For the majority of 2020 Cashew prices were fairly stable, apart from a large price decrease in the Spring and a slight softening in the market at the end of Summer.
As expected Covid had a large impact on consumption with foodservice sectors almost coming to a standstill. There was a notable drop in purchases from India with consumers possibly opting for cheaper priced nuts but there is hope of a recovery as Covid vaccinations start and lockdown restrictions ease.
Vietnamese kernel prices are the lowest in over 10 years and Indian kernel prices as low as they have been in over 5, similar to that of current RCN prices. We believe that there is little room for downside from todays market, especially given the almost certain increase in global demand as we get through 2021.