Almond Market Update – December 2024
The Almond Board of California released the December 2024 position report:
Shipments were 271.4 million lbs. vs. 238.3 million lbs. in 2023: UP 13.9% for the Month & Down 0.4% YTD
REGIONAL DEMAND FIGURES
U.S. -9.8% (-0.8% YTD)
Exports +21.9% ( -0.3% YTD)
Western Europe +71% (-3% YTD)
India -47% (-23% YTD)
Middle East / Africa +39% (+24% YTD)
China / Hong Kong/ Vietnam -28% (-22% YTD)
Japan +5% (-12% YTD)
South Korea -7% (+7% YTD)
Central / Eastern Europe +140% (38% YTD)
Canada +5% (+3% YTD)
Latin America / Caribbean +157% (+58% YTD)
SALES & SHIPMENT REVIEW
November Shipments – The figures came in well above expectations. We believe the industry finally had a month without significant vessel delays at the end of the month. This was the largest shipment month of the 2024 crop year and the largest November on record.
November Sales were 209 million lbs., just up from 208 million lbs. in November 2023
Committed (Unshipped) stood at 612 million lbs. vs. last year’s 647 million lbs. – Down 5.5%
Sold / Shipped Combined was 1.52 billion lbs. vs. 1.56 billion lbs. a year ago, down 3%
The Industry Sold Position was 47% of total supply – just inline with a year ago.
2024 Crop
Crop Receipts reached only 2.376 billion lbs., which is bullish news. A quicker finish is expected for the industry. At our huller/sheller, the crop ran 20% faster than last year.
LAND IQ’s Acreage Report surprisingly showed bearing acreage inch up slightly to 1,383,332 bearing acres. However, this included over 30,000 potentially abandoned acres. Total acreage and non-bearing acreage declined for the third year in a row. The charts below show the substantial changes, as the industry rebalances supply and demand following several years of low prices.
Market Outlook
Buying activity slowed in recent weeks. Following several bullish data points in today’s report, we anticipate activity could pick up considerably. However, with the holidays just around the corner, kernels may be less active than inshell as India remains much less covered than most of the world.
Feel free to reach out with any questions or thoughts.
P.S. Please help us in welcoming our new addition to the team! More about Chris’ background and role is posted here:
HAPPY HOLIDAYS!
Paul Ewing Dennis Soares
Further Info:
Health News:
New Research Suggests Eating Almonds Regularly May Improve Recovery After Exercise
Upcoming News:
December 2024 Position Report – Thursday January 9, 2025