Almond Market Update – July 2023
The Almond Board of California released the June 2023 position report:
Shipments were 186.6 million lbs. vs. 278.6 million lbs. in 2022 – DOWN 33% for the month, bringing YTD to 3.5% DOWN
U.S. -4.8% (-6.7% YTD)
Exports -41.4% (-2.2% YTD)
Western Europe -43% (-12% YTD)
India -61% (-10% YTD)
Middle East / Africa -59% (+20% YTD)
China / Hong Kong/ Vietnam +5% (+13% YTD)
Japan +11% (-10% YTD)
South Korea +10% (-18% YTD)
Canada -3% (-9% YTD)
Central / Eastern Europe -6% (+21% YTD)
Latin America / Caribbean -30% (-7% YTD)
June Sales were 154.6 million lbs. vs. 118.7 million lbs. in June 2022 – UP 30%
Committed (Unshipped) stood at 451 million lbs., sitting 1% below last year’s 454 million lbs.
Sold / Shipped Combined was 2.83 billion lbs. vs. 2.92 billion lbs. a year ago – down 3%
The Industry Sold Position was 84.3% of total supply – just above the 84.1% from a year ago.
Buying Activity / Outlook
Pricing fell the most in May but dipped slightly further in June and recovered slightly in recent days.
Sales (for current crop) in June were a record for June, and the highest month since February. Buyers in various markets responded to the low prices and should set the industry up for better shipments in July.
New crop sales remained extremely low at 122 million lbs. vs. 236M a year ago, as the industry awaits the objective estimate. The report is now due out tomorrow instead of last week, due to the late maturity of the crop. As tomorrow’s figure is so important, we’ll keep today’s update very brief. Stay tuned…
Paul Ewing Dennis Soares
NASS Objective Estimate – Tomorrow July 12, 2023
July Position Report – Friday August 11, 2023