Nuts

Almonds: low prices fail to attract buyers

December 11, 2023 at 10:25 AM , Der AUDITOR
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MADRID/SACRAMENTO. Sales did not go well for Spanish almonds in the first two months of the season despite prices being relatively low. US suppliers are, by contrast, quite upbeat.

Exports down in Spain

Low prices have failed to attract buyers as local suppliers report. Exports, in fact, ranged 16% lower in August to September as compared with the same period last year. Spain’s top ten export destinations are exclusively located in Europe with France, Germany and Italy taking the lead. Shipments to all destinations have dipped with the noted exception of the Netherlands and Austria. Prices indeed slumped in August with natural 12/14 mm Valencia almonds quoted at EUR 3.45/kg CIF Spain at the end of the month. Although they have been on the rise since, they are a far cry from the high levels witnessed last year.

Almond exports, Spain (in mt)

Destination

2022

2023

Diff

France

6,587

4,703

-28.7%

Germany

5,037

4,566

-9.4%

Italy

4,608

3,710

-19.5%

Portugal

1,125

917

-18.5%

UK

900

759

-15.7%

Netherlands

576

736

27.8%

Poland

823

614

-25.4%

Belgium

737

581

-21.2%

Austria

262

522

99.2%

Switzerland

532

449

-15.7%

Others

4,220

3,674

-13.0%

Total

25,407

21,231

-16.5%

Ministry of Industry, Tourism and Trade, Spain, 01/08-30/09

Domestic demand a worry in California

Olam’s most recent Global Market & Crop Report highlights that hullers and shellers will be busy processing the late US crop until the end of the month. Although some varieties have been difficult to come by in recent weeks, supplies are improving, and November shipments should come in strong. The Almond Board of California will release the November Position Report on 12 December, which will provide a better idea of this year’s crop size. Yet, domestic demand is a worry as inflation has prompted buyers to spend more cautiously on staple goods. Christmas sales have been concluded and Chinese New Year sales are also wrapping up.

 

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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
more price charts

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