Nuts

Almonds: things could be worse

May 31, 2023 at 11:58 AM , Der AUDITOR
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MADRID. March was not that bad for Spain’s almond industry. Monthly exports reached 11,727 mt, which is 5% up on the 11,167 mt of almonds shipped in March 2022. Total exports could, however, be better.

Turkey saves the day

They range 7% lower than last year as shipments to most key destinations have declined. Shipments to France are 11% down and to Germany and Italy 6% down. Belgium is sporting a sharp decline of 28%, whereas Turkey is the noted exception. Shipments to here have, in fact, more than doubled.

Almond exports, Spain (in mt)

Destination

2021/22

2022/23

Diff

France

25,829

23,104

-10.6%

Germany

21,997

20,677

-6.0%

Italy

15,937

14,962

-6.1%

UK

4,363

3,915

-10.3%

Portugal

3,746

3,469

-7.4%

Poland

3,465

3,383

-2.4%

Belgium

4,322

3,100

-28.3%

Netherlands

3,358

2,721

-19.0%

Turkey

975

2,229

128.6%

Switzerland

1,806

1,829

1.3%

Others

19,638

18,900

-3.8%

Total

105,436

98,289

-6.8%

Ministry of Industry, Tourism and Trade, Spain, 01/08-31/03

Production set to recover in 2023/2024

Prospects are fortunately more encouraging for 2023/2024. Recent rains have benefitted the crop and prompted Crisolar, one of the largest producer organisations in Spain, to issue a production estimate of 128,000 mt at last week’s International Nut and Dried Fruit Council Congress in London. Production is, in other words, not only expected to more than double on last year’s drought and frost-stricken production of 60,000 mt but to also range 22% higher than the 105,000 mt produced in 2021/2022.

Sales have slowed in the US and shipments are expected to remain low in May and June, which is giving rise to concerns that this year’s carry-over will be higher than most suppliers would like in the United States. This has also added pressure to the market in Europe prompting prices to decline in the second half of May. While quotations for Spanish varieties have firmed in recent days with 12/14 Valencia almonds, for instance, trading firm at EUR 4.10/kg in Spain, the prices for US varieties have risen a bit. California SSR almonds size 27/30 are trading at EUR 4.07/kg in Spain.

 

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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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