RECORD high prices paid for macadamia nuts that launched an enormous increase in plantings in recent years have tumbled 15 per cent to levels not seen since 2014 as the world's largest processor Marquis has announced a nominal price of $5.10 per kilogram at 10pc moisture content.
This year's offer is a full dollar below what the company paid last harvest and mostly reflects a rising Australian dollar.
Covid-19 has also had an impact, said Marquis chief executive officer Larry McHugh noting nut pieces used as an ingredient lost market share when cafes and restaurants closed down - particularly in the US.
In response the company, a merger between Alstonville and Bundaberg based MPC and their South African equivalent, has negotiated deals with major supermarkets to include packets of pieces in their cooking aisles.
"At $5.10 the price still allows industry expansion and for farmers to make a reasonable profit," said Mr McHugh.
"This was the price a few years ago and at the time growers were saying they would be pleased if it stayed."
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The Australian Macadamia Society issued its crop forecast for 2021 at 50,770 tonnes in-shell at 3.5pc moisture (54,440 tonnes in-shell 10pc moisture), according to a census-based forecast produced using scientific modelling developed by the Queensland Department of Agriculture and Fisheries.
Australian Macadamia Society CEO Jolyon Burnett said the season's growing conditions have been more favourable than last year, with some variances from region to region.
"Some farms are still being affected by dry conditions, but others are performing well," Mr Burnett said.
"Large growing regions, like the Northern Rivers, have experienced good rainfall over the season, and overall, nut size is bigger in most regions although thicker shells are likely to reduce kernel recoveries."
In the largest producing region of Bundaberg, some varieties have experienced poor nut set compared to 2020.
"This is likely to be offset by young trees coming into production in the Bundaberg and surrounding regions," Mr Burnett said.
The macadamia harvest will get underway in the coming weeks and months.
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