Almond Market Update – February 2025
The Almond Board of California released the February 2025 position report:
January shipments were 228.6 million lbs. vs. 235.9 million lbs. in 2024: DOWN 3.1% for the Month & Down 0.5% YTD
REGIONAL DEMAND FIGURES
U.S. -2% (-1% YTD)
Exports -3.5% ( – 0.3% YTD)
Western Europe -7% (-3% YTD)
India -1% (-18% YTD)
Middle East / Africa -2.5% (+19% YTD)
China / Hong Kong/ Vietnam -25% (-26% YTD)
Japan +21% (+3% YTD)
South Korea +28% (+14% YTD)
Central / Eastern Europe +5% (+47% YTD)
Canada +10% (+1% YTD)
Latin America / Caribbean +2% (+45% YTD)
SALES & SHIPMENT REVIEW
January Shipments were well above expectations despite being down.
January Sales were 239 million lbs., up slightly from last January, and above expectations.
Committed (Unshipped) stood at 572 million lbs. vs. last year’s 637 million lbs. – Down 10%
Sold / Shipped Combined was 1.94 billion lbs. vs. 2.01 billion lbs. a year ago, down 4%
The Industry Sold Position was 61% of total supply vs. 63% a year ago. This is assuming a 2.725 billion lb. crop.
2024 Crop
Crop Receipts reached 2.675 billion lbs., which is within expectations. This still points to a crop of about 2.725 billion lbs., about 75 million lbs. below the NASS objective estimate.
MARKET OUTLOOK
There was heavy selling interest throughout the second half of January and first week of February, but it was met with moderate buying interest, so pricing only softened slightly. As noted on the commitments, the US was more active than export markets and got further along on their coverage.
Inshell buying activity slowed considerably after the last position report was released.
Market demand and sentiment improved over the past 5 days as weather and bee health concerns came to the forefront. Europe has been partaking in a major way, along with other markets, including most recently some interest from China.
Going forward bloom conditions will play a major part in market developments. Some varieties in areas of the state are well into bloom while other areas have not really begun yet.
Our video market update with Nicole Wurzel is posted below. She gives a great overview of the current market conditions.
Feel free to reach out with any questions or thoughts.
Best regards
Paul Ewing Dennis Soares
Further Info:
Upcoming News:
February 2025 Position Report – Tuesday March 11, 2025