Almond Market Update February 2022 Week 8

With the bloom in full swing, we see California temperatures dropping to freezing levels during the night this week. The coldest temperatures reported in growing regions are in their low 20s, with rain and hail erupting in the region on Tuesday and Wednesday.

Many growers have stayed off the market due to the potential damage these weather conditions will have on the orchards. Of course, this information will be revealed only a few weeks later, so we need to sit tight while that happens.

What Do Market Conditions Look Like?

Export shipments have been disappointing in the last month at 110 million pounds, down by 18% from the previous year. The overall shipments for this year are 876 million pounds, an overall fall of 22%.

Industry trends show that only 177 million pounds have been shipped so far, compared to 194 million pounds last year. There has been a 16% drop from shipments alone. 

This is concerning, but it's largely due to the shipping issues, which will continue for the next several months as well. 

However, the good news is that demand remains strong. There are positive shipment reports from domestic shipments. In January alone, about 66.57 million pounds were shipped, propelling figures up by 13.3% compared to this time last year.