Lower Supply Leading The Chinese Chestnut Price Up by 23% WoW

The wholesale price of chestnuts in China has risen to CNY 12.29/kg in W3 Nov-22, an increase of 23% WoW. Chinese chestnuts' harvest season ended in October and the export season is expected to last until May 2023. It is anticipated that drought and rain would have an impact on Chinese chestnut production. Production was predicted to decrease by 60% from the initial forecasts of 1.53 million mt.
The wholesale price of chestnuts in China has risen to CNY 12.29/kg in W3 Nov-22, an increase of 23% WoW. Chinese chestnuts' harvest season ended in October and the export season is expected to last until May 2023. It is anticipated that drought and rain would have an impact on Chinese chestnut production. Production was predicted to decrease by 60% from the initial forecasts of 1.53 million mt. China is the lead exporter of chestnut amounting to USD 71.15 million in 2021. Recent freight cost has declined from the highest level, which is favorable for exports. According to Freightos Baltic Index, the estimated shipping of a 40 foot container from China to the US West Coast is $2,470 in November, down 84% from the beginning of April.