CASHEW WEEK. In the Cashew Week... A WEEKLY NEWSLETTER. A Product of. Cashew Market Commentaries from Experts

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1 A Product of In the Cashew Week... Cashew Market Commentaries from Experts Indian Cashew Market Commentaries International Cashew Market Commentaries Almond Report Prices of Nuts Domestic Prices of Nuts International Prices of Nuts Vietnam Cashew Exim data-january-2017 Know these Benefits of Soaking Nuts N Seeds before Eating NewsHighlights Upcoming Trade Events

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6 Global Cashew Market at a Glance India The domestic markets kernel price for various grades were either unchanged or slightly down when compared with previous week. The FOB Tuticorin prices continue to remain unchanged at previous levels. The new crop RCN in the state of Goa and Maharashtra were traded in the region of INR 160 and INR 170 per kg. (USD per INR 67 a USD). In Kannur district of Kerala, new RCN arrivals have started in small quantities and prices were hovered around INR 150 per kg. Cambodia In Cambodia, cashew prices at the beginning of the season were higher by about 30 percent when compared with last year. Harvesting is likely to be in full swing in the coming one to two weeks. Oum Uon, the president of a cashew nut association in Kampong Thom province, said fresh cashew prices had risen to about 8,500 riel (about $2.12) per kilo, compared with 6,500 riel ($1.60) per kilo last year. West Africa Cote d ivoire The official season has commenced in Cote d ivoire; Deliveries are slow to start in Abidjan Port. There are mixed reports about the crop. Overall progress of the crop is positive with respect to the size/quality. With such a large crop, most exporters had expected trucks to be arriving at this point. Some reports have surfaced in certain areas, claiming that required documents for transporting cashew to Abidjan have not yet been distributed in all producing regions. As arrivals have not fully started, there is no indicative price for Abidjan at this time. As always, expectations are high in this new season and everyone is anxious to start with and the first sets of arrivals are expected this week. In Côte d'ivoire, the harvest continues as well as the commercialization at farm-gate level. Although the established price is 440 CFA / kg (0.71 USD), sales in the majority of producing regions are done between 450 and 550 FCFA / kg ( USD) at farm gate. Last week Cote d ivoire government revised its offcial notification. Now the revised minimum guaranteed price is fixed at 465 FCFA per kg for warehouses in the cities and 524 FCFA per kg in the port warehouses. However, the RCN farm gate price remains unchanged at 440 FCFA per kg. From 24 to 25 February, the first edition of the National Days of Cashew Exporters of Côte d'ivoire was held in Abidjan. The main theme was "The Emergence of the Cashew Industry in Côte d'ivoire and Challenges to External Marketing". The purpose of this meeting was to connect exporters, industrialists and all other stakeholders in the export of Ivorian cashew in order to discuss about its marketing challenges and also to highlight the dangers of unauthorized exits of raw nuts across land 6

7 borders to neighboring countries. This meeting also urged the various national and foreign players to focus on the local processing of cashews. Benin In Benin, the official campaign launch is scheduled on 1 st March. RCN farm gate price varies from one region to other. In Zou and Collines region, RCN farm gate price is in excess of 400 FCFA per kg. In some regions such as donga, farm gate prices quoted in the region of 300 and 350 FCFA per kg. In Benin, the marketing of raw cashew nuts is in full swing as in most producing countries in the subregion, although the campaign has not officially started. Indeed, the opening of the campaign is scheduled for Wednesday 1 st March in Glazoué. It is hoped that the governmental reforms in the cashew sector will be signed by the ministries in charge of agriculture and trade during this week. RCN farm gate price varies from one region to other. In the region of Collines, the farm gate prices were stable in the range of 400 and 500 FCFA/kg (USD ). In the Borgou-Alibori region, prices are in between 300 and 450 CFA / kg ( USD) and around CFA / kg in the departments of Atacora- Donga. Nigeria Although the official cashew campaign is yet to commence, RCN farm gate prices are currently traded in the region of 550 and 550 NGN/kg. Deliveries to processing units and Lagos port quoted in excess of 600 NGN per kg. Ghana In Ghana, last week the new crop arrivals in the key growing regions witnessed a sharp increase as farmers want to capitalise on the current higher price. During last week RCN was sold in the region of GHS 5 and 5.5 per kg at the farm gate. Burkina Faso In Burkina Faso, the official cashew season is to be launched on Feb-28 th. The new crop arrivals are low, but at the same time demand is high. RCN farm gate prices were in the region 600 and 750 FCFA per kg, based on localities. In Hauts-Bassins and in Central-West areas RCN farm gate price is on the higher end of the range ( FCFA per kg), while in the SouthWest region, prices are at the lower end of the range (FCFA per kg). Guinea Several exports companies are stationed at Conakry after the Guinean government disallowed shipments other than from Conakry port. Farm gate prices vary in the region of 5000 and 6000 GNF/kg at various producing regions and the season is yet to commence officially. 7

8 Currency Indian rupee touched 15-week high during last week. Rupee may trade in the broader region of and going forward and further decisive move will depend on the results of key Assembly elections, which are very crucial for the government to push bills in the upper house of the parliament. Brazil real may not appreciate much going forward. The recent low of 3.04 will act as near term support. Vietnam dong may continue to remain volatile going forward. Source: Cashewinfo.com National days of Cashew Exporters in Cote d ivoire, Abidjan, February 24-25, 2017 Report by Yao Daouda, Cashew processing Expert, Côte d Ivoire From February 24 to 25, 2017, the cashew exporters association of Cote d Ivoire (AEC-CI) organized a two-day symposium on cashew exports. About 750 participants from seven countries (India, Vietnam, Benin, Togo, Guinea Conakri, Ghana and Burkina Faso) took part in the event held in Abidjan at Radisson Blu Hotel. It was made of expositions, inaugural ceremony and panels. The Minister of Commerce and SMEs of Cote d ivoire, the Ambassadors of India and Holland, the President of Vietnam Cashew Association (VINACAS) and the MD of the Cotton and Cashew Council took part in the inaugural ceremony. The theme of the event is "Development of the Cote d Ivoire cashew sector and challenges related to exports". The aim is to share the new developments in the sector and show way regarding the current problems related to exports. Cote d Ivoire has become an important source of RCN supply to India and Vietnam, the main processing countries in the last 10 years. Cote d Ivoire is the leading country for both cashew production and exports. The first edition of the exporters day gives a visibility to the Cote d Ivoire cashew sector and on the country itself. Dr Adama Coulibaly, the MD of Cotton and Cashew Council in his speech focussed on the efforts made by his organisation to increase traceability and quality of the RCN. Local traders are registered, purchasing documents have been set up, and licenses have been issued to exporters and quality is promoted. A quality platform has been set up in the country. The President of VINACAS said that in 2016, about 428,000 tonnes of RCN were imported by Vietnam from Côte d Ivoire. Thus, Cote d Ivoire has become a strategic partner for Vietnam in the cashew business. In line with Government s objectives, the Minister of Commerce and SMEs hoped, the exporters will become processors in a near future so as to reach the 100% of local processing. RCN quality and shipping challenges were the key points for the panels. Aboubacar DIABY, the President of AEC-CI announced that the national days of cashew exporters in Cote d Ivoire will take place every year in Abidjan. Cashew Market Commentaries from Experts-International New crops continue to develop in West Africa with some high prices reported for early arrivals. Governments have generally increased the farm gate prices, but resisted the temptation to set prices 8

9 at the very high levels currently ruling. Perhaps they were influenced by the difficult situation which has emerged in Cote D Ivoire following the fall in cocoa prices. However as usual at this time of year, there are many traders in pursuit of low levels of arrivals giving the market an unreal feeling given that crop forecasts remain optimistic. Some interesting interventions have emerged. The trade and Government in Cote D Ivoire has agreed to a slowdown in early exports to allow for proper drying whilst in Burkina Faso the traders and processors have agreed to spend the early part of the season agreeing supplies for the processors. Both interventions are significant in my view. The first shows a real understanding of the need to address the kind of quality issues discussed at the World Cashew Convention whilst the second shows a co-operation that can work for domestic processing without hard government legislation or export controls which have been shown not to work. If we can assume that the crop forecasts are accurate in West Africa as well as India and Vietnam (a big assumption I know) the key question seems to be the time taken to convert rcn in West Africa to processing stock in Vietnam. The Cambodian crop is trading to Vietnam and the Vietnamese crop is now only a couple of weeks away. All going to forecast West African raw nuts should be available for processing in late April. That would mean that harvest pressure could start around that time but in the interim processors may remain reluctant to push sales. On the other hand there is little sign of buyers chasing the market at current price levels, so a convenient stand-off continues. One market publication in Europe recently reported that the cashew market is looking for direction but I think only in the way a man standing at the edge of a cliff might look for direction. Source: Jim Fitzpatrick Market continued to remain stable during the week. The supply of kernels continues to remain tight. Trades were done at USD 5.25/5.30 for W240, for W320 at USD 4.55/4.65, Ws at USD 3.45 (all per lb) for Mar shipment only, sold by reliable packers. A lot of offers for Mar-May shipments has been seen in the market without being confirmed by buyers, the US and EU were the leading buying destinations. Demand from offshore market was weak. Buyers are not ready to pick up offers for Mar-May shipments as lot of time is left to buy before the crops are fully harvested. Local market were hot as prices traded at higher levels. Big traders were buying a lot of kernels for their stocks at high prices. All signs with regards to development of crop in Vietnam so far is good, although the crop is delayed and the main arrival is expected to be from second half of March. Imported RCN market was active but trades were thin. A lot of offers has been seen in the market but to buyers, prices are too high to confirm the deals as of now. Source: Mr. Kim, Khiem Nguyen Co., Ltd, Vietnam The pre-season reports from Bissau are quite encouraging. Farmers are optimistic of getting a bumper crop. Season may start earlier this year due to climatic reasons. Given the higher opening price in IVC, farmers in Bissau are looking forward to being paid record high prices this year. The government has made it mandatory for all exporters to use only jute bags that have been marked with the country of origin and crop year. Unprinted bags will not be allowed for cashew exports. Further changes in the conditions for granting cashew export licences (alvaras) are expected. 9

10 Bissau political instability occurs usually during the cashew season. It seems this year will not be an exception to this rule. No confidence motions are expected to be tabled against the present government. Results are awaited in the coming days! A lot of unprinted bags have already reached Bissau, the govt. is rethinking the rule making the printing on bags compulsory for season Keeping in mind the price trends in IVC and other countries, it seems the govt. has decided to fix the the minimum procurement price in Guinea-Bissau at 500 CFA per kg. Despite political instability, Guinea-Bissau registered strong economic growth thanks to a record harvest and sale of cashewnuts. More than 190,000 mt of RCN were exported in 2016 and GDP is expected to surpass the 4.8% forecast made by the IMF. Source: John Rao, Bijagos Comerciais S.a.r.l. The price for cashew nut kernels remains high for whole kernels both in store as well as for nearby shipments. Most of the packers from Vietnam and India are fully booked for the March and April shipments, caused by a limited quantity of RCN available forcing the processor to process on lower capacity. First new crop Raw Cashew Nuts from West Africa (Nigeria, Ghana and IVC) are bought and offered by traders at very high levels. Most of the Vietnamese processors are reluctant to book at these levels as the kernel buyers expecting the market to come down based on the actual crop forecasts for the Northern Hemisphere Crops. All in all a very interesting situation wherein buyers continue to buy kernels for their small term needs at high prices and prices expected to ease when sufficient RCN is coming into the market from April onwards. Source: Kees, GTA, The Netherland Please visit for weather report Fig 1: Cashew Kernel- W320- Average FOB prices at Tuticorin port, India (USD/lb) W320 in the Tuticorin port traded unchanged in the region of USD 4.6 and 4.7 per lb in the last one month or so, similar trend is observed in all other grades too. 10

11 Fig 2: Raw Cashew Nut (RCN) - Average Price INR per 80 kg bag New RCN crop arrivals started in very small quantities and price currently being traded in the region of INR 160 and 170 per kg in the major producing regions of Goa and Maharashtra. In Vetapalem new crop is expected to arrive from end of March or early April onwards. 11

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13 Almond Price Chart Almond kernel prices traded higher at Delhi for the second consecutive week and ended the week (Feb-25) in the region of INR 610 and INR 615 per kg. Almond Board of California Commits $4.7 Million to an Innovation-Fueled Future From Almond Board: Honey bees are essential for a successful almond crop. The single most important factor determining a good yield is pollination during the bloom period, and honey bees are the most successful pollinators of almonds blossoms. Colonies of honey bees are placed in California Almond orchards at the beginning of the bloom period to ensure pollination. A working partnership between growers and beekeepers is the basis for a successful pollination. Growers need to avoid any activities that put the health and safety of bees in their orchards at risk, and beekeepers are responsible for delivering and maintaining the requisite number and quality of hives. Best Management Practices: As part of an ongoing commitment to honey bee health, Almond Board of California developed a comprehensive set of Honey Bee Best Management Practices (BMPs) for California s almond industry. Developed with a wide array of input from sources including the almond community, beekeepers, researchers, California and U.S. regulators, and chemical registrants, Honey Bee Best Management Practices for California Almonds represents the Almond Board s most extensive educational documents to date to ensure that almond orchards are and remain a safe and healthy place for honey bees. The documents lay out simple, practical steps that almond growers can take together with beekeepers and other pollination stakeholders to protect and promote bee health on their land and in the surrounding community. Source: 13

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16 Prices of Nuts in India and International Market Table 1: RCN spot prices (new crop) in India (INR per 80 kg bag) Indian RCN price at various markets Unit Rs per kg (2/17/2017) Unit Rs per kg (2/24/2017) Mangalore * * Goa 160-new crop 160 Kannur * 151 Panruti * * Jeypore Ratnagiri * 160 Kolhapur 160-new crop 160 Bandha * 170 Kankouli * 166 Vengurla * 160 Table 2: Kernel FOB prices in major ports as on 2/24/17 Grades Tuticorin (USD/lb fob)* Kollam(USD/lb fob) Vietnam(USD / lb fob) W W W SW SW SSW LP/LWP Ws Table 3: Cashew Kernel: India spot prices in production centres as on 2/24/2017 in INR/kg Grades Manglore(Karnataka Kollam(Kerala) Vetapalam(A.P) Jeypore(Odisha) Ganjam(Odisha) W W W W W W W S S S S LWP SWP K JH SSW BB JK/JB SW

17 Volume 18 Issue 9 Feb 19-25, 2017 Prices of Nuts in Other Indian Markets TABLE 4: Cashew kernel: India spot prices at terminal markets as on 2/24/2017 in INR/kg Grades Delhi Sangrur(Punjab) Jalandhar(Punjab) Kolaphur(Maharastra) Mumbai W W W W W S LWP SWP Currency Movement Table-5: Forex rates in USD Currency 2/17/2017 2/24/2016 Indian Rupee (INR) Euro (EUR) Japanese Yen (JPY) Brazilian Real (BRL) Chinese Yuan (CNY) Singapore Dollar (SGD) Tanzanian Shilling (TZS) Thai Baht (THB) Mozambique New Metical (MZN) Vietnam Dong (VND) Indonesian Rupiah (IDR) Benin CFA Franc BCEAO (XOF) Ghanaian New Cedi (GHS) Indian rupee gains further to 15-week high Indian rupee ended last week at 15-week high against the US dollar, supported by gains in local equity markets and on FED minutes which showed member s concerns about greenback appreciation and are keen for a rate hike fairly soon if the economy stays on track. Indian rupee last week traded in the region of and against the dollar and settled 17

18 Volume 18 Issue 9 Feb 19-25, 2017 at on 23 Feb. Strong support is seen at and then at levels and only below to signal room for further appreciation. Upside for the time being is capped in the region of and levels. Brazil real gains are likely to be limited going forward Brazilian real declined on falling commodity prices and on uncertainty over US economic policies. Brazil real for the second successive week has taken support near 3.04 and bounced back to previous week levels may signal further weakness going forward. Brazil real last week traded in the region of and and finally settled at on 24 Feb. Overall real is likely to trade in the broader region of 3.05 and 3.20 against the dollar in the near term. Vietnam dong is likely to remain more volatile Vietnam dong last week traded in the region of VND and VND and finally settled the week at VND against the dollar. Expect the recent volatility in dong to continue for the time being. 18

19 Volume 18 Issue 9 Feb 19-25, 2017 Comparative Movement of Currencies in 2017 (Jan to Feb) Vis-à-vis USD in cashew processing regions (Weeks starts from January 2017 and value indexed to 100) Table 6: Other Tree nut and Dry Fruits Prices at the Delhi Market (INR/kg) Grades 2/17/2017 2/25/2017 Almond Giridi in shell 137.5/ /140 Almond Gurbandhi in shell Almond California in shell 417.5/ /430 Almond Kernel California 595/ /615 Almond Kernel Gurbandi 725/ /825 Pistachio Irani 1025/ /1100 Pistachio Hairati 1425/ /1500 Pistachio Peshawari 1550/ /1600 Walnut New 290/ /440 Walnut Kernel 800/ /1450 Fig Common 300/ /375 Fig Medium 500/ /550 Fig Best 625/ /750 Apricot 450/ /625 Kishmish (Rs per kg ) Indian Yellow 100/ /112.5 Indian Green 112.5/ /200 Kandhari New 250/ /625 Ranga 187.5/ /205 Dry Dates (Rs per quintal) Red 2700/ /12000 Rangkat 4000/ /14000 Raisin- Sangli

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21 Volume 18 Issue 9 Feb 19-25, 2017 Know these Benefits of Soaking Nuts N Seeds before Eating Most people believe that soaking nuts makes it tasty and easy to digest. However, soaking nuts before eating has immense health benefits too. Phytic acids, tannins and other toxic substances present in the nuts, seeds and grains are not fit for consumption. They can cause many health complications especially to those who are sensitive to phytic acid and tannins. Soaking nuts also helps to cleanse colon and keeps your intestines healthy. Some grains should also be soaked before eating as they also contain some harmful substances for humans. It is also true that most people won t find any discomfort after eating unsoaked nuts. However, in the longer run, it can pose health problems as only a limited amount of phytic acid can be tolerated by a person at a time. Here are some of the benefits of soaking nuts and seeds before eating. Benefits of soaking nuts and seeds before eating are: 1. Soaking Removes Phytic Acid: Raw nuts are coated from outside with phytic acid. These phytic acids benefit the nuts but not humans. Too much of phytic acid in human body can cause gastrointestinal problems and can interfere with the absorption of nutrients (especially minerals). Soaking nuts before eating removes phytic acid from them. 2. Prevents Irritable Bowel Syndrome: The enzyme inhibitors present in the nuts cause gastrointestinal problems including irritable bowel syndrome. However, soaking removes enzyme inhibitors in nuts and seeds. This makes them safe for consumption, especially to those who are already suffering from gastric problems. 3. Soaking Also Removes Tannins: Most people are allergic to tannins (which can also be found in black tea) present in nuts. Tannins may cause digestive problems and other health issues if the individual is sensitive to it. Therefore, it is better to soak the nuts to remove tannins content from them. 21

22 Volume 18 Issue 9 Feb 19-25, Promotes Colon Health: Soaking nuts before eating them also helps to cleanse your colon thus removing the harmful toxins. It also helps in the better absorption of nutrients. Eating nuts without soaking them causes irritation and discomfort to the intestines. This makes the colon less functional and there is minimum digestion of food. 5. Increases Mineral Absorption: Phytic acid blocks the absorption of minerals in the body. This can result in deficiency of minerals such as iron, zinc and magnesium. 6. Nuts & Seeds High in Phytic Acid: Almost all nuts such as walnuts, almonds, cashews etc are high in phytic acid. Seeds also contain phytic acid which includes sesame seeds, pumpkin seeds, flax seeds, sunflower seeds etc. It is important to soak them if you are going to eat these nuts and seeds in larger quantities at a time. Grains such as oats, barley and wheat also contain phytic acid. 7. Steps to Soak Your Nuts & Seeds: To get the most out of nuts and seeds, you must soak them before eating. Put the nuts or seeds into a large bowl containing water. Add 2 tablespoons of sea salt and cover it with a lid. Soak the nuts or seeds for about 6 hours. You can also leave it overnight. Rinse them and dry well in an oven but not higher than 150 degrees. Remember to use boiled or filtered water for soaking. 8. Soaking Grains: There are some grains that also contain phytic acid such as wheat, barley and oats. While soaking these grains don t forget to add a tablespoon of apple cider vinegar or lemon juice into the soaking water. This aids in the easy removal of toxic coating present in these grains. These are the benefits of soaking nuts and seeds before eating. (Courtesy: News Highlights Traffic in cashew nuts from Côte d'ivoire to other countries has not increased, according to producers The president of the Côte d'ivoire cotton and cashew nut council, Adama Coulibaly, said Friday in Abidjan that the Ivorian cashew nut trade, which is the world's largest exporter with more than 602,000 tons, Not increased as the media say, at a salon. "The phenomenon, which is not new, has not been amplified, as the media report at this time," said Mr. Coulibaly, for whom "it is necessary to relativize" Continue reading Cashew nuts: Exporters welcome government reform The Association of Cashew Exporters of Côte d'ivoire (Aec-Ci) wants to give more visibility to its activities. That is why it decided to organize the first National Cashew Exporters' Day in Côte d'ivoire 22

23 Volume 18 Issue 9 Feb 19-25, 2017 (Jnec-Ci) on Friday 24 February, in a large hotel in Abidjan Port-Bouët. This, around the theme: "Emergence of cashew in Côte d'ivoire and challenges related to external marketing". Difficulties likely to be faced by Vietnamese Cashew Sector in 2017 Continue reading To achieve the exports target of $ 3 billion in 2017, this sector must overcome difficulties such as lack of raw materials production, the risk from import contracts and pressure barrier from the export market. Lack of material thing: As expected of the Vietnam Cashew Association (Vinacas), the country will export 360 thousand tons of cashew nuts in 2017, with a turnover of $ 3 billion. Cabo Delgado surpasses cashew nut production targets Mozambique Continue reading Cabo Delgado has surpassed its commercial cashew nut targets, selling more than 21,000 tons against the 16,000 established for the season. Better coordination between stakeholders in the process and the average price obtaining contributed to the achievement. Cashew prices have risen by 30% in Cambodia Continue reading In Cambodia the price of fresh cashews has jumped by about 30 percent over the price last year after the industry experienced shortages and the fact that the harvest will not get into full swing until early next month. A lack of investment in technology to process the cashews has also been partly blamed for the price hike. Continue reading 23

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27 Volume 18 Issue 9 Feb 19-25, 2017 Are you planning to invest in new processing factory or modernize existing cashew processing factory in India? Cashew cultivation is expanding into new areas in India. Cashew processing too is being taken up in non-traditional areas. Entrepreneurs face several questions when starting a new project, such as, which technology to choose, what should be the scale, should we choose manual vs. semi-automatic vs. fully automatic processing lines and where to set up the plant, what is the demand in my region and what is the forecast and what are the risks in investing and so on. The consulting arm of Cashewinfo.com would be happy to assist businesses in conducting Techno- Economic Feasibility studies for either establishing a new factory or modernizing an existing factory. Let us know your requirements, we would provide you with best advice. It is wise to talk to us before investing your money. Please write to swapna@fbspl.com or talk to Swapna at Cashew weekly printed Edition is promoted in the following events Event Name Date of Event City / Country Gulfood 26 th Feb -2 nd March 2017 World Trade Centre, Dubai INC XVI World nut and dried fruit congress May 2017 ITC Grand Chola. Chennai 27

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29 Volume 18 Issue 9 Feb 19-25, 2017 REACH OUT TO GLOBAL CASHEW INDUSTRY ADVERTISE IN & For Advertisement in Cashew Week "Do you have an interesting story to share with us on cashew value chain (in your region/country), innovation, processing, technology, financing or any topic related to cashew industry? If yes, write & Banner Space on CONTACT: info@cashewinfo.com Disclaimer: The data and information presented in this report are based on efforts of analysts at Foretell Business Solutions Private Limited, Bangalore and opinions and data obtained from experts and various industry sources. While sufficient care has been taken to check data and information prior to publishing, Foretell or its employees or external contributors will not be responsible for any kind of errors or omissions or misrepresentation of data or for losses incurred by any party either directly or indirectly based on the information published herein. Caution to Readers Although paid advertisements appear in this publication (in print, online, or in other electronic formats), Foretell Business Solutions Private Limited (the owner of cashewinfo.com) does not endorse the advertised product, service, or company, or any of the claims made by the advertisement. Readers are encouraged to do the necessary due diligence. However, in the interest of the industry, please share your concerns, if any, by writing to us at content@cashewinfo.com 29