Demand is quiet
Demand remains low and markets quiet because prices are high. With the almonds, we are anticipating the objective report which is out this Wednesday, a statistically valid way of looking at what this year’s crop is going to look like for California’s almomnds. Demand seems to be reasonably ok, and not injured with regard to brazil nuts and flame raisins for example. Things are basically quiet, people are on holiday, demand is low.
Thing however remain loud and chaotic with Greece and their ever so close exit from the Euro. Greek banks, cash machines remain closed this week as Greece faces a banking crisis. The country has less than 48 hours to pay back 1.6 billion euros of International Monetary Fund loans, and a default is looking increasingly likely. The euro fell to an eight-year low against the pound after Greece confirmed it had shut its banks.
The Foreign and Commonwealth Office (FCO) said on its website: ‘Visitors to Greece should be aware of the possibility that banking services – including credit card processing and servicing of ATMs – throughout Greece could potentially become limited at short notice.’