Almond Industry Report: February 2023 Position Overview

Key Insights and Industry Analysis

The Almond Board of California recently released its February Position Report, marking the seventh report for the 2023 crop year. Here are the key highlights and insights from the report:

Receipts

• February receipts stood at 18.21 million pounds, witnessing a significant decline of 62% compared to the same period last year. This decline indicates the conclusion of the receiving period for most handlers.
• Based on current trends, the 2023 crop is projected to reach approximately 2.458 billion pounds.

Shipments

• Total shipments for February reached 221.13 million pounds, slightly below industry expectations of 240 million pounds. However, it marked the third-best February on record.
• Domestic shipments saw a marginal increase of 2.3% compared to the previous year, while export shipments experienced a decline of 13.8%, with Europe being the only major region showing growth.

Sales & Commitments

• Total sales for February amounted to 214.61 million pounds, surpassing last year’s figures by 13%. This indicates continued active demand despite high price levels.
• Commitments for the 2023 crop year are down by 20% compared to the previous year, remaining consistent due to California’s sales strategy focusing on nearby shipment months.

Uncommitted Inventory

• Uncommitted inventory currently stands at 928.82 million pounds, down 7.78% from last year. This decline is attributed to strong shipment numbers and a slowdown in crop receipts.

Despite some fluctuations, the February Position Report maintains the trend of neutral to positive outcomes for the 2023 crop year.
While shipments slightly dipped compared to the previous year’s record numbers, positive aspects include better-than-expected sales and a decline in crop receipts, indicating a clearer picture of the final crop size for 2023.
As the market transitions into the post-bloom period, California’s proactive selling approach is crucial to sustain momentum and capitalize on demand. Maintaining this strategy will be vital in shaping a favorable carry-out scenario for the industry in the coming months.

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