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Almonds: sobering end to the export season

August 17, 2022 at 2:24 PM , Der AUDITOR
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SACRAMENTO. At the end of the almond season, US exports were significantly below expectations. This was due to delivery delays caused by strikes, but also in part to declining demand. The US harvest is underway and initial results on availability and quality should be available in the coming weeks.

July is the weakest export month

The last position report for US almonds could not meet the expectations of market players. The July figures of 76,850 mt are about 26% behind last year's result and, according to Blue Diamond Almonds, achieve the worst result of this year. Complications of various kinds are still affecting shipments; for example, the port of Oakland was temporarily closed for a good four days due to a strike. Compared to the same month last year, domestic deliveries were down by 19% to 25,936 mt, exports even by almost 30% to 50,914 mt. With few exceptions, July shipments to the main consumer countries were significantly lower year-on-year, including exports to India (-46% to 5,961 mt), Spain (-50% to 5,884 mt) and Germany (-50% to 4,340 mt), while imports to the UAE (+6% to 4,228 mt) and China/Hong Kong (+100% to 3,635 mt) increased. Many European importers had already stocked up in recent months and India's demand in preparation for Diwali is already complete.

A total of 1.195 mt of US shelled and unshelled almonds were shipped domestically and internationally during the 2021/2022 season (Aug-Jul). Domestic consumption declined by 5% to 346,836 mt during this period, while export shipments declined by 11% to 847,901 mt. The top five export destinations this season were India (-3% to 159,969 mt), Spain (-5% to 102,960 mt), China/Hong Kong (-22% to 57,744 mt), the UAE (+/-0.0% to 55,600 mt) and Germany (-24% 54,035 mt); despite good availability and attractive prices, an increase in shipments could not be achieved to any of these destinations.

US almond shipments, domestic and overseas, in mt

Destination

2020/21

2021/22

Diff.

USA

366,539

346,836

-5.4%

India

164,231

159,969

-2.6%

Spain

108,383

102,960

-5.0%

China/Hongkong

73,639

57,744

-21.6%

UAE

55,619

55,600

0.0%

Germany

71,264

54,035

-24.2%

Netherlands

42,476

46,970

10.6%

Japan

41,741

43,119

3.3%

Italy

43,904

37,919

-13.6%

Turkey

30,254

30,529

0.9%

Others

316,519

259,058

-18.2%

Total

1,314,568

1,194,738

-9.1%

Almond Board of California; Aug-Jul; shelled and unshelled

Price corrections only short-lived

The US almond harvest has already been underway for a few weeks and Blue Diamonds Almonds was able to get hold of information about the first quantities from the 2022 crop at the end of July. In some regions, the frost during the flowering period has clearly left its mark, and in some fields the yield is said to be so low that the effort of harvesting is hardly worthwhile. Sooner or later, however, the nuts have to be removed to prevent an infestation of next year's crop with the navel orange worm. In the meantime, the harvest has clearly picked up speed and the coming weeks will show what can be expected in terms of quality and quantity.

Attempts by market players to establish higher prices after the objective crop estimate turned out to be rather sobering were only successful for a short time. There is still too much 2021 crop in the market looking for a buyer and the buyer side is rather cautious in view of the current macroeconomic developments.

Almonds

Type

EUR/kg

Valencia, 12/14 mm, natural, Spain

4.45

Valencia, +14 mm, natural, Spain

4.65

Nonpareil, Extra No1, 23/25, USA

5.85

Carmel, SSR, 23/25, USA

4.50

California, SSR, 30/32, USA

4.30

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

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

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