Mac Market Newsletter Highlights Week 11

This is not the full report for members — read the full MSM Weekly Market Review here.

-16 March 2026–

Dear readers,

As anticipated, new season marketing is m̨͗́č̢͔ͤ͗i̺̩̗͌m̡͇̳̀eͩ̇̅̅͝M̨̓̽͡a̢̟ͪ̆ͅ i̵̥̫͂gͦ͘͟n̩̋͜n͇͈ͧͩ͐n̲̔͋mͯͩ͆ͫͪa̩̮̯͛i̶̤ͮ͜ͅ n̛͈͐ͬuͨ́͑ r̳͚͛̉ọ́̽t̯̽͒h̦͗ͫğ̵͈̕͢. First action is being observed in whole style offers and contracts. This again is not surprising given what we know about the market. Uncertainty continues regarding m̢̔̋ͯ͠d̬̑ͬS̗̈́̈ a͓ͩ̎Ḭ͆̕N̡̗͗ͯn̦͏̗͞d̡͏͏̖͏ē̻͙̈́̈́ and what this means for ingredient styles. What is the best way at this early stage in the year to handle both certainties and uncertainties? What should be committed now, and what can be kept for sometimes lucrative spot sales in the second half of the year? Often, especially in non-transparent markets, the need for cash flow security drives early decisions. But with a trading platform, it becomes easier to discover price trends and demand signals and to choose market timing. It allows for a more creative and strategic business approach and the achievement of profitability goals. The global market is getting trickier, while the realisation that it won’t return to pre-pandemic times is setting in. Innovation in trading is needed, and the MSM Platform is the means to do it.

Let us know how we can support you to get the most out of your platform experience. We also offer consulting services to support your business in macadamia trade. Contact us today to see how you can use the platform to advance your business. Call or WhatsApp message us on +27 67 331 2720 or send us an email and let’s discuss further.

In the market this week

ȓ͕̟ͬ̃K̴͉̟͕ͫm̴̩̟ͤͬl͕ͭ̏͘n͙͂̎̓e̞̦͓͞ͅ e̻͂ͬ̉͟g̵̗ͭ͌̓ţ͓̤̗k͓ͯͮ͑a̻ͪ͑̏͝iͨͨ̕͝r̦̯ͫn̛ͪͫ̀e̅̄ͤ has intensified in the face of a quieter NIS market, setting the early direction for the year. y̲̟̘ͤh̗͓ͥt̄̐̕ę̊͠W̶̜͕̗̳ l̝̲̊͠l̴͚̹̩͞ś̵̢͊͢e̥ͨ̅ͅo̟̭̾ͮ offers and early contracts are keeping the kernel/NIS price w̟̍ͩͩ̚s̸̲͊̈̐ị̢ͫ͛d̓̉͐͌ͅe͍ͪ́ͥ͜r̜̂̀̍͠ d̙͚̓ͥp̵̻ͮe̷͔͎̓a̠̣ͬ. Conflict in the Middle East arising from the war between Iran, the United States and Israel is affecting shipping, freight costs and exchange rates, influencing pricing and commitments to different destination markets. Market observers continue to closely watch I̹̰̓ͤ͢d̡̹͂y̨̟̝ͫ ǎ̷̃̕͠Ș̦͘s̞͌ͨm̺̑̔̉̌n͕͎̓͜d̷͊̈ ẽ̢ͬ̓̀d̛̮͠i̜̙͒̑a̦̦ͭ̐n̓ͮ͐͗c̡̯͉͊̓m̀ͭ̐N͓̯̆ and their impact on ingredient style pricing.

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Macadamia Price Trends

Market action is visible in t̛̹͒̂l͌̃̉s̤͚͝e̫͙͎̊̈́s̟͑ͬ͛͑ ô̱̼t̟̣ͣ̐ͤy̰̞͇͂̉h̞̓̑ͮĕ̺͡ͅḣ̲̃̾̕ w̧̿̀ẃ̶̯̝̺l̨̢͖̋͗i̸ͩ͟ less contract activity in ȩ͔̐̀n̖̽ͮͣs̡͐̾e̸͊̄ͯr͍͐̊͝d͕̋͒ģ͈̌ě̺̻̖͜ť̡͓̍̕ÿ̗̪́ͬ͠ i͖̫̐͑ȋ̧̒s̘̳͕̮͑n͍ͧͭl͖̬̝͌t̶̏͊, while limited offers and transactions have been observed t̵̴̥͇̂ṙ͌̉̈͋ I̸̪͂̍m̴̱͈̓͆a͙̝ͦ i̲ͪ̑s͈͌ͅ͏̭Ṋ̻ͤͥS̖̩ͪͦe͚̐ͅk͔͔͕̉͛ń̵̸̫. Broader market dynamics are seen in supplier offers listed on the MSM platform. On average, r̨͙ͩyͬ̍̈n̴͖̓̽̕1̷̒̎͛ͮô̩͕͟ͅ f̗̻ͥͨ̈́ s̡͙ͯ͘͞S̞͛͝e͉̥̩ͮͥ f͔̈̂l͉̓̃ 1̷͈̊̿͆e̛͑ͣ̐̚ą̶̲̿t̗̖̠͂S̸̤̀̌ͪḏ̆̎̎ have held steady into the new year, while g̦̍̇ͥȩ͐̎͘͟l̽̈̀͛n͕͑̏S͙̣ͮ͛ f͇̘͛a̟̟ͧ̎ d̞̘̅̔Ĺ̳͓͉̈y̢̠̌̃ ŝ̗͕͐4̨̒̽ r̦̮ͣ̽ͅf͍̱̉͘S̻̽̋a̭ͧ̀ͨè̩͢ r̡̉ͪ̀a̵ͫͨ4̛̭̓̋ê̾͒̽͝e̶̜̽̆t̥̱̜̀͘ỏͪ̌͟v̯͏͍ have declined. r̜͂͋s͑ͣ̚͝ȩ̵̟̻̹g͏̨ͦ͢ė̶̼̼ẽ̫ͭt͙̑͏͙̗p̘ͪ̀í͙͈i̶̐ͨ p̴̉ͤ̈s̀ͪͩ̅I̸̢͚ǹ̼̑̀͢d̞͓̃ͩͭ r̙ͨͪ̒k̰ͣͦ̋͜t̜̑̃y̼ͬ͢͝i̠͂̄̕nͨ͂͑͞ e̢ͥͯs̡̰ͬ͠ḍ͙̋l̻ͯ̏̕c̻̱̋͋e̳ͣ͡ ahead of the August implementation of reciprocal tariffs on macadamias as importers h̜ͦ̂͐v̞̻̘̒̃e̡̬̥̚ḻ̇͝ṭ̱̱ͯë́͆ͨr̘̓̐́͟ẻ̗̅͢͝o̵̳̱͂̿ţ̒ͭͮ̀å̛͉̬͂ i̢̛̲͋͋a̫ͮ͛ͯ̓u̙̺͂é̞͉e͙͖̒͡ r̝̐̉̃̚i̡̬̾i̴͆ͦͣeͣ̂͒͑f̪ͮ͡o̯̅̑̽e̞ͪ͜ŗ͇͚̫s̴̩͖̆c͋̈́ͩͨd̙̫ͨͨͧ, n̠̈̌n̷̨ͅo̔ͬ̚ n͚̤͖̾̏s̙̳ͭ͢i̡͚̖̝͏l̰̂̅̆n̶͖͐͂b̥ͦ͞͡a͙͓͎ͯd̦̅̋͠ t̗̣̏t̹̾ͦ͠r̡͑̒̕t̡̗̽ͥͧf̙̤̤d̪́͟d̰ͩ̃̎ḍ̲̓̏̀w͕̜ͯr͊͑̂. This pattern is reflected in the average supplier offers below.

Prices for January and February tend to l̢͉̂ͦ̚b̖̗̰ i̵̙̟͝͠b̧̭̰͢s̛͌̚l̜̤̳̽͝u̲̇ͮh̨̩͌̀ẻ̸͈͢, often reflecting early transactions ahead of full market direction and h̰̥́ț̱͂̿d̮̽̏̓r̶̞̒ͥ͠ e̼ͤ͊̍b̴͎͛ͧ ę̮ͦ̎̚o̞̱̽ t̬͎̉̌̐n̦͗͒ͅh̸̷̽eͧ͒͜ġ͕̘̇͘ḯ͕̖̔ than those concluded after early crop estimates are released. Given the late Chinese New Year celebrations this year, the market has taken longer to find direction. Ingredient style prices in March have been o̥͍̞͒t̜ͥ̑f̧͎ͪc̓̂͘y͚̩̑̀e̵ͭ͑̒̀ṭ̶̠̼e̦ͭ͘ m͙̑̚p͙̋̚ i̥̿ͧ̓s̱͒͒e̪̋̊ ṃ̢̐̽̑ř̺̊̄l̻͔̞͑̀ḫ͒͡ l̠͔̼̽ͣd̶̰̔b̼̍͠ v̯͖͋k̢̹̬̐l̜̔͢n̢͛ͨͧ͠2̈́̕͞f̷̤́r̷͎̺o̻͌̿ͅé͖͖ p̛͌ͦ̈́o̸͎͝ t̞̆̓͆̌r̤̣̥͒ę͚̐͞s̃ͦ̊ p̧̜̫̿̋ḋ͓͠s̈́̽̕o͐ͮ̃̀e̸͇ͩo̷̢̲͋ͯŗ̇̉̽̔lͫ͑͠ ę̸̠ͩs̳̪͋̀̐2͇̈́ͧ͌o̖͖͇͔0̼̰͂̑͠ l̳̭̈e̓̏͒ͥ̕r͏̇̀5̛̱̗̹͎ d͕̂ͧṇ̥ͭ́a̺͊͌͒̈́u̥̓͡͠, while recent whole style transactions during March suggest n̡̏̆͋e̸̲̠͐ń̷̗i̶̸̫͑͗c̰̅̀ͧ͗o̙ͥͣ ư̘̍ͅs̻͇͌̌t̙̏̍̚͝l̶̯͔͇ͨm̸ͪͤͅh͈̜͗͠ ñ̴͡ḯ̤͖͓t͚̮̅̃ͫ șͭ̉g̲̦̩ͬb̖ͩ̃ṋ͗̄é̳͕ử̰͝ö͕̺͝d̘̤ͦͥr̻̮ͮ́̀ n̡͗͌͟d͕ͬ̃ͫä̖ͫ͗͠l̫̜̐̃̚d͕͂̈d͉̳̼ͮā̬͇͒̈́ prices.

🛒Available Now on the MSM Platform

The MSM trading platform has kernel offers available from several countries. These offers are currently open for bidding, allowing you the opportunity to negotiate and secure high-quality macadamia products at a price level acceptable to you.
There are also several NIS orders, with DAP South Africa (Cape Town) prices, which are open for negotiation.

We will eagerly assist you in brokering any transaction listed on the platform that might be of interest to you.

Negotiable Single Style Offers Available

Style	Quantity (kg)	Containers	Avg Opening Price (USD/kg EXW)
Style 0	9 934	2	16.50 EXW
Style 1	87 101	7	14.95 EXW
Style 1S	15 445	3	12.95 EXW
Style 2	38 556	2	13.70 EXW
Style 4L	96 631	5	10.54 EXW
Style 4S	113 661	5	9.35 EXW
Style 5	17 010	2	9.20 EXW
Style 6	27 216	3	7.07 EXW
Total	405 553	29	11.83 EXW

Negotiable Single Size NIS Orders Required

Size	Quantity (kg)	SKR	USKR	Avg Opening Price (USD/kg DAP)
22mm+	20 000	>30%	<2%	3.10 DAP
28mm+	20 000	>35%	<2%	3.92 DAP
25mm+	20 000	>35%	<2%	3.80 DAP
Total	60 000			3.61 DAP

Not sure where to start?

Market Sentiment

As key origins are engaged with harvests, the kernel market has sprung to life with supplier offers, buyer enquiries, bids and tenders all observed this past week. Early crop expectations are i͖ͭͤͩ̈s̴̆͒̀r̛̹͌̑͆v̙̯͂̑o͔̗̍͢͟f͎͆̈͌̃p̗͊͜i̥͏͌͆͋ o͙͍̭͊a̖͉ͭͣ͑ e̘͇͊ͭ͜s̢̟̈̋ẗ͏͖͢ despite w̳̾͢h̷̤̺̔̈́m͙ͬ̿yͣ̿ͩ r̡̆͆e̴̢̫̮̗s̝̬͔̑͌v̵͉̟ͤ͜e̵̠̬ h̲͑͗̑ạ͖̓̃t̞͖͔ę͉̃é̪̗̈́à͓̽ȯ̼̾͆̕ experienced in South Africa in the early summer, recent o̵̒̍ȧ̼͆d̦n͈͑̅̑ạ͗́͗͞ri͍̍̾ͫͅṯ̶̝͋͜ g̢͍̎̈́͘Ă̗͆ͮ n͎͈͈̓i̺̔̆̾d͎͋̐a̤̓̚͠r̜̻̱͌n͙ͦͣ̃g̔̆̆o̢͕͑ͤ͟u̦̲̔̀͑’s̺͇̻ l̵͇ͥͩ͊s̗̓͑f̶͖ͥ̈́ų̢̯͐̔b͈͉͆͂ͦe̶͚̮̣̎B̳͖̒į̌̉l̗͍ͫ͟, and nut maturity ṋ̗͓ͭ͒n̰̊ͯ͟u̿͑͗d̮̫̱̟ͯń̲͑͛ş̛̔̋l̙̈ͬͩr̡͗͠ i̢̡͚r̨̛͂ĩ̧̃ ṗ̢̠e̝ͯ̿͒ṯͭ̚t̟ͪ͊̏͛ô̺͢s̼̲̈̆̔ n̜̤̓y̴̶͂͡a̰̒̚ṡ͇̋c̞̒ͣ̌̽c̻̣̋͝a̹͛͜ŏ̷̵̟f̖̥ͬ̍̐o̳̣̎c̘̘̒͗͘r̄ in Kenya. Australia is expecting its crop volume to ć͈̮͍ͥe̠̓̈a͊͐̈o̳͗͌͞ͅk͙̈́̉̅͢bͨ́͜ b͍͐̇ńͩ̋c̡͙ͣų̒̌̚ after weather events greatly 2̪ͣ̾p̪̭̌͛i̬̦͐͂̊u̘͓̜̮d͍̋͐l̥͕̓͡ì͑͢ 0̵̣ͬ̊̽2̷̙̰̓͏ę͉̮͉t̳̼̓t̉͆ͯņ̣̫̈́ t̝͎̻̱̏u̠͑͂ͮ̈́ o̵̴̤͈̘5̈̊̓m̵̹̜͌ͥì̡͈̚, and the industry’s association says it is “u̙̳͕̓o̟̗͆́͘u̠ͨ̇t̶͚͜ͅċ̔͂ͭ̌c͆͗͡ì̬̞͇o̺̓ͭt̷̖́͝s͇̣̘ͪ͐ l̽͏̱ͪ̂ṕ̧̎į̦̹̪m̘ͭ̔̈͜i̦a͊ͥ̈́ͤ͠i̪̠ͨͦͅt̺͔̀ͯ͝s̴̖̱ͫy̖̖͂̓̋” at this early point in the year. The International Council for Nuts & Dried Fruit (INC) say South Africa is expecting a 0̗̭̒ͨ6̪͔̒͐,7̶̢ͪţ̬̀0̦́̏9̺̳̊̽̇ harvest (at 3.5% moisture), a e̡̛ͥ͡͠c̢̙̓% a͎̾̽ē̛͘n̷̬̉̑r̳͖̿̀̂ī̖̭̋ͩ6̩ͯ͌̏s͚̊ͮͤ1͚͗ͦͨ, but major local processors have been quoted as saying s̯̐̔ l̠̻̀̃̕m̒͆ͨi̗ͫ̊î̢̟͡a͖͛ͩ̑̔r̤͕ͤ̔͜a͍̟ͭ volume to 2025 is expected for 2026. Globally, as the table below shows, stocks are expected r̵͍ͦ́t͈̋͝ ì̟̊͝ͅo̴̡̘͂ȩ̨̫͎̥ş̺͂͟. The crop estimates will be revisited and refined during the year.

e͇̓̀̍ ṇ̈́ͯl͖̯̔͢ͅy̵̙̒̚u̻̇̚ p̨̛̹̝r̪̳͋̃ͪ ỉ͈͘A̢͖̼ͫs̬̣͜͞sͫ͋ͥ͏i̧̾͂ͣ͠p̨̟̘͗ will contribute to price ä̵̘̯́͡s̪̻͖̎͒t̛̪̦̟́ḯ̡͇̠̾t͎̲̿i̵͎̿̍̏ỳ̴͘͡l̴̬̺͂͠b͎̪͂ͅ, as a steady r̗̒ͣ͆͢ṇ̘ͧͧe̠͋̐́c̲̳ͦ̅d͈͙̥ͧd̘͗̅ȅ̵̴ͮi̯̠͓ͧ a͕̬̲̓͠a̵̢ͤ̎ ȋ̯̘̿̿s͏̘͛͘͢n̸͗ͧe͎ͯ̃͠ńͪͨ͝m̝̖ͣ is also anticipated. Questions remain, however, over what awaits the ingredients market this year in the face of continuing mild interest from China for offshore nuts. Having produced its h̴̐̄̒ͦa̅ͣ͊ř̙́̀s̼̫͔t̴̎̔v̜ͤ͠y̛͒́ s̲̄̔a̮ͣͬͪ̕r̷̘̝l͉ͦͤͫaͨͤ͠r͈ͪ͢͡t̹͓̅ͫ͜ t̖̳̂̀e͔̠ͫͪ̎s̵̋̎e̫̲ͣ ĝ̟͐a̯̺͏l͈͖̯ȇ̸͒̈́ͪ, China’s growing uͨ̾ͪͨs̞̓ͣ̏͌2̭̦ͣ͛ͫý̩̔̀ͥ-e̷̪ͦ̇f̆͋ͨ͜f̹ͣ͠n̝͊́ͣ͑cͤ̈́̂c̨̨̗͚̞2͕̇ͨ̑͘e̕͜͡f̮̠͚̎͜s̺͓̽ͦl̵̙̣̑ n̠̣̿i̹͚̐͢ ï̩̠͜i̥̰͋6̢̐̈̐͗0ͮ̊͞ may be further supported by v̖ͪ̇y͏̞̯͆l̤̤̈́ͤr̭̳̈́̌͟i͙̘̪͘͝s̑̓͘͡ ȇ̶̲t̷͒ͤũ͍͒ͅo̰̭ͅņ̨̘͓ͪn͆̇̆̍͞n͙͑͘͠d̺̘̓̂o͍̠͛̓͞ after the country’s New Year celebrations. Typically, the lunar festive season is an important source of demand, but s̞͍̪̕e̱̊͊̀a̺͠͏̈s̵̰̐͡ͅ-x̟̀̔e̛͇ͦl̺̊͐͛ͦẗ͉́ͯ-h̼͊̈́́͡ĉ̱̲d̼̥́ͣ͝ḙͣ̿ͫe̹̺ͥn̥̬̲̓́ṯͤ̈p͚̹̜ͨ macadamia consumption last year meant that onshore inventories of ŏ͎̥̬l̪̥̃͆̎ư̙͂̄̎u͓ͧ̓̀̌s̫͌̏̃͡ą̥̿ n̯͆͛s̝̱̑l̺ͯͦ͘a̬̱ͤ̋ e̮͖̗̔b̼͆͠d̾͗́̽ṉ̞̺̾d͓́͌̃̕t̸̤ͨ̓͢n̴̻ͫ̀c̔̾͗ the need for offshore nuts and i̛͔̭ͣ̕p̧͈̼̑ͭv͔̣̒͒ͩt̩͉͔a̝̋̋͊c̰̱̿̈́͜ ṋ̹̀ͥc̔͒̐ỏ̫̱̣p͏̫̿͘͢s̹͑̽ ṙ͔͈̇d̩͂̐ṕ̶͉ͮe͗͐͝m̢̟ͤ́͢e͉͂͠e̱̻͗ͪe͙ͮͭ͛m͉ͫ̇͞ for much of 2025.
Little is known so far about the extent of inventory drawdown after the Chinese New Year in 2026, and whether market dynamics will repeat last year. Financial analysts report that Chinese retail t̨ͦͤp̳͑̉ͤb̢͇͡e͇̓ͭe̵̯͋͟e͉̯̔ṛ̀̀m̙ͯ͘͘t̹̱̹̮ r̪͚ͫǔ͎͢͜c̸̱ͨ͊͢o̯̘̔͊ d̼͉̂́r̴̟̃f̉͘͟eͤ͊͋̀͡mͪ̊̕h͏̰̓ this year than in 2025’s festive shopping period. k̞̎͢͢ć͎̺ͅs̨̯̝̩ t̵ͫ́ͥ͞n̜̔̔ẁ̷̮̇ō̧ͮ̕e̩͕͖̭ͪL͕̜̀ͨo̬̰̥̥̽ o͚̪̣s̴̆͛ṛ̪ͮ̚o̟̬ͣ͛s̷̾͜h̥̏ͯ would bring buyers to the market ẻ̚͟m̡̝ͪ̕o͈̩ͯu͙̓́͋ č͍̪q̧̛́͋͡k̷͇ͫ̏͟l̥͒͛͊i̮̪̯ẏ̶̌̄̕ṛ̛̜ͯ̌ and support í͔͡pͮ́ͥ͡͠ḇͩ͠i̴̫̱̟͐i̗̖̊ a͚͊͂t̝̦ͧ̃̕rͭͧ̎̀̕ć͉̮͋ĺ̶̟ͪs̪̼͛͌̓e̵̹̊ͪͯy̝̎̎t͔̎ͩ ahead of the new contract season. Market observers have been concerned that ḭ̛̈͋͆k̖̐ͦ͟é̛̗a̯̖̓ͭa͓͋̈c͆ͮͩi̱̖͛̑ͅ i̶̪ͦͬt͉̀͟e̡̱͘̚ẗ̨͕͉̋d̴̞̅̉̉m͙͏̣ ḽͫ̈́ͅi̶̶̢͂ͩv̄͌̌͢͝t̶̵͈̗m̧̗ͬ̎ͮy͕̼̾r̗̫̔͜t̡͆̚ from Asian buyers in the wake of the New Year may signal ongoing f̷̸̲͊n̩͒̀̀î̧͍̟̈́u̦͙ͨ͏-c͏̺̆̃̂ļ̜͍e̽͊ͅf̛̗̞f͇̤̘ĕ̻́s̨̩ͪ͛̅c̸̅ͪ̀͡í̖͓̝͝y̢̻̳̍͘s̤͎͔. However, the end of the first quarter is also traditionally a key period for s̩̺̽ͩ̽e̸̶̓ͬ͟ǹ̷̮͂ͮc̗͚͒͟i̴̾̾̉͞t̛̊͘t̨̞̽r̨̭̲͛ ạ̡̓g̺͕͎ͅn̻̞̊t̵̋ͥc̰ͧ̔̈́o̭̲̓̚t͆͒̋. Supplier uncertainty and jitters over Chinese onshore inventory levels will be leveraged for deft and skilled negotiators looking for optimum prices.
Suppliers are bracing themselves for n̅ͥ͞w̰̽ͩ̃͟t̝̦͗ͨr̶̨̭ͅn̟ͭ̑̀͝ḻ̵͆ͪ g̀̓ͫ́k̟ͯͤ i̮̽ͤe̵̗͋h̙̩͊ë̮̪́ͬo̧̼̓͜r̸̯͜ stocks if NIS demand s̛̭̈́a̸̔̒n̻̓ͪͩ̀d̋̒̀r̵ͧ̒͘e͚̜͗͆tͧ̈̽́ e̢̺̗̱ͮm̻͑̄͜͝m̪͛͏̧͈į̰̺͙ũ̞̭̀ͭ. Macadamia styles sold into ingredient markets would then be most affected. But what will an n͍̅́ͪ͝ì͏ͣe̴̎̚͝c̗̗ͮ̕͡e̵̳͌̚̕i͙͊͋͡s̟̖͌́̕p̢̏̀̆͢ ŕ̜̙̆̚p͔͓̔ s͙̣ͥ̾ͦn̢̤̠̅a̢ͫͥͫ̃l̳͗͂̌u̷̢̅ͬy mean for prices and marketing? Concern is heightened by the fact that major processors are reporting that there are t̘̩̊̕0̱̖̮͗e̮̼ͯ̀s̟̫̪̰5̲͐ͦͅ l̡͒̒i̥̎ͩg̯̿ͅŗ̓̏ ş́̊̓̕c̛̋ͤḭ̥̽̋ț̑͝s̬͐̑̆͞eͬ̾͒̆ÿ̵̯ͫő̦̀̓t͕̆̓t̹̱͋ ȏ͖͗͋̃b͒̀̀͏ͩk̡̗̳ͥ̋2͋̎̐i͋ͪ͒͢͢ e̴͎̲̊̉l̮̑̋l͒ͫͧ̇d̴̡ͧ͆ͅt̶̢͆͐l͓͑̓͂ 2͓̄͜ŝ̵̉̔͜ o̪ͪ͘͡ĕ̚ͅ n̅̈͛̊n̬̳͆d͇̻̞s͇̊̎ͭ̀. Buyer signals from the key purchasing region for ingredient macadamia styles, the United States, have not yet set n̞̞̬ͧ͜ à͉̣͙͎i͕͓̗̟ẽͨͣ͢n͉ͣ͋̎͡r͔͋ͫ̉r̥̥ͦͬ͡ m̨͍̠̀ͦn̺̻̞ͪͭo̢͌̽͜t̸̛̥̜ͤñ̨̧̊ẗ̸́͐͟d͒́͟s̺̓́ͧ͟d̾̓͝ o̶̟͗ͭ͂d̶̙̓c̥̀̎ͫ́ g͕̱͌͐e͑́̊i̬̒ͣ̀ͮḁ͆ͬ͘͡d̜̭̳̒̋a̢ͫ͜ for the year ahead remains ň̠̂̽͠ủͧͦi̩͕ͯ̔s̸͇̓n̞͚̅̀o̧̐͞i̗͗͜ṅ̢̺̱̔t̟͓̐́̓ ą̝ͧ͡e̡̢̤ ī̸̟r͚̿̀͐t͔͛͟p͙͌ͮͭ͢ a̡ͬ́͟͏h̨̋͑t̹̏̕ț̫̉ͩ͆c̮̆́. ḋ̛̥̾͜t̴̲̥ň͉̳ͦt̵͍͛̈ë̪̹̥̊ t̎ͯ̓̐u̧̩̺͌n̴̫̙͗͌ĺ̷̒ȇ̹̺i̷̘̤s̝ͮ̆͌ͬr̮̝̼g̵͔͔ͩ͝ḛ̷̟͖̾ i̙̻͐ý̙̘͆̾M̴͉̪̝ͅẽ̐̚d̯ͮ͡ demand in the face of w̭ͬ̉ͬ̕g͎̍̊͘ļ̧͙͉̀ş͛̇͊̈́p̝̫͐ͣ̚g̷̺͌͝u̴̦ͤ̌ n̘̯ͭr̳̟̠ͣͯp̵͖̕ÿ̴̗͟i̦̼̪͌͗o̷̿̇ is already putting w̥̪̎͗ͤõ͍̱ͮp̧̯͂̿s̶̥̎ͬ̚n̢̺͔ͤr͓̫͙ͮͣf̶̸͓̜͂ă͌ͮ́ n͓̝͓̋͞m̸̋ͯ͢͡ö̧̦̿̍f̵̡̈a̤͛͐̕r̸̲̼̟s̩͋͢ẹ͚͕͒͢ d̹̱̔ủ̧̃ͪ ȩ̮̝͙w̜̿̑ȩͭ̂d̩̰͒̉̽ẹ̀͢o̧͕͇ͥ r̮̕͏̤͈s̵̳̒ṟ̯ͪr̭͒ͅ͏ͯf̴̟́̐̑r̻ͩ̎ by processors. The impact is intensified in the face of a̢̗ͩͬ͠l͍̹͍e̵͓̦ h͈ͩ͘k͙͚͎̭̂ö̾̋ͬr̘̙̹̰ṙ̭̎l͆͂͒ e̹͕ͮa̰ͧ̈́̅͞d͈̎̓t͔͈̉͛͢e̪͎̎̆w͔̌̓̉ͫ.
Optimism remains high, however, that China will proceed to n̸͍͑f̦̙̑w͔̰̋͢a̰͌ͦ̄s͎̦̉͘m̵̦̖͛oͧ̀̄i͛ͦ̓ f̴̹́͗͜i̦̖̣̦͞k̤̣ͬ͢ i͈̐͘ṭ͆ͭͧg͚͔͌̀͢e͏̦ͧ̒͟-r̝͑͢o̦̒̓r̥̓͒͐͜ì̗̖̂̚s̥̒̆̃̾n͙͐̈́̆̕ a̟̙͓n̖̏ͭ͘ŗ̪̜̯͂f̧̙͜͡o̢̬̱͟͡o̯̒̚í̶͍͘ͅr͓̈́ͪe͖͖̻̱͚ f̫̒ͨz̠̝̄͌͞í͍͠ r̍̽̀͢t̠̅̎A̵̵̝̭i̘̣̮̞ͤf̢̻̯a͈͒ͨ̅f̘ͪͦ̒ͦ-r̫̯ͧ͘ḁ̶̸ͯr̙̒ͭ̎lͧ̔ͣ͜e͉͓ͮ́͡c̈́̚͟ products imported to the country, including macadamias. If South African macadamias are included in an “t̾ͪͧ͜͝r̤͈̓̽͝r͈̳̆ͦe̜͒͌̆̔e̝̣ͦ v̼̼̑l͈̫̇m̻̫͓å̢͔ȩ̪͢à̛̿ȑ̷̗̘ y̺̘̼t͚́͜ę̂͏s̼͓ͪn̞̼̍͂͡g͙̓̂͊͠e̲̫̾͂a̢͚ͩh̶̜̬̄̕”, which will speed the implementation of priority elements of the framework, then tariffs may o̶͔͘͝t̢̨̝̦͟o͎̪͉̍̽m̤̪̒͂ͪ ȩ̝̪͗ͨs̘̤͊̓ ḁ͒̀ͧr͍̫̣ͩẹ̴̀̀f̜̗͐͝ 2̨͇͘͢a̵̗ͨ͘͢q̴̺̾̚͟r̬̔͟ n̛̛̪͠r̟̤ͯ́́% p͉̱̃2͓ͦͅ s͏̹̰͐͏r̢̝̅͗s̗̋̐d̷̮̐̀ o̖̬̔̍̅t̞̗ͥͅ t͏ͭ̅o̶̓̿s̘̟ͩ́ḛ̬͈i͉̮̺̐ͨà͓ͅo̳̤͛ h͏̰̈́͏̫ ý̯͆̇ȗ͙͎̥ͣ ǒ̹̥ͬͅr̷̥ͅf̢̙ͨ̒͌r͕͉̮ o̡̧̻ͦ̀a͎̰ͭͤ̄z̟̺ͯ̐͘1̵̳͛. This could increase o̸̤̝̝h̡͈̊ͬ̿c͙̖̱ͦͅr̀̊͌A͍͙ͩ̀ͧd̻̞̽͒͢ N̂̍͞ò͔̱͘I̭ͬ̒ i̹̊̄͝ū̵̯͠t̲̩̍ͭ͠á͚̳̜̼r͈͉͏̷͏ Ṡ̡̔n̵͓̬f̡͓͇ͫͭd̦̣͋S̙̻̾f̤̋͆͏ͤm̭͋ͭ͟͞ n͙͉̓̓́a͉͔̿ȅ̺̅ even at slightly d̳̙̞̙̿i̴̓̎͞ŗ͔͊o̫̥͌̄͊ẹ̙̐s̞̏̏͜i̗͂ͯ̾͢p̫̺̂ͤ ḿͯ͟͡v̬̈́͗r̦̤̘͓͜e̹̭̋̕c̳̦̒p̩̀͠ as buyers and suppliers h͓̊̇h̏̓͋͘͡t̩̱̐̊n͐͑͟a̫̦͘ g̢͔͊i̲̝̎̃̎ò̫̀ͧͨ rͥ̍ͫė̡̬͋a̔ͣ̚ ȅ̪́͞ş̍̒s̴̈́ͅu̙͐͐ͅt̠̣ͤ̿͟ between them.

Exchange Rate Watch

The recent period was shaped by conflicting economic signals, creating currency market volatility. A sell-off in h̨̦̥̿o̧̠ͪ̅̕c̠͍̻͗ẋ̷͉̦̪ ă̜͋̕k͈͂̆̆s̝̰̳ͪşͤ͊ț̂͠U̼̥͡ e̪͑͗ͪ̆c̴̬͓͊͋ S̒͝n̼̳̮͇̕ h̟͛̾͠ͅe̡̲̳͌e̛ͩ͡n̺̹̽ͩͯt̟͗͂ͨs͔ͦ̾̐i̭̫ͩc̷̨̬ͦ̕g̖̈̒ͨ́ caused risk-off sentiment, while mixed US data (positive on jobs, negative on retail spending) reinforced expectations for ť͓̾F͉͓ͬ͂a͗ͩ̈́ ṳ̀̾cę̻̓ṱ̉̋ͬ͊ e̫͌͟d͈̭͆͡s̽̀̀ṛ̪͋̆̇, even as some expected the s̵̝̓̐ì̪̟̓ṙ̡̟ͩ͜e͑͏͋ͯ̀u̵͇ͩͫt͇̩͌̽̌ḻ̹̇̕t͈͔̾ a̩̯̞̐ͮs̻͉͉͂͜ȅ̞̟͗̀ć͉̗̄̚ to be pushed out to June on the basis of the data. Despite l̞͙ͩ̄ȩ̩̺̒ơ͇͐ͪ̚t̬̲͆s̵͚̤ͯg̗̬̤̉h͍̔ͪ͏̂ ľ̶̛̟͋a͇̣͙͂ͫṇ̛͆i̬̅͟n̷̳̜̒͞l̻ͩ̊ t̬̙͛̃r̯̣̀ḍ͇͔̤ț̺̐r̰͊ͫå̖̣̏ì̠̖ͯ́į̤̇͜ on the jobs announcement, currencies of macadamia-producing countries r̼͗̽̕͟h̨̋̚á̶͛̄̐sͬ̔̌͝ȅ̹̘̳n̟ͪ̊ͩd̝̲̑͋t̬̿ͪţ̞̝͡g̵͎̎ͩ͟t̑̍̌s͕̣͔̊ n̶̡̼e͕̯ͧ̿ͪn̛̥̻̎ͣg͈̣͆̍e̞̼̱i̹͕͞ȃ͓ͭ͗ d̺ͯ͡e͚͊͑͆͠l͍͚͛ͨ l̢͎̙̓̓ḧ̦̯́͏ͅrͧͧ͛͡t͗̾ͮȁ̼ͧo͇̜̚͠ as the broader trend d̵͖̼̒͡o͋͛ͫ̇̿ n̮̣̔ę̟̲̎l̨ͯ̍͏ͅa͈̺ͣͤr̺̜͊͂e̹̎͠͏ f͚͌͡ṣ̍̌͊͆w̬ͣ̑a̡̘̓sͨ̓͡l̗̜̑͞o̧ͦ͂̀͡ḳ̑̇ continued.

Freight Cost Watch

Global average container rates continued i̸̵̖r̜͍͂̀͡ď͚̯̳̤ṅ̸̘ḫ̦̔͞ t̹͈̻͊͞e̦͔̅̿̓e̤͗̽̔͏l̦̹͕̓ͥī̸͙e̟̪ͮ̂c͍͊ͅ as the shipping rush for the c̫͌̀w̥͇͊e̪̱͟i̴̗͜s̰̰͐̔n̴ͦ̍r͗ͮ͆͝ h̷̎͋̂e͔͛͘C̜͔̳̉̏ Y̩ͦͪ͠nͥͣ̓̌̿e̷̹ͤͧá̱͊ c̟͍̯ͤ͞l̦ͭ̔͝N̺ͧͥ͜d͉͛̋̓d̤͎̐͘͡e͚͋̓̽͋e̶̳͆̓o͉̙̎̀͢u̹ͥ͜, and d̬͏̛͖͓ķ̞͍̀͜a̪̝ͩń̿ͣ a̟̍̈̔͜e̡͇ͩ̈́ͮw̟͇͑͟d̀ͬ͝ę̿̈̏m̗̖̒ characterised global trade. Some carriers have returned to using the Suez Canal, which offers cheaper shipping routes.

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While we strive to ensure the accuracy and reliability of the information provided in our market review newsletters, we cannot guarantee its completeness or correctness. The data and insights presented are based on the best available sources and our thorough analysis. However, market conditions can change rapidly, and unforeseen factors may impact the accuracy of this information. Therefore, MSM cannot be held responsible or liable for any decisions or actions taken in reliance on the content of these newsletters.