Core tip: The recent "Global Tree Nut Market and Trade" report released by the U.S. Department of Agriculture shows that due to a larger decrease in production in Turkey, Iran, and Syria compared to the increase in production in the U.S., the global pistachio production for the 2025/26 crop season (September 2025 - August 2026) is expected to drop by 8% to 1.1 million tons (calculated by the weight of the shell). Due to the reduced supply, global consumption is expected to decrease by 4% to 1.1 million tons, with the ending inventory expected to remain basically unchanged. Global exports are expected to grow by 6% to a record 683,000 tons, mainly due to increased supply from the largest exporting country, the U.S.