Record high prices paid for macadamia nuts that launched an enormous increase in plantings in recent years have tumbled 15 per cent to levels not seen since 2014 as the world's largest processor Marquis has announced a nominal price of $5.10 per kilogram at 10pc moisture content.
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This year's offer is a full dollar below what the company paid last harvest and mostly reflects a rising Australian dollar. Covid-19 has also had an impact, said Marquis CEO Larry McHugh, noting nut pieces used as an ingredient lost market share when cafes and restaurants closed down - particularly in the US.
In response the company, a merger between Alstonville and Bundaberg based MPC and their South African equivalent, has negotiated deals with major supermarkets to include packets of pieces in their cooking aisles.
"At $5.10 the price still allows industry expansion and for farmers to make a reasonable profit," said Mr McHugh. "This was the price a few years ago and at the time growers were saying they would be pleased if it stayed."
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