HotTV
International crude oil prices edged down on Wednesday, as market sentiment improved over the outlook for shipping traffic through the Strait of Hormuz.
On the New York Mercantile Exchange, West Texas Intermediate crude for October delivery dipped 0.16 percent to settle at 82.23 U.S. dollars a barrel. Brent crude for October delivery fell 0.84 percent to close at 87.84 dollars a barrel on the London ICE Futures Exchange.
Oil prices dip on improved shipping outlook in Strait of Hormuz
Persistent drought, extreme heat and geopolitical conflict have sharply cut Iran's pistachio production this year, with supplies to China falling significantly.
China relies heavily on imports for its pistachios, mainly from the United States and Iran. Global pistachio output for the 2026/27 season is forecast at about 701,000 tonnes, down 36 percent from the previous season and below one million tonnes for the first time in four years, according to data released by the International Nut and Dried Fruit Council in June.
Rafsanjan in Kerman Province is the most densely planted pistachio area in Iran, with the country having roughly 600,000 hectares of pistachio orchards.
Pistachios in Iran usually flower during the April to May period, and are harvested in August through September.
The founding member of the Iran Pistachio Association (IPA) said that in the past two years, pistachios have suffered high temperatures to varying degrees during both the flowering and fruit-growth stages, damaging many trees and affecting the entire year's harvest.
"The severe heat in April, it damaged last year's crop, but more than that, it damaged this year's crop. This is why Iran has only about 120,000 tons this year. We should have had about maybe 240,000, 250,000 tons," said Behrouz Agah, a founding member of the Iran Pistachio Association (IPA).
Pistachios have a short shelf life, so freshly harvested nuts are usually sent to nearby factories for hulling, washing and processing. Iranian pistachios are graded into different specifications according to size and appearance, ranging from 18 to 38 nuts per ounce.
Automatic color sorters are used mainly to grade pistachio quality; after grading, the nuts can be packaged and sold.
To cope with operating pressure from rising prices, some companies are no longer limited to traditional purchases of finished kernels and have begun adjusting their procurement strategies.
"Because of the supply chain situation for suppliers, we will buy in-shell nuts and then find new channels to extract the kernels. We will develop new channels with more advantageous prices and supply," said Yang Juan, purchasing manager of a Chinese food company.
Iran's pistachio harvest halved by climate shocks, shrinking China's import supply
