Walnuts: production takes a hit
November 13, 2023 at 10:57 AM ,
Der AUDITOR
Downturn in China
In fact, the INC issued downward revisions for the two leading producers China and the USA, whereas production estimates range higher for Ukraine, Romania and Moldova. Total inshell production now stands 1% lower than in July at 2.58 million mt. Issues are frost and drought as well as lack of labour in China as well as revised USDA estimates. Cool autumn weather conditions, however, ensure a good quality of the crop in China. Expectation is that total supply will range 1% lower in 2023/2024 than last season at 2.79 million mt.
|
Global walnut production (in mt) |
|||
|
Country |
2022/23 |
2023/24 |
Diff. |
|
China |
1,400,000 |
1,350,000 |
-3.4% |
|
USA |
678,500 |
689,460 |
1.6% |
|
Chile |
187,424 |
170,400 |
-9.1% |
|
Ukraine |
70,000 |
78,000 |
11.4% |
|
Turkey |
48,000 |
55,000 |
14.6% |
|
France |
37,000 |
38,000 |
2.7% |
|
Iran |
46,500 |
40,000 |
-14.0% |
|
Romania |
30,000 |
34,500 |
15.0% |
|
India |
31,000 |
28,000 |
-9.7% |
|
Argentina |
25,000 |
20,000 |
-20.0% |
|
Moldova |
17,800 |
21,300 |
19.7% |
|
Hungary |
13,500 |
14,000 |
3.7% |
|
Italy |
18,370 |
12,850 |
-30.1% |
|
Georgia |
8,200 |
8,000 |
-2.4% |
|
Australia |
13,500 |
7,000 |
-48.2% |
|
Others |
16,500 |
15,000 |
-9.1% |
|
Total |
2,641,294 |
2,581,510 |
-2.3% |
|
INC November 2023, in-shell basis |
|||
US production to range lower
The USDA’s National Agricultural Statistics Service (NASS) reduced the total production estimates for 2023/2024 by 30,000 short tons in October. Current projections stand at 760,000 short tons (689,400 mt). Reason is that bearing acres range at a lower 375,000 acres, whereas they were initially projected at 385,000 acres. NASS will issue another update on acreage in November, which may contain further reductions as abandoned or stressed orchards have not been taken into consideration so far. Cooler temperatures also extended harvesting into November. The industry is, however, upbeat about quality as a rainy winter and spring improved soil moisture and chill hours were good.
|
California walnuts, inshell |
|||
|
Acreage and production |
2022 |
2023 |
Diff. |
|
Bearing acres |
400,000 |
375,000 |
-6.3% |
|
Trees per acre |
80.0 |
81.0 |
1.25% |
|
Per bearing acre/US ton |
1.88 |
2.03 |
8.0% |
|
Total production (US ton) |
752,000 |
760,000 |
1.1% |
|
USDA NASS 2023 California Walnut Objective Measurement Report |
|||
Price slump in Europe
Chandler walnut prices from Chile dipped in Europe at the start of November but have now started to make a recovery. Chile, in fact, exported a record 130,833 mt of walnuts (in-shell equivalent) in 2022/2023 as Chilenut reports. Although many new plantations are bearing fruit, water supplies are a problem in the country. US Chandler prices have slumped in Europe in the past three weeks and have also recorded a small recovery in November.
|
Walnuts |
||
|
Type, origin |
USD/kg |
EUR/kg |
|
Chandler, Jumbo large, inshell, USA |
1.95 |
1.83 |
|
Chandler, 30-32 mm, inshell, Chile |
2.70 |
2,54 |
|
Chandler, 80 LHP, USA |
5,89 |
5.54 |
|
Chandler, 80 LHP, Chile |
6.95 |
6.45 |
|
FCA Spain |
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