US almonds have had good activity throughout W38. However, buyers have been cautious not to over-commit because of external economic factors such as interest rates, exchange rates, inflation, and possible recession. In the short term, any major price movements in US almonds are unlikely. China shows limited interest in NPIS (Nonpareil In-shell) due to fears over cargo not arriving in time for the Chinese New Year. Europe is cutting its needs, and processors are taking advantage of the 2021 crop discount to drive the almond price up a few cents. Other European industries have been locking in some of their Q4 demands, but some European buyers are still cautious due to the premium almond price of USD 0.10-0.15 p/lb and other economic issues. The Middle East still shows demand for NPX and is the opposite of the Indian market, where buyers hesitate despite strong shipment numbers in August.
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