The Almonds Board of California has released the June Almond Position Report with shipments of +156.7 million pounds compared to last year’s 177 million pounds for a decrease of -11.5 percent. This report has been expected to be slightly lower, as last year we had extremely large shipments and this year our inventory is lacking and limited at this time due to our strong shipments throughout this past season.
- Domestic 62.28 million lbs -4.6%
- Export 94.49 million lbs -15.4%
- New sales in June were 104,350,755 lbs
- Crop plus carry in is now 92.6% sold
YEAR TO DATE SHIPMENTS: Are now + 2.107 billion pounds compared to last years’ 1.946 billion pounds for a whopping increase of +8.26 percent!
Crop receipts are holding steady at 2.259 billion pounds for the 2017 crop.
The 2018 Crop estimate is now at 2.45 billion pounds, up from the subjective crop estimate in May of 2.30 billion pounds. Harvest appears to be 5-7 days later than recent years by some growers estimations.
With the higher crop estimate, we have seen all prices weaken by 5-10 cents per lbs. in the past week. Inventories of current crop SSR/STD material is extremely limited and there is better availability of larger size NPX/NPS at this time. Buyers and sellers have started participating in new crop sales with these newer price levels to spread some risks and organise some contracts on the books.
The shipments for July should be strong/solid as most packers are cleaning out their inventories and buyers are attempting to lock in shipments for the transition period with the expected later harvest.