current economic downturn

in India is not the inefciency of our economy butombination of both micro and macro economic

undamentals). We have grown at a brisk pace above

.5% on an average till 2011. The economic reforms

that were rst undertaken way back in 1992 by the

then Finance Minister and todays Prime Minister

of the country Dr. Manmohan Singh and subse-

uent reforms that were carried on later by various

governments pushed India to become worlds sec-

ond fastest growing economy. But this growth was

halted on theory of cyclical economic downturn (asinidcated above) in line with other emerging as well

as developed economies. The condition of inef

ient macroeconomic outcome, for example, can

be justied in form of Indias high Current Account

Decit (CAD) or lets say, high ination. Indias

dependency on foreign market to source crude oil

and peoples inclination to buy gold, which In

ia imports 100% basis, coupled with low export

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rowth resulted in high CAD. On the other hand,

rapid growth or expansion of private sectors created

high ination. Central bank was forced to under

take tight monetary measures last year which is still

continuing to counter this menace of ination. This

created huge liquidity shortage in nancial market.

Lack of scal reforms created void in the economy

resulting in slow employment and infrastructurerowth. The intervention of central governmet on

scal front was a necessity. With the current reform

nnouncements like allowing FDI in retail, aviation

nd insurance sectors along with curtailing sub-

sidies in LPGs and hike in diesel prices in place,

entral bank may ponder over to losen the monetary

policy in near future now as central bank was con-

strantly stating that unless something coming from

scal front, monetary policy can not be losened as

ination is still above the accepted level of 5-6%.

ombinedly, all put enormous pressure on Rupee.

Europes debt crisis also created additional demand

or US dollar which indirectly impacted other cur-

rencies as well. With ECBs declaration of buyingunlimited debts and Feds QE3 programme, some

relief can be expected from global front. So, we

ould see much sronger currency in coming days.

But, to see level of 45-46 against dollar, well, we

have to wait longer period of time, perhaps.

Net FII Flows till September 2012 in Asian Countries in billion

India Phillipines South Korea Taiwan Thailan Vietnam

FII Flow 13.19 2.18 12.81 1.54 2.15 0.18

he above table is just indicative that global inves-

tors have not left India, rather placed better than

ts peers in Asia. Market is expecting more inows

nto the country after the current reform measures.

On the other hand, oil price in international market

has come down substantially and possibily it would

remain in comparatively lower level than last year

or next quarter or two possibly keeping better than

ast years political unrest in Middle East and Africa

nd adequate global supply in mind. So, Indias oil

bill might have improved in next couple of quar-

ters which may ease substantial pressure on CAD.

overnments continuous efforts to bring down the

mports of gold is so far successful. But, taking the

decits below 3 percent of GDP from last years 4.2

of GDP, it will take substantial time.

ec n ca s:-

The chart is showing rupee is at 6 months high

nd getting resistance at 50 week EMA. MACD

is showing negative divergence at a time when the

urrency has broken the resistance of 54.30 deci-

sively. Combined, one can expect that rupee would

ontinue to strenthen till 49 against US dollar. All it

needs two onsecutive weekly close below 50 week

EMA level. Keep the ngers crossed!

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