Almond Market Update January 2022 Week 2

California Almond Board released a shipment report showing 1888.8 million lbs, a 26.5% decline compared to last year's 256.9 million lbs. As shipment numbers came in, we know now that the numbers are lower than market expectations.

However, this is much better than the numbers that came out at the end of 2021. So, while we are 71.6 million lbs down for the month, the market is still doing quite well. 

Domestic demand helped to stimulate a new December record of 64.3 million lbs, a 5.8% increase for the month. After the first 5 months, global shipments now stand at 1.061 billion lbs, a 17% decline and 221.9 million lbs lower than last season. Export markets represent 215.4 million lbs of the total decline.

The 2022 Crop Commitments

Total crop commitments for the new year are at 811 million lbs, down by 12% compared to last December. However, new sales in January are at a good place with 246 million lbs which is a record for the month and the highest since the 2021 crop season. 

Domestic sales continue to remain steady at 61 million lbs with exports at 184 million pounds. 

Uncommitted inventory is 1.339 billion lbs, up 26.7% from a year ago. It is expected that if shipments amount to last year’s record numbers for the next seven months, there would be a carryout of over 700 million pounds.