Nuts

Almonds: slump in US exports

November 15, 2021 11:25 AM, Der AUDITOR
Play report as audio

SACRAMENTO/MADRID. While the US almond export season started with a bang in August with international shipments rising by more than a third over August 2020, things have changed since. Exports have been rather weak for two months in a row now. Prices are also not quite what the market expected.

October exports one third down

In how far the NASS objective estimate over 2.80 billion lbs (1.27 million mt) is accurate will show before the end of the year. As 1.74 billion lbs have been registered so far, around 1 billion lbs are still missing. Although exports started off well in August, shipments have declined in September and October. October exports range 36% lower than one year ago. The US shipped 151,88 million lbs (68,891 mt) of almonds with and without shell overseas in October. Domestic shipments ranged at 65.10 million lbs (29,572 mt), which is 12% down on last year.

Shipments to Europe have declined by more than half, especially to Spain (-54% to 10.15 million lbs or 4,606 mt), Germany (-55% to 5.28 million lbs or 2,394 mt) and Italy (-52% to 4.5 million lbs or 2,040 mt). US exports to Asia and the Middle East have also declined, especially to China and Hong Kong (-14% to 32,12 million lbs or 14,571 mt), India (-31% to 29.16 million lbs or 13,228 mt) and Turkey (-28% to 8.07 million lbs or 3,663 mt). Issue in Turkey is that the depreciation of the lira has rendered hazelnuts more attractive in the domestic market. Total shipments for the season range at 652.07 billion lbs (295,775 mt), which is 15% down on last year. While domestic shipments have declined by 4% on last year, the decline in overseas shipments is more pronounced at 19%. Overseas shipments range at 456.2 million lbs (206,927 mt). This decline is not only driven by the fact that buyers seized on last season’s low prices for supplies and now require less but also because of the impact of the pandemic on logistics.

US almond shipments in 1,000 lbs

Destination

2021/22

2020/21

Diff.

Asia/Oceania

236,079

270,662

-13%

USA

195,875

203,273

-4%

Europe

130,809

173,467

-25%

Africa/Middle East

57,414

77,088

-26%

North/South America

31,894

39,213

-4%

Total

652,072

763,704

-15%

ABC, 01/08/2021-31/10/2021

Prices remain low

Although production is expected to range lower than last year, the prices for US almonds have, nevertheless, declined in the US and in Europe in recent weeks. Traders report that although demand is sluggish for almonds, other nuts such as walnuts, hazelnuts and cashews have become more attractive.

Almonds

Type

EUR/kg

Valencia, 12/14 mm, natural, Spain

4.35

Valencia, +14 mm, natural, Spain

4,40

California, SSR, 23/25, natural

5,15

California, SSR, 23/25, blanched

5,85

FCA Spain

 

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

Attached Files

File icon
price chart almonds natural California 27-30 SSR
File icon
price chart almonds natural Valencia 12-14 Spain

View related articles

Go to the News Overview
Nuts
May 25, 2022
ORDU. Over the last few weeks reality has kicked in that sufficient supplies are available, and attention shifted more towards the new crop. At present, the mood is, however, shifting in Turkey’s hazelnut market. Issue are strange dynamics. The market may also have to adjust production estimates for the new crop.
Nuts
May 25, 2022
MADRID/SACRAMENTO. While almond production will range 4% lower in California at 2.80 billion pounds, things are also far from encouraging in Spain. According to the National Nut Board production will range 30% lower than last year. Judging by experience, however, the estimates presented by this organisation tend to be rather conservative.
Nuts
May 23, 2022
NEW DELHI. Although the prices for peanuts have fluctuated in a narrow range in India in recent weeks, traders reckon that this is about to change. Issue are global factors, especially since production is under the weather in Brazil. Recently updated production estimates, however, tell a different story.
Nuts
May 19, 2022
ORDU. Economists reckon that Turkey is witnessing an unprecedented economic crisis of epic proportions. Hazelnut suppliers report the inflation is much worse than official figures suggest, and exporters are dealing on slippery grounds. The production estimates issued at the International Nut and Dried Fruit Congress also illustrate some surprising trends.