Almond Market Update Week 35

California is experiencing an extended heatwave with temperatures in the mid-90s in the north and mid-100s in the South. This comes just as the harvest season for almonds begins. There have been no predictions for precipitation for at least ten days. It has been reported that yields are off for many parts of the state, with Nonpareil being the first variety to be harvested and showing no significant volumes.

Initial findings are showing yields are off in many areas of the state. Nonpareil is the first variety to be harvested most and shows no significant volumes at this time. As for the shipping season, the almond industry harvested 2.922 billion pounds and finished the season shipping 2.634 billion pounds or -9.12%. As you may already know, this year was short as per 2020/2021's record 3.1 billion crops. 

Despite efforts, logistics issues remain a prominent problem for the industry. Ultimately, port blocks, lack of equipment and economic issues have led to a carry-out of an unprecedented 838 million pounds. There has been an undersold at about 11% (assuming a 2.6-billion-pound crop). Compared to a year ago, the position would be much closer to 15%, considered average. 

With harvest less than inspiring thus far, there is no rush to sell more crops until we know more. With other varieties still yet to be harvested, there is no telling what will happen next. While growers are not worried about this yet, there has been a historically low price.

We will let you know as the situation progresses.