LAGOS, Nigeria – Global cashew prices are showing a mixed pattern, with raw cashew nut values strengthening across major origins while several processed kernel grades have softened over the past month, according to the latest Cashew Index reference data.
The divergence points to a market where tighter or firmer raw-nut supply is supporting RCN prices, while demand conditions for some processed grades remain more cautious.
RCN Prices Move Higher
Raw cashew nut prices are currently higher across all five origins tracked by the Cashew Index.
Ivory Coast, the highest-priced West African origin in the latest table, is quoted at $1,150 per metric ton, up 1.2% over seven days and 3.4% over 30 days.
Benin RCN stands at $1,120/MT, while Tanzania is at $1,090/MT and Mozambique at $1,070/MT. India domestic RCN is the highest among the listed origins at $1,280/MT.
The broad-based increases suggest continued firmness in the raw-material market.
RCN Reference Prices
| Origin | Price | 7-Day Change | 30-Day Change |
| India | $1,280/MT | +0.8% | +2.0% |
| Ivory Coast | $1,150/MT | +1.2% | +3.4% |
| Benin | $1,120/MT | +1.0% | +2.7% |
| Tanzania | $1,090/MT | +0.6% | +1.8% |
| Mozambique | $1,070/MT | +0.4% | +1.5% |
The Ivory Coast benchmark has recorded the strongest 30-day increase among the origins tracked, while all five markets have posted gains.
W320 Market Moves the Other Way
The processed-kernel market is telling a different story.
W320, one of the most widely traded cashew kernel grades, is quoted at $4.55/lb FOB in India and $4.65/lb in Vietnam.
Both markets have slipped over the past 30 days, with India down 0.9% and Vietnam down 1.1%. The seven-day movement is also slightly negative.
Lower grades are showing a similar pattern. W400 is down 0.6% in Vietnam over 30 days, while W450 is down 0.4%.
The market is therefore experiencing a notable split: Raw nuts are becoming more expensive, while some processed kernels are losing ground.
That can put pressure on processors, particularly when higher RCN acquisition costs are not matched by stronger kernel selling prices.
Why the Gap Matters
Cashew pricing does not depend on raw-nut prices alone.
The Cashew Index notes that RCN prices are heavily influenced by kernel out-turn ratio (KOR), defective counts and origin-season conditions. Higher KOR can command a premium, while excessive defects can reduce the value of a lot.
On the kernel side, larger whole-kernel grades such as W180, W210 and W240 continue to command substantial premiums over lower grades. W180 is currently quoted at $8.10/lb in India and $8.30/lb in Vietnam, compared with $4.55 and $4.65 respectively for W320.
This means the direction of the cashew market cannot be judged from a single headline price.
For traders and processors, the relationship between RCN acquisition costs and kernel selling prices may be more important than the movement of either market in isolation.
Nigeria’s Cashew Market Faces a Value-Chain Test
Nigeria’s cashew market is facing growing pressure from raw-nut prices, supply conditions and limited processing capacity.
Local prices vary sharply across producing areas. NEPC data for May 2026 showed raw cashew at ₦200,000 per 100kg in Niger, or ₦2 million per ton, while Delta reached ₦283,000 per 100kg, or ₦2.83 million per ton. Benue prices rose from ₦130,000 to ₦145,000 per 100kg, while Osun remained at ₦376,000 per 100kg.
The wide spread shows that Nigeria has no single national farmgate price, with quality, location, supply and buyer access influencing prices.
The industry is also seeking to capture more value through domestic processing. The National Cashew Association of Nigeria says greater processing could increase export value by about 79%.
With international RCN prices remaining firm, the key question for Nigeria is whether producers, aggregators and processors can capture more value between the farmgate and international kernel market.
BuyerMetrics Market Watch
The latest data points to a firm RCN market but a more mixed processed-kernel market.
For Nigerian cashew traders, the key number to watch may therefore be the spread between the cost of raw nuts and the selling price of processed kernels.
That spread will help determine whether higher RCN prices translate into stronger export values or squeeze processor margins.
BuyerMetrics Bottom Line
Global cashew pricing is becoming increasingly two-speed. Raw-nut prices are rising across the major origins tracked by Cashew Index, while W320 and several other kernel grades have weakened over the past month. For Nigeria, the regional RCN benchmarks provide an important reference as the domestic cashew market moves through the trading season.
