US Almond Prices Dropped After Low July Shipment Volumes
Almond Kernel
Raw Almond
United States
Market & Price Trends
Alex Zeid
Published Aug 22, 2022
After a difficult July Position Report both the current and new almond crops have dropped around USD 0.05p/lb. The position report indicated a 26% decrease in shipments for July. This was expected after two strong preceding shipment months combined with the port strikes in California (Oakland). The bigger present concern for California is the sold position for both crops. The carryout will reach a record of 379,657MT with the new crop being 64,864MT less committed compared to this time last year.
California needs to move large volumes of almonds to reduce the stock levels. There are some positive market situations developing which could move volumes. India is a market that is in need of more almond supply. It is very likely that demand for in-shell almonds from India will increase in September. Europe has large volumes of stock, but the poor July shipment numbers from California will lead to increased demand in Q4-2022, especially as many buyers start to return from their summer vacations. At historic low-price levels, the expectation is that shipping volumes to Europe will increase once buyers are back in office.
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