Navigating the Almond Market: Insights from California
The California Almond Board has released its February Position report, revealing a decrease in almond shipments by 10% compared to the previous year. However, this decline was anticipated given the exceptional shipments recorded last year.
February Shipments Breakdown:
Domestic: Showed a slight increase of +2.3%.
Export:Experienced a decrease of -13.8%.
Key Export Destinations
- India: Experienced a decline from 34.2 to 27.0 million pounds.
- Spain: Saw a slight increase from 17.5 to 20.3 million pounds.
- UAE: Remained relatively stable at 14.3 million pounds.
- Germany: Witnessed growth from 9.0 to 11.4 million pounds.
- China:Marked a significant decrease from 21.8 to 5.4 million pounds.
Year-to-Date Shipments
- Currently stand at 1.601 billion pounds, showing an increase of +5.57% compared to the previous year.
Market Insights
- The almond markets experienced significant adjustments in the past month.
- International trade shows in India and Dubai witnessed strong demand for current crop almonds, leading to peak prices.
- Favorable weather during the bloom period stimulated further demand and impacted pricing for both current and new crop almonds.
- Speculations about the 2024 crop range from 2.7 to 3.0 billion pounds, with more clarity expected by mid-April.
Outlook and Forecast
- March shipments are expected to be favorable, though surpassing last year’s outstanding shipment number remains uncertain.
- Rains in California at the beginning of March, particularly in the Tahoe area, have bolstered snowpack and water reservoirs, promising ample water supply for agriculture.
As the almond industry navigates market dynamics and weather patterns, stakeholders remain cautiously optimistic about the season ahead, with hopes for continued stability and growth in almond production and exports.