Almond Update November 2021 Week 47

This week’s global almond market closed on Tuesday with rebounded prices after weeks of consistent drops. Demand peaked this week, predominantly due to the European buyers who entered on Wednesday to buy STDs and SSR-grade items for a December to March shipment.

Buyers were left uncovered, and sellers undersold, but what can be done in such volatile conditions? Prices for STDS increased by 5 cents/lb on Wednesday and continued to climb through the week.

Shipments for November

The effects of the California Almond Board’s October shipment report can still be felt. Suppliers are significantly disappointed with a report that shows that the market is off by 30% when it comes to shipping, with major exports down to 35.6% compared to October last year.

The overall market exports were down by 18.6% compared to last year, but the situation is practically helpless. With no solution in sight for the shipping crisis, there are little to no expectations of the ports clearing to improve conditions any time soon.

Of course, this doesn’t bode well for domestic shipping either. There is a lack of availability of truck drivers as well, further worsening the conditions. However, shipments suggest that this could be the third-largest shipment month in history, even with these values. So, all is not lost. In fact, shipments show that buyers are still utilizing old inventories, so things just might lookup.