Nuts

Almonds: downturn in exports

January 23, 2024 at 9:36 AM , Der AUDITOR
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MADRID/SACRAMENTO. Suppliers are struggling with prolonged drought conditions in Spain and exports are thriving for almonds in California.

Downbeat mood prevails in Spain

At 15,061 mt monthly exports from Spain were still rather disappointing in November. They ranged 3% lower than the 15,571 mt registered in November 2022. Total exports are almost lagging 8% behind last year. Shipments to nearly all top ten destinations are down, with the noted exceptions of the Netherlands and Austria. Issue is that the crop was much smaller than expected as the hot weather in spring and summer coupled with a lack of rain caused production to range as low as 90,000-100,000 mt. With Spain suffering from prolonged drought the prospects for 2024 are far from encouraging. Suppliers have, in addition, repeatedly emphasised that low prices are failing to attract buyers this season.

Almond exports, Spain (in mt)

Destination

2022/23

2023/24

Diff

France

12,480

11,344

-9.1%

Germany

12,785

11,001

-14.0%

Italy

9,706

9,152

-5.7%

Portugal

2,356

2,162

-8.2%

UK

2,178

1,874

-14.0%

Netherlands

1,349

1,703

26.2%

Poland

1,719

1,530

-11.0%

Belgium

1,662

1,365

-17.9%

Switzerland

1,059

1,005

-5.1%

Austria

662

875

32.2%

Others

9,556

9,251

-3.2%

Total

55,512

51,262

-7.7%

Ministry of Industry, Tourism and Trade, Spain, 01/08-30/11

Upbeat exports in California

December was, by contrast, strong in California. At 229 million pounds monthly shipments rose to the second highest December on record, mainly driven by exports. Domestic demand has also revived. Suppliers reckon that demand has returned to pre-pandemic levels. Crop estimates currently range at 2.3-2.4 billion pounds as the crop was late to arrive and farmers had to struggle with a wet season. Good news is that reservoirs can still draw on last year’s abundant water supplies. Yet, the market is monitoring forecasts very carefully as the winter turned out to be more on the dry side until the end of December. Expectation is that storms and snowpack may improve water supplies in January. With the bloom period starting in February first assessments of the 2024 crop will be issued in a few weeks.

 

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price chart, almonds, natural, +14, Valencia
price chart, almonds, natural 13/14, Largueta
price chart, almonds, blanched, 27/30, California SSR
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