Low Demand From Buyers Is Putting Pressure on the United States Almond Industry

At the SIAL-Paris food trade, almond buyers highlighted the challenges encountered, including demand concerns, the strong dollar, inflation, and the Russia-Ukraine war. However, sellers are under more pressure due to increasing volumes from the new almond crop exacerbated by the 2021 crop carryovers that need to be sold. Almond prices in the food trade were USD 0.03–0.05 p/lb less than elsewhere, indicating that the United States (US) almond industry is under pressure. At these price levels, buyers are showing demand for a Q2-2023 shipment. Despite the pessimism surrounding the food trade, buyers do not anticipate any significant price decline from present levels. In addition, the Diwali season has started, leading to a slowdown in demand in India. However, a prosperous Diwali, the festival of lights, and the current shipping status in India are forecasted to drive substantial demand in the future.