Raw almond crops in California are under pressure since producers are pushing for shipments from August through December to export the current oversupply. There is a larger unsold stock of almonds this season, coupled with uncertainty over what demand will look like in Q4. It is expected that carry out will reach a record value of 775-800M lbs.
The price for the new crop of raw almonds also decreased due to the current oversupply, attracting buyers due to the low prices. Following the release of the June Objective Estimate and Position Report, almond prices increased by USD 0.05-0.15 p/lbs for both the current and new crop. Thereafter the price decreased by USD 0.10-0.15 p/lbs for the current crop and USD 0.05 p/lbs for new crop. Californian almonds are in demand in the domestic market, Europe, China, India, and the Middle East.