Hazelnut Prices Skyrocket as Hotter Weather Decimates Crops in Top Producer Turkey
• Hazelnut prices have spiked 24% in 4 weeks due to dwindling supply from Turkey, the world's top producer • Turkish government and industry estimates show hazelnut crop yields plummeting this year • Global warming, insect damage, and lack of rainfall are blamed for smaller hazelnut harvests • With high demand, traders worry about contract defaults leading to further market pressures • Agricultural commodity markets worldwide face instability due to hotter temperatures disrupting production