Nut prices fall as sellers fear a drop in demand
Nut prices have fallen as supply outstrips demand in the wake of Covid-19 impacting on traditional buyers. Hotels, Airplanes and pubs have all been affected by social distancing measures, with many remaining closed or seeing a drop in trade as a result of the pandemic. As a result, recent research from Mintec has found that the drop in demand is being driven by changes in the out of home sector, with US almond prices dropping by about 40 per cent this year (the lowest price for a decade) while walnuts are down 18 per cent and cashews have lost 10 per cent of value.
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