Spanish Almond Prices Build in Risk Premium in Anticipation of US Crop Estimate

Spanish wholesale almond prices increased by 21% month-on-month to reach USD 10.46/kg at the end of April due to uncertainty surrounding the US almond crop, which produces 80% of the world's almonds. Until the release of the USDA's forecast on May 12th, prices may continue to rise as more buyers prefer to purchase at increasing prices than risk being on the wrong side of the market after the crop estimate. The average production in California over the past five years was 2.64 billion lbs and could serve as a benchmark for future price movements.