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Almonds: massive regional damage expected

April 13, 2022 3:30 PM, Der AUDITOR
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MADRID/SACRAMENTO. Freezing temperatures at the beginning of April are said to have caused losses in the Spanish growing regions. Australia closed the export season with another record, while US shipments continue to lag behind last year.

Prices hardly respond to frost report

At the beginning of April, frost hit some growing regions in Spain once again, causing considerable damage in some cases, as reported by local agricultural associations. Experts have so far reckoned massive losses, and the almond crop is also said to have been affected. Especially in the regions of Castilla-La Mancha, Navarra, Aragon, Catalonia, Murcia, Granada and Almeria, "serious damage and widespread losses" were reported, as Spanish agricultural media wrote. In some cases, fruit buds had already formed, which could have fallen victim to the cold temperatures. However, it is still too early to determine the actual extent of the damage; updated forecasts are not yet available. Regardless of this, prices for Spanish almonds have largely been able to maintain their level over the past weeks. Valencia, 12/14 mm, natural were last at EUR 4.35/kg FCA Spain.

Almonds

Type

EUR/kg

Valencia, 12/14 mm, natural, Spain

4.35

Valencia, +14 mm, natural, Spain

4.50

California, SSR, 23/25, natural, USA

4.80

California, SSR, 23/25, blanched, USA

5.50

FCA Spain

Australia regularly exported record quantities

The 2021/2022 Australian almond season is now officially closed on paper. A total of around 86,873 mt of almonds were shipped overseas between March 2021 and February 2022, 13% more than the previous year and a new record. In six out of twelve months, export volumes have reached a new high, including once again at the end of the season in February 2021 with 2,721 mt (+7% y-o-y).

The main customers China and India have significantly increased their imports of Australian almonds year-on-year, and shipments to Spain also rose by two-thirds to 5,414 mt. In contrast, there were noticeable deficits in shipments to Germany, the Netherlands and the USA.

Australian almond exports, in mt

Destination

2020/21

2021/22

Diff.

China

26,019

35,360

35.9%

India

11,655

16,726

43.5%

Vietnam

6,619

6,529

-1.4%

Spain

3,270

5,414

65.6%

Germany

5,675

3,483

-38.6%

UAE

2,312

2,741

18.6%

Netherlands

3,884

2,315

-40.4%

New Zealand

2,611

1,931

-26.0%

Turkey

1,542

1,584

2.7%

USA

4,336

928

-78.6%

Others

8,770

9,862

12.5%

Total

76,693

86,873

13.3%

Almond Board of Australia; Mar-Feb
converted to shelled goods

US exports lag behind

The official crop forecast from last year of 1.27 million mt has long been left behind by the US almond crop. According to the latest report of the Almond Board of California, a quantity of 1.316 million mt of almonds (without shell) has been registered so far, just 6% less than in the same period last year. At the same time, despite attractive prices, monthly exports regularly lag behind those of last year, as was the case in March 2022. 111,123 mt of shelled and unshelled almonds were shipped domestically and internationally last month, 8% less than in March 2021. Domestic shipments remained relatively stable at 32,586 mt, while exports to Spain (+36% to 13,452 mt) and Germany (+52% to 6,677 mt) were actually significantly higher than in the same month last year. Nevertheless, this was not enough to compensate for lower shipments to countries such as the Netherlands, Italy, etc.

In total, about 763,462 mt of shelled and unshelled almonds have been shipped domestically and internationally since the start of the 2021/2022 season, 15% less than this time last year. Domestic deliveries fell by 3% to 234,496 mt, the export volume by as much as 19% to 656,326 mt. Important consumer countries such as India (-17% to 108,014 mt), Spain (-16% to 58,308 mt), China (-27% to 44,421 mt and Germany (-28% to 32,351 mt) have imported significantly less US almonds so far this season than last year. Logistical hurdles continue to be responsible for delays, and many buyers had stocked up early in view of these. Accordingly, the likelihood of high end-of-season stocks is increasing with each passing month.

US almond* shipments, domestic and overseas, in mt

Destination

2020/21

2021/22

Diff.

USA

241,300

234,496

-2.8%

India

129,930

108,014

-16.9%

Spain

69,571

58,308

-16.2%

China/Hong Kong

60,451

44,421

-26.5%

Germany

44,666

32,351

-27.6%

UAE

25,715

30,353

18.0%

Japan

37,807

30,267

-19.9%

Netherlands

27,589

28,224

2.3%

Italy

29,436

24,265

-17.6%

South Korea

24,604

21,630

-12.1%

Others

326,906

274,505

-16.0%

Total

897,626

763,462

-14.9%

Almond Board of California; Aug-Mar

*with and without shell

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

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price chart almonds, natural, 12-14 mm, Valencia

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