The July Position Report from the Almond Board of California details shipments of 76,849mt for July 2022 which is down 26% compared to the 104,048mt of July 2021. The months long trend of record shipments has thus ended. YTD the US domestic market is down 5% while exports are down 10%. The US domestic market finished July 2022 almost 20% down YoY which comes as a surprise as it was the only market that avoided the (Californian) Oakland port strikes.
Sales commitments for the new crop have hit 135,384mt compared to 200,279mt during this time last year. The balance of new crop versus current crop sales were nearly 50/50. The carryout from 2021 will finalize at 379,998mt. California faces the largest ever carryout and is undersold on new crop material, but at the current price levels shipment volumes are expected to gain momentum. Despite the depressed numbers, there is upside in the market. India and Europe (the two most stocked markets) had poor shipment months in July 2022 and at current price levels both markets are expected to step back into the market with high demand to cover more volumes. India is definitely going to have to buy post numbers.
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