W51: Weekly Nut Update

Almond

China

Updated Prices of Tree Nuts in the Shanghai Market for December 2022 (Dec 19)

The retailer price range for Tree nuts is stable in December 2022 for the Chinese market. For pine kernels, the price range is around USD 64.44-76.76/kg (RMB 450-536 RMB/kg), which differs by brand. Be-store continues to have the highest pricing at USD 76.90 (RMB 537/kg). The price for almonds is USD 15.75/kg (RMB 110 RMB/kg), with no big difference by brand. The retail price for pecan is USD 11.46-12.89/kg (RMB 80-90/kg). Because of its unique flavor, local pecan production is more popular than imported goods.

Spain

Almond Prices in Spain Fell Slightly in W50 Wow for the Largueta and Marcona Varieties (Dec 19)

Spanish almond prices have dropped slightly in W50. According to the Lonja de Reus, the prices for the Largueta variety dropped 0.92% WoW, from USD 5.41/kg EXW in W49 to USD 5.36/kg EXW in W50. For the Marcona variety, the price dropped by 0.7% WoW from USD 7.32/kg to USD 7.27/kg EXW.

United States

Almond Wholesalers and Traders Don’t Receive a Response From US Exporters During W50 (Dec 19)

US almond importers are hesitant to quote prices for almonds in W50, and a few have mentioned they are not receiving answers to their requests for almonds from the US. Exports have not increased, thus some American exporters have stopped responding to requests.

Almond Sales in the United States Decreased During November 2022 (Dec 19)

During November 2022, in the United States, the total sales for the almond industry were 201M pounds, a decrease of 20M pounds in the average YoY. This amount is also 20M pounds less than the average for November. Despite sellers' forecasts, prices continued to decline, and the inflow of new orders for December remains below the market's desire.

NPX 23/25 FAS USD 2.20/lb

NPS 23/25 FAS USD 2.10/lb

California Almond Acreage Decreases in December 2022 (Dec 21)

In the United States farmers pulled 1.5K acres of almonds and instead planted row crops. Due to the persistent drought in California, almond trees require more water than row crops. As an additional incentive, California vegetable prices are up 30% YoY due to the increase in transportation costs, labor shortages, and outbreaks of pests and diseases on Californian lettuce, spinach, and broccoli fields, worsened by the heat wave experienced last September 2022. In W51, almond prices in the Los Angeles wholesale terminal are packaged CA Peerless for USD 80 per 24 lb carton.

Cashew

Tanzania

Tanzanian Farmers Agreed to Auction off 2,100MT of Cashews at the TANECU Cooperative Union (Dec 23)

Tanzanian farmers agreed to sell 2,100MT of standard-grade raw cashew nuts at the auction conducted on December 23 by TANECU Cooperative Union at Newala District in the Mtwara region. The highest bid price was USD 0.77/kg, and the lowest bid offer was USD 0.75/kg. A total of nine companies participated in this auction at TANECU Cooperative Union, and there is an average price drop of USD 0.07/kg compared to W50's auction price at the union.

Vietnam

The Average Export Price of Vietnamese Cashew Nuts Is at a Record Low (Dec 25)

Cashew nut exports grew, but prices continued to decline in Vietnam. According to statistics from the General Department of Customs, in November 2022, Vietnam's cashew exports reached 47.86K tons, worth USD 271.67M, an increase of 8.0% in volume and 2.3% in value compared to October 2022, down 5.4% in volume and 17.5% in value compared to November 2021. In November 2022, the average export price of Vietnam's cashew nuts reached USD 5,676/ton, down 7.2% compared to October 2022 and down 12.7% compared to November 2021.

Macadamia

China

Chinese Growers Announce Plans to Make Yunnan the World’s Largest Macadamia Growing Region (Dec 23)

Over the past thirty years, more than 250K hectares of macadamia nut plantations have been created from scratch in Yunnan province. This region intends to displace Australia as the largest supplier of macadamia in the world. According to the chairman of the Yunnan Macadamia Society and general manager of Yunnan Macadamia Industry Development, thanks to the support of the local government, the macadamia plantation area in the province has now exceeded 253K hectares and will soon reach 267K hectares.

South Africa

Macadamia Prices in South Africa Fell 28% YoY in W50 Due to Oversupply (Dec 22)

Mintec Benchmark Prices for premium whole macadamia nuts from South Africa, delivered CFR, decreased by 21% to USD 14.1/kg in the four weeks to December 15, representing a 28% YoY decline. This is mainly due to oversupply in the market and tight consumer budgets amid rising inflation. South African farmers are anticipated to produce roughly 32% more macadamias in 2022 compared to 2021. The updated forecast for 2022 is 70,139MT of dry nut-in-shell, which is an increase of 12,416MT from the initial prediction of 57,723MT. According to trade sources, production in China, which purchases the most in-shell macadamias from South Africa, is also anticipated to increase dramatically. This is primarily due to the recently planted trees reaching maturity. This situation will further aggravate the oversupply in the South African market.

Pistachio

Iran

Pistachio Is No Longer the Top Non-oil Export Commodity (Dec 21)

Iran’s pistachio exports indicate a considerable decline in the value of shipments in 2022. According to an Agriculture Ministry official, exports reached USD 915M in the last Iranian year (March 2021-22). The figure accounted for half of Iran’s horticultural export value.