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Almonds: slump in US exports

March 13, 2024 at 10:44 AM , Der AUDITOR
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SACRAMENTO. While exports have been the bright spot in recent months for US almonds, this story fell apart in February as the latest position report issued by California almonds shows.

Turnaround in exports

February marks a turn for US almonds. While monthly exports have been strong in recent months with January reaching a record 173 million pounds, February brought a turnaround as exports slumped by 14% to 162 million pounds as compared with the same month last year. Domestic shipments, by contrast, ranged 2% higher than in February last year at 59 million pounds. Total shipments for the month, thereby, stood at 221 million pounds, which is 10% down on last year.

Grand total shipments for the season still range 6% higher than last year at 1.6 billion pounds. Domestic shipments have flatlined at 420 million pounds and exports are 8% up on last year at 1.2 billion pounds. Crop receipts climbed to 2.4 billion pounds in February, which is in line with industry expectations and 4% down on last year’s 2.5 billion pounds. Total supplies have dropped by 4% to 3.2 billion pounds as compared with last year and the computed inventory has declined by 13% to 1.5 billion pounds. India is the most important export destination by far this season, followed by Spain and the United Arab Emirates.

US almond shipments in 1,000 lbs

Destination

2022/23

2023/24

Diff.

USA

420,786

420,040

-0.2%

India

224,068

264,559

18.1%

Spain

115,454

114,899

-0.5%

UAE

85,954

100,188

16.6%

China/Hong Kong

91,634

79,248

-13.5%

Germany

62,054

66,667

7.4%

Netherlands

48,613

65,212

34.1%

Italy

46,042

51,707

12.3%

Japan

43,583

48,092

10.3%

Turkey

46,783

47,867

2.3%

Canada

33,648

34,818

3.5%

Others

298,723

308,506

3.3%

Total

1,517,342

1,601,803

5.6%

California almonds, 01/08-29/02
Shelled and inshell

Suppliers encouraged to sell

California’s bloom period has largely concluded and is rated good. This month has also started off with what Olam has termed a “March miracle” as fresh snowfall has lifted California’s snowpack to 102% of normal. Expectation is that suppliers will be keen to sell in the months ahead with prospects for this year’s crop being highly encouraging. Yet, the crop is not out of the woods yet as unfavourable weather conditions may still strike before the nuts starts to set.

 

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