CASHEW WEEK. In the Cashew Week.. A WEEKLY NEWSLETTER A Product of. Released on March 19 th, Currency Movement and Outlook

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1 CASHEW WEEK A WEEKLY NEWSLETTER A Product of In the Cashew Week.. Released on March 19 th, 2018 Cashewinfo Market Summary Currency Movement and Outlook Cashew Experts Market Commentaries India and International CCA- Reservation measure in favour of local processors of a proportion of the volumes of cashew nuts intended for export - Operating mode of implementation US Cashew Import Data-Jan-2018 Health Benefits News Highlights Upcoming Trade Events Almond Report Domestic Prices of Nuts

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6 Global Cashew Market at a Glance India RCN traded between INR 160 and 165 per kg in Maharashtra, the largest RCN producing state in India. The RCN crop is as delayed by couple of weeks due to variations in temperatures. Rains reported in some cashew growing regions of Maharastra, however it has not affected crop so far. Currently in most places, the crop is in flowering and fruit setting stage. Arrivals are expected to gather momentum from mid-april. As per initial report, Maharashtra crop is likely to be lower that of last year. In the neighbouring state of Goa, new crop RCN traded between INR 168 and INR 173 per kg.in line with falling RCN prices in west Africa from the initial high of USD 2150 per ton CNF to current level of around USD per ton, we feel the local RCN prices too will decline as arrivals pick-up. Vietnam In Vietnam, the local RCN crop is quoted at around VND per kg for 50 lbs and above. For 48 lbs and above the same is quoted at around VND per kg. Currently the weather in cashew growing provinces is sunny and conducive for crop progress. From April, arrivals are expected to pick-up. Currently Vietnamese processors are looking for high quality Cambodian RCN crop (52 lbs and above, priced at USD 1800 per ton) and to some extent from African countries. Vietnam price of RCN from various African countries given below: From Nigeria USD per ton for 48/49 lbs CNF (March shipment USD 1800+, April in the region of USD , lbs) Cote d Ivoire USD per ton- 48/49 lbs, Ghana - USD per ton, 49 lbs and above. USA The US imports of Cashew kernel in Jan-2018 came in at 11,590 tons, valued USD million, as against 11,535 tons imported in Jan-2017, valued at USD million. West Africa Benin The official launch of the cashew marketing campaign took place on 15 March in Djougou in the department of Donga, in the presence of the Minister of Industry and Trade and the Minister of Agriculture, Livestock and Fisheries as well as various stakeholders in the sector. The minimum farm gate price set for season is 650 fcfa/kg of RCN (USD 1.22), an increase of 150 fcfa over the previous season's minimum price of 500 fcfa/kg (USD 0.94). The Minister of Industry recalled in his speech that the government is taking necessary measures to strengthen the organisation of the sector through compliance with regulatory provisions, strengthen border controls, prohibit the export of raw nuts stocks made from a mixture of cashew nuts of various origins, ensure compliance with the conditions of the campaign and monitor the physical and financial flows of the sector. Note that in the various producing regions, prices offered by producers last week are around fcfa/kg (USD ) in the north of the country, and in the range of fcfa/kg (USD ) in the departments of Zou and Collines. 6

7 RCN of Benin origins are quoted slightly higher this week in the range of 2000 and 2100 USD/per ton CIF. Cote d Ivoire In Côte d'ivoire, RCN market is bearish. There has been a gradual fall in the farm gate price of raw cashew nuts since last week; in the producing regions, RCNs are offered by producers at around fcfa/kg ( USD) and deliveries to port are quoted in the range of fcfa/kg ( USD). Some players were of the view that in the coming weeks, prices may fall further. This week, price RCN of Côte d'ivoire origin saw a slight increase compared to the previous week at around USD per ton CIF. Until last week, about 35,000 tons of raw nuts arrived in Abidjan and stored in warehouses pending the effective start of shipments. Exporters are engaged in negotiation with the government; because of the new measure which requires exporters to set aside 15% for local processing. Last week it rained in cashew-growing regions of Côte d'ivoire, which could affect the second harvest. Burkina Faso In Burkina Faso, downtrend continues RCN farmgate prices in the production zones. During the week, raw nuts were available in the range of fcfa/kg (USD ). The downward trend may continue. Source: Cashewinfo.com Cashew Market Commentaries from Experts CNSL update Mangalore-Karnataka In Mangalore, the CNSL traded in the region of INR 29 and INR 31 per kg, while cake fetched about INR 4.5 and INR 4.7 per kg. Shells trade at INR per kg. Cardanol steady at INR 60 per kg. Source: Kanco Venkatesh and Santhosh Silva, Karnataka Market was weak with very limited trades. Prices were slightly down. Medium packers offered W320 at Usd 4.40/4.45 per lb fob, WS at Usd 4.25 for the first half of April shipment while prices indicated by top and reliable packers also reduced. W240 is being traded at Usd , W320 at Usd , WS at Usd 4.40/4.45, LP at Usd 3.65 per lb fob for April- May shipment. Buyers did not pick up offers as they do not have the support from their end- buyers. Prices of pieces continued to remain firm as production is not yet in full swing and avialbility limited. In some special offers as sellers need to move goods, price of W320 was offered under 4.40 per lb fob for end of Mar shipment. Market is expected to be weak till early April and if this happens, prices of kernels will come down slightly. Crop seems to be normal to satisfctory so far but price of local RCN was a little up this week. Processors are not ready to buy RCN now as they will wait till main arrival comes to the market. Offers of imported RCN are there but buyers are very cautious. Prices of imported RCN are too high, forcing buyers to withdraw their activities from the market. Source: Mr. Kim, Khiem Nguyen Co., Ltd, Vietnam The market is under downward pressue. Kernel prices are coming down and buyers await further discounts. 7

8 Buyers are just monitoring the market how far it will come down before they could make up their mind. When and where will the market find it bottom is the big question?. When the buyers will start to cover positions as they feel comfortable about the Usd price and the exchange rate? It is important to keep a very close eye on the market because if buying activities pick up, then prices can move up again. Source: Kees Blokland,The Netherlands Cashew nut market in Mozambique until the end of February during the marketing campaign season 2017/2018 Total quantity RCN sold till the end of February RCN exported till the end of February RCN processed during January and February Current export price 122,200 tons 24,700 tons 550 tons USD Out-turn USD Out-turn USD Out-turn USD Out-turn USD Out-turn USD Out-turn It should be noted that the marketing campaign season 2017/2018 has ended in the Northern regions of the country and was running at a satisfactory pace, Center and South to continue and is being characterized by low production due to rains accompanied by high winds and hail storms in the peak period of flowering and fruiting. Source: Hermínio Rungo, Cashew Development Institute, Mozambique Cote d Ivoire: The purchasing of RCN from farm gate is very slow as of now and the price for the same in the eastern side was running between 600 and 750 CFCA per kg and in other places from the middle belt to the northern belt is gradually coming down to 500 CFCA per kg, while the prices ruled in the region of 500 and 650 in the upper west. Effectively the prices are closer to farm gate prices announced by CCA in most places other than places where it is closer to/bordering with Ghana, due to higher farm gate price over there. In Abidjan, prices were negotiated between 675 and 750 CFCA per kg, so far, about 40,000 tons are on the process of shipping out or already shipped out. The 15% goods drop down was not lifted yet so far the reserve implementation has not taken off properly but will be in effect in the coming one week or so. Source: William Awudja, BPS, Cote d Ivoire 8

9 CCA- Reservation measure in favour of local processors of a proportion of the volumes of cashew nuts intended for export - Operating mode of implementation Within the framework of the policy for the development of cashew nut processing, the Government decided, during the Council of Ministers of 14 December 2017, to implement a reservation mechanism for part of cashew nut production at local units. This measure consists in making the export of raw cashew nuts subject to prior transfer or reservation to a local Processor of a proportion of the purchases made by the Exporter. The proportion to be sold or reserved will depend on the Processors' operational production capacities. Accordingly, the issuance of the export authorization by the Cotton and Cashew Council shall be subject to the assignment or reservation by the Approved Exporter of a proportion of his purchases of raw cashew nuts to local industrial units. 1) For the 2018 marketing year, on the basis of the prior assessment of operational capacity, the quantities to be reserved are estimated at tonnes of cashew nuts. This corresponds to a reservation rate of about 15% of national production. 2) Thus, for the 2018 marketing year, any request for authorization to export a quantity of raw cashew nuts must be accompanied by justification for the transfer or reservation of 15% of this quantity to a local processor. 3) The implementation of the mechanism requires the following conditions 4) 1. The subordination of the issuance of the Potting Authorization (authorization to put the product to be exported into containers) to any Exporter, to the justification of the transfer or reservation of a proportion of 15% of his cashew nut purchases for the benefit of local processing; 2. The setting up of a Monitoring Committee composed of 2 members of the Ministry of Agriculture and Rural Development (MINADER), 2 members of the Ministry of Industry and Mines (MIM), 3 members of the Cotton and Cashew Council, 2 members of the Groupement des Industriels du Cajou de Côte d'ivoire (GIC-CI) and 2 members of the Association des Exportateurs de Cajou de cote d'ivoire (AEC-CI). The Committee shall be set up by decision of the Director General of the Cotton and Cashew Council; 5) The establishment of a mechanism to monitor the stocks of the cashew nuts concerned stored in the warehouses belonging to those previously identified by the Cotton and Cashew Council; The determination of a reference price that reflects the reality of the market and avoids overbidding in transactions between Exporters and Processors; 6) The determination of a ceiling price for the transfer of nuts to processors to take account of the profitability threshold of the Processing Units (UT); 7) The follow-up of the mechanism by the Cotton and Cashew Council, in particular the agreements between the actors on quality, price or delivery and payment deadlines. 9

10 The procedure for implementing the reservation mechanism is as follows. I. Determining the quantity to be transferred and the reference price i. The quantity to be delivered to the Processors shall be notified to the Exporter by the Cotton and Cashew Council upon registration of its Export Contract. EIIe represents 15% of the volume to be exported. Example: For the export of a volume E of cashew nuts, the quantity R of cashew nuts to be transferred or reserved is: R -- (15xE)/85. Thus for 850 tonnes to be exported; 150 tonnes will have to be reserved or transferred. ii. The Monitoring Committee determines a transfer reference price to the processors on the basis of the pricing mechanism and the data collected from the observation of the national cashew nut market by the Cotton and Cashew Council. II. Terms of Transaction 2-1 Direct transactions between the exporter and the processor i. The Exporter contacts a Processor eligible for the mechanism ii. Both parties agree on the delivery price. However, for State interventions, the reference price shall be determined by the Monitoring Committee iii. The Exporter delivers, under the supervision of the Cotton and Cashew Council, the cashew nuts to the Processor according to the agreed quality criteria and in the indicated proportion iv. Proof of the transaction shall be provided by a copy of the standard invoice and the Transfer Record endorsed by the Cotton and Cashew Council, the Processor and the Exporter v. These two documents serve as proof for the export of the corresponding volumes. vi. Delivery shall take place in the warehouse of the Exporter, the Processor or any other place agreed upon, forming part of the enterprises previously identified by the Cotton and Cashew Council vii. Depending on where the product is delivered, the transfer price shall be increased by the cost of transportation viii. The Council shall certify and records in its database the quantities loaded at the Exporter place and unloaded at the Processor place or at the agreed place ix. Payment shall be made within the terms and conditions provided in the commercial contract between the Exporter and the Processor 2-2 Case of an Exporter who does not have a request from a Processor: i. The Cotton and Cashew Council authorizes the potting and puts under surveillance in the Exporter's warehouse, a volume corresponds to 15% to be reserved ii. The exporter sends his offer of quantity of nuts reserved by mail to the Groupement des lndustriels du Cajou de Cote d'ivoire (GIC-CI) with a copy to the Cotton and Cashew Council and to the Association des Exportateurs de Cajou de Cote d'ivoire (AEC-CI) iii. The price of this offer is the reference price determined by the Monitoring Committee; 10

11 iv. The GIC-CI is required to publish this offer to its members, with a copy to the CCA and the AEC-CI If the offer finds a buyer, it is a direct transaction (Item 2-1) If the offer does not find abuyer within five (5) days, it is an event of default of buyer (Item 2-3) 2-3 Default of buyer: i. Cases of default of buyer shall be recorded by the Cotton and Cashew Council ii. The Council of Cotton and Cashew nuts lifts the reservation on this volume III. Determination of the reference price for the transfer of cashew nuts i. The Monitoring Committee meets every Tuesday at 08:30 to determine the reference price of the reserved products ii. In the event of disagreement on the reference price for a given period, the Cotton and Cashew Council shall have the leading vote iii. The angle of observation of the price is the port warehouse. The data relate to prices observed during the past week iv. The reference price is communicated every Tuesday at by the Monitoring Committee v. The reference price is sent to the official addresses of GIC-CI and AEC-Cl, which communicate it exclusively to their members vi. This price is valid until the communication of a new price by the Monitoring Committee IV. Calculation and payment of the price subsidy 4-1 Subsidy calculation method i. A ceiling price of 850 F CFA/Kg factory floor has been selected by the Government as the threshold above which a subsidy will be paid to support the transfer price of the nuts to local processors ii. The subsidy per kilogram of cashew nuts is calculated on the basis of: The difference between the reference price for the period reported to the factory, determined by the Monitoring Committee and the ceiling of 850 F CFA/Kg, if the reference price is lower than the actual transfer price of the nuts by the Exporter; The difference between the actual transfer price of the nuts by the Exporter and the ceiling of 850 FCFA/Kg, if the actual price is lower than the reference price for the period Example: For a reference price of 900 FCFA/Kg over a given period. If the actual transfer price is 950 F CFA/Kg, the subsidy is =50 F CFA/Kg If the actual transfer price is 875 F CFA/Kg, the subsidy is = 25 F CFA/Kg iii. For a real selling price below 850 F CFA/Kg, no subsidy is paid 4-2 Payment method i. The subsidy is paid in the form of a price supplement to the Exporter 11

12 ii. The Monitoring Committee draws up a monthly statement of the quantities delivered by the Exporter, the transfer prices, the reference prices for the periods concerned and the amounts of subsidy iii. This statement is transmitted to the Cotton and Cashew Council every 5 th of the month following the period concerned iv. The Cotton and Cashew Council proceeds to the payment by cheque or transfer of the amounts corresponding to each beneficiary Exporter v. Payment shall be made no later than the 10th day of the month following the period concerned V. Additional requirements i. Any Processor who is in default of payment within the required time limits shall be suspended from the system until payment is made; ii. iii. Any Processor eligible for the mechanism may not be authorised to export the raw nuts, unless he renounces the benefit of the measure; The quantities delivered to a processing unit cannot be the subject of export authorization or local sale Abidjan, March 12 th 2018 Raw Cashew Nut (RCN) - Average Price INR per 80 kg bag RCN price across Indian markets at different states traded at a region of INR 155 and 170 per kg during the week.the availability of RCN at the local markets was very less as arrivlas yet to gather momentum. All rely on the imported material. Moreover the new crop arrivals are about to pick up in the next coming one to two weeks time frame. Chart-1: Cashew Kernel- W320- Average FOB prices at Tuticorin port, India (USD/lb) Cashew kernel price for various grades remains unchanged when compared with that of previous week as market is steady. 12

13 Almond and other tree nuts report In Delhi Khari Baoli market for NP Inshell Almonds closed for trades at INR /40 Kg for 70% SS Basis for private packers (equivalent to USD /lbs of origin prices), with BDG at INR /40 Kg for BDG (equivalent to USD /lbs of origin prices), FAQ Kernels were traded at INR /Kg and hand picked being traded at INR /kg. Currency has been stable the last week with very little movement on either side; it closed for the week at INR 64.96, with low of and high of Markets in India have sharply declined over the week and are trading 3% lower than the last week. In fact in the last 10 days the market has fallen over 5% and is looking weak for the next opening, this is a sharp contrast to the recent bullrun. We were experiencing post that the news of freeze/frost about a month back. Consumption, demand and over supply are fundamentals have been turning the tide and ruling the markets. Its busy time of the year with the students preparing for their annual examinations across the country in schools & colleges keeps the consumption at bay, though ABC's marketing program is targeting to increase the consumption during this period. Further the weather has started turning warmer and heading towards a hot summer. Fall in consumption will also force importers to go slow on imports and hopefully it will balance out the excess supplies of about 29 percent. Origin prices are still around USD /lbs on FAS Levels with no sign of weakness. Most of the growers are trying to assess the damage from freeze/frost and will wait till they get some realistic numbers to fence the crop estimates but they also need to realise that it's the new crop which has got frost damage issues and not the current crop which they have to sell, India with 29 percent higher supplies than last year, will get some decent supplies from Australia and can wait for California new crop for Diwali as it being on 6 th November. There is over 25 cents differential today on the replenishment cost and it will keep on increasing as consumption/demand will keep dropping against stable to bullish origin prices. RBI (Reserve Bank of India), India's central bank as a knee jerk reaction to the PNB's scam of INR crores banned the issuance LOU'S ( Letter of Understanding) for availing buyers credit, This will dry up the Dollars for the importers who have been utilising this money for funding their businesses, the option to roll over existing LOU'S or LOC's (Letter of Comforts) has been stopped and this will impact immensely small and medium businesses as banks were already reluctant to give or increase the funding limits or even lend them at lower rates. This will impact our i.e. Almond's market in a big way as most of the traders were utilising this form of payments to US exporters. It will make the payments delayed from hereon with markets facing cash crunch going forward, on the hindsight it will reduce overtrading and balance out the demand and supply situation in India. Source: Ravindra Mehta, IFNO, New Delhi - India 13

14 Almond Price Chart Almond Kernel price of California (in Delhi market) during last week traded in the region of INR 635 and 640 per kg as compared with previous week as INR 640 and 645 per kg. Cashew W320 Delhi, last week traded lower the region of INR 790 and 800 per kg as. Price of Walnut kernel settled unchanged in the region of INR 500 and 900 per kg. Price of Pistachio Irani during last week traded in the region of INR 1080 and 1150 per kg. Prices of Nuts in India and International Market Table 1: Kernel FOB prices in major ports as on 03/16/18 Grades Tuticorin Kollam Vietnam (USD/lb fob) (USD/lb fob) (USD / lb fob) W W W SW SW SSW LP/LWP SP/WS Table 2: Cashew Kernel: India spot prices in production centres as on 03/16/18 in INR/kg Grades Mangalore (Karnataka -10Kg) Kollam (Kerala) Vetapalam (A.P) Panruti (TN) Goa Jeypore- Odisha Ahmedabad- Gujarat W W W W

15 CASHEW WEEK A WEEKLY NEWSLETTER W W W S S S S LWP SWP K JH SSW BB JK/JB SW SW Prices of Nuts in Other Indian Markets TABLE 3: Cashew kernel: India spot prices at terminal markets as on 03/17/18 in INR/kg Grades Delhi Sangrur Jalandhar Kolhapur (Punjab) (Punjab) (Maharastra) Mumbai W / / / W / / / W / / / W / / / /860 W S 770/ / LWP 720/ / SWP 640/ / Currency Movement Table-4: Forex rates in USD Currency 03/09/18 03/16/18 Wk-on-Wk % Change Indian Rupee (INR)RBI ref rate 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)

16 CASHEW WEEK A WEEKLY NEWSLETTER Benin CFA Franc BCEAO (XOF) Ghanaian New Cedi (GHS) Indian rupee weakness is likely to continue Indian rupee may continue to remain weak despite lower inflation and on reports that government may raise limits on foreign investment in debt market. FOMC meeting later this week will show some sort of guidance on FED interest rate hike path. Domestic factors may continue to weigh the Indian markets and the rupee till first week of May when key state of Karnataka goes to polls and on concern over CAD hitting 2 percent of GDP mainly due to higher oil imports. Indian rupee last week traded in the region of and and finally settled the week at against the dollar on Mar Resistance is seen in the region of and then at Support is seen in the region of and then at Overall rupee may trade in the broader region of and levels during the next one to two week time frame. One can t rule out rupee retesting the Sep-2017 low of 66 levels soon. Brazil real may weaken further Brazil s real weakened after a slew of trade tariff imposed by US on metals (protectionist measures), which may impact the exports. More instability in US administration is causing concerns to investors and its policy direction on key issues. Brazil real last week was traded in the region of and and finally settled the week at as on Mar Resistance is seen at levels in the near future. Near term support is seen in the region of 3.20 and Vietnamese dong may test Vietnam dong last week traded in the region of 22,751.5 and 22, and finally settled the week at 22,764.5 against the dollar on Mar Upside for the time being is capped in the region of and and unlikely to stay higher. At the same time downside is limited to against the dollar going forward. 16

17 CASHEW WEEK A WEEKLY NEWSLETTER Comparative Movement of Currencies in 2018 (Jan-Mar) Vis-à-vis USD in cashew processing regions (Weeks starts from January 2018 and value indexed to 100) Table 5: Other Tree nut and Dry Fruits Prices at the Delhi Market (INR/Kg) Grades 03/09/ /17/2018 Almond Giridi in shell Almond Gurbandhi (in-shell) Almond California in shell 455/ /455 Almond Kernel California 645/ /640 Almond Kernel Gurbandi 650/ /750 Pistachio Irani 1080/ /1150 Pistachio Hairati 1400/ /1525 Pistachio Peshawari 1600/ /1650 Walnut New 230/ /320 Walnut Kernel 500/ /900 Fig Common 625/ /650 Fig Medium 700/ /750 Fig Best 800/ /875 Apricot 250/ /500 Kishmish (Rs per kg ) Indian Yellow 98/ / Indian Green / /200 Kandhari New 200/ /500 Ranga 220/ / Dry Dates (Rs per quintal) Red 3500/ /12500 Rangkat 4500/ /

18 CASHEW WEEK A WEEKLY NEWSLETTER US Cashew Import Data - January-2018 US Destination wise Cashew Imports during January-2018 Health Benefits Can Cashew Nuts Lower Your Risk for Heart Disease? A recent study explored the effects of supplementation with cashew nuts on cardiovascular and overall health in diabetic patients at risk of cardiovascular disease. 18

19 CASHEW WEEK A WEEKLY NEWSLETTER Prior research has suggested that nut consumption may decrease the risk of cardiovascular disease (CVD). However, there has been considerably less research conducted on this topic among adults with type 2 diabetes. A recent study attempted to bridge this knowledge gap by conducting a randomized clinical trial on patients of Asian Indian ethnicity a high-risk population for both CVD and type 2 diabetes. Asian Indians are more likely to develop a unique pattern of dyslipidemia characterized by low levels of HDL cholesterol and high levels of triglycerides and LDL cholesterol; in other words, dyslipidemia manifests as abnormal proportions of lipid components within the blood. Almost 80% of Asian Indian adults live with dyslipidemia and a large portion of these cases can be attributed to low HDL cholesterol levels. Despite this, the solution may not be as simple as merely elevating HDL cholesterol levels; current research points out that raising HDL cholesterol with medication is not only challenging, but it may not directly translate into a reduced CVD risk. The Effects of Diet on Cardiovascular Disease Risk Growing evidence suggests that the replacement of refined grains with healthy fats, such as those found in nuts, may have beneficial effects on HDL cholesterol levels. As such, a recent study aimed to investigate the effects of cashew nuts, a widely used ingredient in Indian cuisines, on cardiovascular risk factors among Asian Indians, with a focus on those with type 2 diabetes. The results were recently published in the Journal of Nutrition. The participants in this parallel-arm, randomized controlled trial were identified from the medical records of a care center for diabetes located in Chennai, India. Identified patients, ranged in age from 30 to 65 years old, were diagnosed with type 2 diabetes within the last ten years, and were currently receiving oral hypoglycemic drugs. Exclusion criteria included a cashew nut allergy, insulin therapy, known diabetes complications, as well as certain biochemical criteria. The participants were randomized to either the intervention or control groups, 150 participants in each, and completed the baseline visit two weeks after the run-in period. The intervention group received 30 g of unsalted, raw cashew nuts a day on a weekly basis for 12 weeks an amount that was based on previous studies that used similar quantities. The participants in the intervention group were advised to consume the cashew nuts either as a midmorning or evening snack, all while maintaining their prescribed standard diabetic diet, exercise, and medication as usual. Additionally, they were instructed not to use the cashew nuts as a cooking ingredient, as roasting or frying the nuts may change their raw properties. The patients were also not to consume any nuts other than the allotted quantity of cashew nuts. Finally, participants were taught to substitute the calories from their 30 g cashew nuts in place of the equivalent calories of carbohydrates. The participants assigned to the control group followed their prescribed standard diabetic diet, exercise, and medications as usual. As well, the control participants were advised not to consume any other type of nuts. Differences between the groups regarding changes in anthropometric and biochemical variable were statistically analyzed. Cashew Nuts Lowered Blood Pressure and Raised Good Cholesterol Levels The results showed that the participants in the cashew nuts intervention group showed a greater decrease in systolic blood pressure than their counterparts in the control group. Not only was 19

20 CASHEW WEEK A WEEKLY NEWSLETTER that, but a greater increase in plasma HDL cholesterol (also known as the good cholesterol observed in the intervention group. Despite this, no differences between the groups were reported with respect to changes in body weight, body mass index (BMI), blood lipid, and glycemic variables. What is interesting to note is that the significantly greater caloric intake in the intervention group was not paralleled by an increase in body weight, BMI, or waist circumference. This disproves a common misconception in India that eating nuts may cause weight gain due to their high fat and caloric content. As such, these results show that moderate consumption of cashew nuts will not cause weight gain; on the contrary, it can even lower blood pressure and increase levels of HDL cholesterol. However, the researchers point out that the results may have been different had the participant s ingested higher amounts of cashew nuts. They suggest conducting further studies in order to analyze whether the effects of nut consumption on glycemic, lipids, and other cardiovascular disease risk factors are dependent on the dose. The researchers also suggest more rigorous biochemical analytical procedures in order to figure out the exact mechanisms that may have produced these observed results. In all, this study demonstrates that the supplementation of diets with cashew nuts could help improve the Asian Indian prevalence of dyslipidemia with low HDL concentrations. As this is an important risk factor for CVD, the results of this study have important implications in the field of population-based preventative medicine. Source: Title: Global Cashew Markets Expert Reports to: Chief of Party, BeninCajù Location: Remote Duration: Estimated days Dates: Completed no later than 15 June 2018 I.TechnoServe Background TechnoServe works with enterprising people in the developing world to build competitive farms, businesses and industries. We are a non-profit organization that develops business solutions to poverty by linking people to information, capital, and markets. Our work is rooted in the idea that given the opportunity, hardworking men and women in even the poorest places can generate income, jobs and wealth for their families and communities. With more than four decades of proven results, we believe in the power of private enterprise to transform lives. II. Context Responding to high demand in the global cashew market and the superior quality of their raw product, Benin s cashew cultivation has expanded more than tenfold in the past two decades. Yet processing capacity and other value chain inefficiencies have kept the sector from reaching its potential, and Benin still exports 90% of its cashew as unprocessed raw nut. 20

21 CASHEW WEEK A WEEKLY NEWSLETTER Started in September 2015, the BeninCajù project, funded by the U.S. Department of Agriculture and implemented in partnership with Catholic Relief Services, is strengthening and expanding the cashew sector into a more productive, competitive, sustainable, and inclusive economic growth engine for the people of Benin. BeninCajù seeks to create nearly 4,000 jobs in the cashew processing industry - 70 percent of which are for women - and improve the income of almost 50,000 producers, which represents a quarter of all cashew farmers in Benin. The program will serve twelve of the country s cashew producing municipalities and support at least 10 processing plants. For the Beninese cashew value chain to continue to grow and develop into a mature and organized market system, it is crucial that supporting institutions have the necessary capacity. To that end, BeninCajù is working to upgrade existing trade associations, including the Conseil national des transformateurs de cajou (CNTC), the National Cashew Processors Association. In order to enable CNTC to better support its members, BeninCajù is aiming to increase the organization s overall strategic awareness and global sector knowledge. III. Purpose To improve CNTC s ability to target appropriate global markets for Beninese cashew processors products, by providing a market research study focused on key Asian markets. The study will elaborate on current cashew kernel consumption trends and how these trends relate to the African cashew processing and producing industry. IV. Scope The overall focus of the study are cashew kernel consumption markets in key Asian markets, including but not limited to China, Japan, Korea, India, and Thailand. The study should review the following: Cashew positioning in the nut market o Historical nut consumption patterns and future trends o Key drivers to nut consumption o Scale of opportunity Kernel import market characteristics Buyers requirements including preferred grades, payment terms, documentation, and food safety Seasonality Unpeeled kernel market Key buyers in each market (companies and contacts) Major kernel suppliers and supply channels (direct from origin or broker-based) African kernel suppliers Competitiveness assessment of African suppliers Market entry strategy (barriers, challenges, opportunities, including kernel import policies, such as country-specific provisions) Other potential business operations challenges for cashew importers In addition to completing the study, the consultant will also be asked to conduct a webinar with relevant stakeholders as identified by BeninCajù staff. 21

22 CASHEW WEEK A WEEKLY NEWSLETTER V. Deliverables and Key Dates The Consultant will be responsible for the following deliverables and preliminary timeline, to be finalized after contract award. Date Deliverable 10 April 2018 Draft study methodology and final report outline, to be finalized with feedback from BeninCajù staff 1 June 2018 Draft report (MS Word) 7 June 2018 Final report, incorporating feedback from BeninCajù staff (MS Word and PDF) 10 June 2018 Draft presentation (MS Powerpoint) 15 June 2018 Final presentation, incorporating feedback from BeninCajù staff (MS Powerpoint) 18 June 2018 Webinar with relevant BeninCajù partners VI. Required Skills & Experience Bachelor s degree in economics, business administration, or related field At least 10 years of experience conducting market research for the global nut industry; Experience in the cashew industry highly desirable; Excellent writing and editing skills; Experience developing presentations for the private sector VII. Instructions In your proposal, please include: Estimated budget, CV, Proposed work plan Writing sample All applications must be submitted by 5:30pm, Monday, April 2, 2018 electronically to offresbenin@tns.org with in cc tnsbenin@tns.org. News Highlights Vietnamese farmers expect higher profits with CPTPP trade agreement At least $40 billion worth of export turnover from farm produce in 2018 is within reach, some experts believe. Nguyen Do Anh Tuan, director of the Institute of Policy and Strategy for Agriculture and Rural Development, said that with CPTPP (which is essentially the old TPP without the US), Vietnamese farmers will receive benefits because technical barriers and requirements on imports are not as high compared with the former TPP that included US participation. Continue reading 22

23 CASHEW WEEK A WEEKLY NEWSLETTER Unseasonal rain may affect agricultre, fisheries sectors The prevailing weather conditions in the state may have an adverse impact on fisheries. Owing to the depression in the Arabian Sea, some boats are still stranded at sea. And with the sudden downpour that was mainly witnessed in several parts of the state, farmers are also concerned about the fate of their cashew and mango crops. Scheduled to bear fruit within a few months, the cashew and mango trees have already flowered in orchards across the state. However, with the dull and damp weather, the fear of crop damage is giving farmers sleepless nights. What are LoUs and how will RBI move to discontinue them impact trade? Continue reading Importers or buyers are set to see a hit on their costs of fund raising as the Reserve Bank of India (RBI) on Tuesday disallowed banks to use LoUs or Letters of Undertaking and Letters of Comfort as trade credit for imports. As a remedial action, after the Nirav-Modi led Punjab National Bank fraud now ballooned to Rs 13,640 crore, the RBI said, On a review of the extant guidelines, it has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports with immediate effect. Local flavours and a local favourite: The art and craft of making Feni Continue reading For many, Feni and Urrack are considered to be elixirs that are served and shared with the closest and most cherished of friends and family. A hot favourite with locals and tourists alike, in a thriving market, Café checks out the traditions that go into making one of Goa s finest distillates Ghana to stop exporting raw materials Osafo Marfo Continue reading Mr. Yaw Osafo Marfo, Senior Minister, has hinted at plans by government to halt the export of raw materials from Ghana to enrich other economies. There will be no export of raw materials from this country. Government is determined that we are going to have value addition to our raw materials to create employment for our own people, he said. Cashew Capable Of Generating $450m Export Earning In 2018 Sotonye Continue reading The National Publicity Secretary of the National Cashew Association of Nigeria (NCAN), Anga Sotonye, has affirmed that the industry is expecting to generate over $450million on cashew export this year. Continue reading 23

24 CASHEW WEEK A WEEKLY NEWSLETTER Benin: Cashew farm-gate price rises by CFA150 per kg for the marketing season At the end of the latest Ministers council in Benin, the government announced that the limit price per kg of cashew has been increased to CFA650 for the marketing season which began yesterday March 15 and will run till next October 31. This price is up by CFA150 compared to the price during the previous season (CFA500). It is also one of the highest in the West African sub-region. Continue reading This USDA Lab Is Turning Billions Of Pounds Of Almond Waste Into Beer, Plastic, And Power Inside a USDA research building near Berkeley, California, research leader Bill Orts holds up a mottled-looking black plate. It s really ugly, he says. But the rough prototype is the first of its kind, made with recycled plastic and almond shells that were transformed into a charcoal-like black powder in an on-site lab. By adding the powder to bio-based or recycled plastics, the materials get stronger. For the almond industry, it s one possible way to make the best use of everything grown in an almond orchard. Continue reading 24

25 CASHEW WEEK A WEEKLY NEWSLETTER 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. semiautomatic 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 Event Names INC XXXVII World Nut and Dried Fruit Congress Date of Event rd, May 2018 City / Country Sevilla, Spain Summer Fancy Food Show 30 June - 02 July 2018 New York City, USA ACA Annual Cashew Conference & Expo 2018 Yet to be finalised Cote d'ivoire The 10 th VINACAS Golden Cashew Rendezvous Hanoi- Halong Bay 5-7 th October Hanoi-Halong Bay 25

26 CASHEW WEEK A WEEKLY NEWSLETTER REACH OUT TO GLOBAL CASHEW INDUSTRY ADVERTISE IN CASHEW WEEK & For Advertisement in Cashew Week & 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 26