General Outlook

October 5, 2005

Current Exchange Rates ( 05.10.2005 – Central Bank of Turkey, www.tcmb.gov.tr ) :

1 USD = 1.33 YTL
1 EUR = 1.59 YTL
1 GBP = 2.35 YTL

Now that negotiations to access EU membership officially started, more stable economy awaits Turkey from now on, http://news.bbc.co.uk/2/hi/europe/4307700.stm

No significant changes at cumin and prices even weaker in the last week. Demand has been slow for Turkish cumin as exporters here competing with neighbour origin Syria. Impossible to find anise cheaper than $3. Crop is far away from sufficient level and market is still at skyrocketed prices. Although new crop fully available prices have increased. Crop is small again, about 3,000 Mton. It is difficult to find high quality Fennel. Fennugreek is stable and weak. Not much interest for Turkish Fennugreek.

New crop sesame harvested and full crop available. Crop is ready for importers about $1.5 FOB. Turkish Sesame seeds often a desired quality for specific buyers due to the nice `golden` colour and suppliers are able to make a well cleaned purity up to 99.5%

Bay (Laurel) Leaves: Buyers are still not active enough. Food industry seems to be more interested in the FAQ, Semi Select and Cut & Sifted Quality mainly for grinding purpose. The interest in the high grades such as Hand Select is decreasing each season. Exporters not willing to produce Hand Selected grades if no contract made in advance. It just has become to expensive to carry stocks being unsold.
Depending on the demand for Oregano in the coming months we might see a slightly firmer market.