US Almond Market Update December 2021 Week 50

As reported in the previous market update, the Almond Board of California released this week's position report. According to the Almond Position Report, 220.91 million pounds were shipped this year, compared to 263.18 million pounds last year.

This is a decrease of around 16%. However, the industry expected this despite the decrease due to the challenges with freight rates, shipments, and more. We expected the worst as time went on, so the numbers were not as bad as we thought. Most major shipments occurred in November compared to the traditional October throughout previous years.

As for crops, about 2.312 billion pounds were produced this year compared to last year's 2.412 billion pounds.

Market Conditions and Price Updates

With rising almond prices for four consecutive weeks, prices have overcorrected on the lower end in November. California received only 42% of the normal rainfall, thus amplifying existing drought conditions.

As noted in the previous market update, demand has remained consistent and improved from Europe in the second half of November for early-year shipments. We will keep you posted as we receive more information.