Almonds: reduced production estimates
August 5, 2024 at 10:57 AM ,
Der AUDITOR
Unimpressed by lower yields
Agricultural organisations have issued revised production estimates for almond kernels in Spain. While this year's crop was recently pegged at 125,054 mt, estimates have now been reduced to 122,304 mt, which is 8% up on the 113,152 mt harvested last year. Issue is that a lack of water and pest damages prompted downward revisions in main producing areas.
Yet, these reductions along with lower yields being reported in dry lands have failed to impress the market. This has prompted umbrella organisation COAG to express concerns as local media highlight. While production costs ranged at EUR 4.00-7.00/kg (USD 4.38-7.66/kg) according to the observatory in Andalucía, market prices stood as low as EUR 3.20/kg (USD 3.50/kg) for conventional almonds and at EUR 5.20/kg (USD 5.70/kg) for organic almonds at the end of July, despite harvesting having only started. Prices are, however, picking up with demand for the new crop on the rise.
Although monthly exports declined to 9,255 mt in May as opposed to the 10,960 mt witnessed in May last year, performance has improved this season. Spain exported a total of 120,111 mt of almonds between August 2023 and May 2024, which is 4% up on last year. France is the main exports destination, followed by Germany and Italy.
|
Almond exports, Spain (mt) |
|||
|
Destination |
2022/23 |
2023/24 |
Diff |
|
France |
26,642 |
27,799 |
4.3% |
|
Germany |
24,422 |
23,095 |
-5.4% |
|
Italy |
19,262 |
20,127 |
4.5% |
|
Portugal |
4,114 |
5,265 |
28.0% |
|
UK |
4,695 |
4,158 |
-11.4% |
|
Netherlands |
3,349 |
3,988 |
19.1% |
|
Poland |
4,009 |
3,737 |
-6.8% |
|
Belgium |
3,606 |
3,364 |
-6.7% |
|
Turkey |
2,524 |
2,285 |
-9.5% |
|
Switzerland |
2,141 |
2,218 |
3.6% |
|
Others |
20,259 |
24,075 |
18.8% |
|
Total |
115,023 |
120,111 |
4.4% |
|
Ministry of Industry, Tourism and Trade, Spain, 01/08-31/05 |
|||
Heat in California
International prices are also strong. Carryout in the US is expected to range below 450 million pounds depending on how shipments performed in July. The Almond Board of California will issue the Position Report on Friday. Industry representatives agree that the market will remain bullish, unless high prices put off buyers in August and September. Prevailing hot weather conditions are keeping growers busy mitigating heat stress in the orchards with irrigation and pest control proving essential. Harvesting has started.
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