Weekly Product Updates

W31: Almond Update

Raw Almond
Italy
Market & Price Trends
Almond Kernel
Spain
Published Aug 8, 2023
image

In W31 in the almond landscape, despite challenges in the United States (US), including significant losses in the almond crop, Solano County's agriculture sector maintained resilience. The 2022 gross agricultural value experienced a 4.12% decrease from the previous year yet remained notable due to the diverse agricultural landscape and the stability of the Lake Berryessa water supply. Almonds had a 70% decline in value from the previous year due to extreme weather events.

Almond prices in Italy surged to multi-year highs in July due to global supply-demand adjustments and adverse weather. However, these prices have since retracted by 2% over two weeks, influenced by overinflation and the upcoming harvest. Despite a previous low, almond prices rebounded due to improved global supply-demand balance. Europe's major producers, Spain and Italy, experienced price fluctuations due to weather conditions. The recent increase in prices surpassed consumption, leading to the correction. With ample global supply and an impending harvest, prices are expected to remain stable or decrease in the short term.

Lastly, the Agrarian Association of Young Farmers of Spain (ASAJA) reported a 40% decrease in almond harvest in Almería province. Frost and drought have posed significant challenges for almond-producing regions, particularly Vélez and Alto Almanzora, with additional damage from hail in the Oria area. Almond producers recovering from two tough production seasons faced heightened pressure to achieve a successful harvest this year. Prolonged temperature drops, reaching -5°C in early April, primarily impacted plantations in low-lying regions. Despite a relatively incident-free flowering, the nationwide extended drought in 2023 reduced almond tree productivity. However, the lack of water led to flower abortion in drier areas, resulting in fruit deformations in severe cases.

Read more relevant content

By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.