Nuts

Walnuts: US exports shrunk by 17%

October 13, 2022 at 3:45 PM, Der AUDITOR
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SACRAMENTO. In the first month of the new export season, US walnut exports left much to be desired. Some farmers see walnut growing as less lucrative this year and the carry-over stocks from last year are putting pressure on the market.

Shipments to the EU slumped

The US walnut market started the new 2022/2023 export season in September, with exports declining significantly year-on-year in the first month of the new marketing year. A total of 5,137 mt of shelled and unshelled walnuts were shipped overseas in September 2022, about 17% less than in September 2021. At the same time, however, domestic demand rose by 12% to 9,867 mt, so that total shipments of about 15,000 mt are also roughly the same as last year. Among others, there were massive losses in shipments to Spain (-80% to 197 mt), Turkey (-75% to 306 mt), Italy (-84% to 154 mt) and Germany (-1% to 364 mt), while imports to the UK increased to 512 mt.

US walnut shipments, in mt

Destination

2021/22

2022/23

Diff.

USA

8,814

9,867

12%

Canada

587

954

63%

South Korea

479

661

38%

UK

199

512

158%

Japan

703

474

-33%

Germany

367

364

-1%

Turkey

1,223

306

-75%

Spain

1,002

197

-80%

Italy

938

154

-84%

Others

728

1,515

17%

Total

15,040

15,004

0%

California Walnuts; 01/09-30/09/2022

Farmers want to skip harvest

The official forecast crop decline this year to 653,000 mt can do little to offset last year's carry-over stocks. In the 2021/2022 season, the availability of US walnuts far exceeded demand. Market players are therefore observing restraint from the buying side, which are speculating on falling prices. At the same time, many still have sufficient stocks to postpone their demand for a while. Meanwhile, rumours are circulating in the market that some farmers are considering not even taking their walnuts from the trees, as the effort is not worth it in terms of earnings. The experts at Catz therefore reckon that prices will rise again.

Walnuts

Type, origin

EUR/kg

Inshell, Chandler, 30-32 mm, Chile

2.25

Inshell, Chandler, 30-34 mm, Chile

2.35

Chandler, LHP 20%, USA

4.70

FCA Spain

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