Almond Market Update – October 2022
The Almond Board of California released the September 2022 position report
Shipments were 188.3 million lbs. vs. 227.6 M in 2021 – down -17.2% for the month and down 4.2% YTD
U.S. -19.3% (-10.3% YTD)
Exports -16.4% (-1.6% YTD)
Western Europe -2% (+2% YTD)
India -39% (-39% YTD)
Middle East / Africa +23% (+103%)
China / Hong Kong/ Vietnam -19% (-9% YTD)
Japan -38% (-27% YTD)
South Korea -54% (-50% YTD)
Canada -16% (-5% YTD)
Central / Eastern Europe +20% (+72% YTD)
Latin America / Caribbean -32% (-3% YTD)
September Shipments – the figures are not good, but they are in-line with industry expectations.
September Sales were 240 million lbs. vs. 232 million lbs. in September 2021.
Committed (Unshipped) stood at 666 million lbs. – down 7.6% from a year ago.
Sold / Shipped Combined was 1.08 billion lbs. – down 6.3% from a year ago.
The Industry Sold Position was 32% of total supply – down slightly from 33% a year ago.
Buying interest was soft during September. Continued steady selling interest seemed to allow another solid month of sales to take place.
Concerns of crop yields remain, but demand concerns have outweighed the supply concerns so far. We continue to hear consumption concerns due to the strong USD, high energy prices, overall inflation, and the overall global economic situation. With current low levels, almonds are already priced to sell.
Paul Ewing Dennis Soares
October Position Report – Friday November 11, 2022