Market info - almonds
Almonds
Although the US witnessed a record production of almonds without shell that exceeded 1.4 million mt in 2020, end-of-season stocks are expected to range as low as 315,000-320,000 mt. Issue is that overseas demand has been surprisingly strong this season given the pandemic. Exports in March even ranged 50% higher than last year. This will certainly have an impact on prices, also in Europe.
US almond shipments climbed to 120,950 mt in March, which is not only 28% up on March last year but also highly impressive considering the impact of the Covid-19 pandemic on logistics, catering and tourism. In addition, it should be noted that US consumption declined by 11% to 32,323 mt in March. Total US shipments for almonds with and without shell range at 897,626 mt this season so far, which is nearly 20% up on the same period last year.
As supplies for some varieties are running low certain prices are, nevertheless, expected to rise this season. Another bumper crop is highly unlikely this year. Issue is that the trees require time to recover and reports from orchards with high production in 2020 are not exactly encouraging. First production estimates will be issued at the end of April once the data on bearing acreage has emerged.
Prices to remain attractive for common varieties
While limited supplies are expected to drive up the prices some almond varieties over the next few weeks, the spot market prices for Valencia and California almonds have remained highly attractive in Europe.