<p>Cashew market was by and large steady last year after a roller coaster ride in 2011 when kernel prices moved up from $3.75/lb in January to $4.75 in August 2011 and back to $3.80 in December.</p> <p>Whereas, the year 2012 was a period of great stability. Except for a brief period in April-May 2012, when prices jumped up to $3.60-3.80 range, the market was vacillating between $3.25 and $3.40 for almost the whole year.</p> <p>A major change the industry faced in 2012 was that the differential between wholes and brokens and white and scorched grades widened substantially. In the last few months, even with the wider differentials it has been difficult to sell the lower grades. Part of the problem is increased supply of brokens due to mechanisation. To a smaller extent, the deteriorating quality of West African RCN has increased the availability of second grades.</p> <p>Shellers have been hugely affected by this because the realisation from a ton of RCN is significantly lower than what it used to be adding to the carrying cost. Impact on Indian shellers has been cushioned by good domestic demand for broken grades. Imports into the US during 2012 have been higher than 2011. “Although we do not have exact figures of imports in the second biggest importing region (EU), we believe that their imports also have been higher than 2011. Usage in India and most other markets has also been higher in 2012. Apart from the lower prices, we believe that stable prices and improved supplies have lead to revival of consumption,” Pankaj N. Sampat, a Mumbai-based dealer claimed..</p> <p>However, according to the Cashew Export Promotion Council of India (CEPC) exports during the first eight month of the current fiscal (April – Nov 2012) stood at 60,585 tons valued at ` 2,477.42 crore against 74,093 tons valued at ` 3,002.34 crore in the corresponding period the previous fiscal. During the first eight months of the current financial year, the average unit value showed a marginal increase to ` 408.92 a kg from ` 405.21 in the same period last year.</p> <p>However, the unit value fell to ` 395.60 a kg in Nov 2012 where as, it was ` 443.59 a kg in Nov last year and notwithstanding the exports in Nov fell to 7,549 tons valued at ` 298.63 crore from 9,377 tons valued at ` 415.96 crore, the CEPC sources said.</p> <p>Probably for the first time,India imported 3,245 tons of cashew kernels valued at ` 53.02 crore at a unit value of ` 163.38 kg during Apr-Nov 2012. The imports in Nov this year stood at 298 tons at unit value of ` 194.96. The cashew market, Pankaj said, continued to remain quiet last week witnessing some stray trading, but with no changes in the prices. Offers made were in the range of W240 $3.75-3.90; W320 $3.25-3.40; W450 $3.05-3.15; SW320 from $2.90-3.05; SW360 $2.70-2.90; splits $2.10-2.20; butts at around $2.25; pieces $1.40-1.50 an lb (fob).</p>