The California walnut crop estimate is released which is 720.000 metric tonnes. The crop estimate is based on 400.000 bearing acres. This is on the lower end of expectations for walnut industry. Because since July most in the walnut industry had been expecting a crop of 780.000 to 800.000 metric tonnes. Last year’s crop was at 725.000 metric tons which is %1 bigger than the estimate.
During the past few weeks, packers/growers/buyers were active in moving loads at competitive and aggressive levels compared to recent years. The buyers who locked up some of their new crop purchases did extremely well to take advantage of these ultra-low recent prices.
This coming long weekend, California growing areas will experience temperatures of 43-44 degrees Celcius (110-111 Fahrenheit). It seems these temperatures will reduce the overall crop as well.
Source: Summit Premium Tree Nuts