California Walnut Board – February 2018 Position Report

California Walnut Board – February 2018 Position Report

posted by: Chris Wilding date: Mar 13, 2018 category: Latest News comments: Comments Off on California Walnut Board – February 2018 Position Report

As of Friday,  March 9th, the California Walnut Board released the February 2018 Position Report.

Shipments for the month ended February 2018 were down approximately 5.2% versus February 2017 shipments and YTD ended February 2018 were down approximately 14.1% from the same YTD period the year prior.

For your review is a summary comparison on an inshell comparable basis using an identical shell out rate of 44.1% for both years:

Inshell             Inshell

Equiv.              Equiv.

Tons               Tons             %

Feb. 2018      Feb. 2017     Chg

Crop Receipts                       627,798        679,225    -7.6%

Total Supply                          683,774        744,395    -8.1%

Monthly Shipments              48,525         51,203      -5.2%

Export Shipments                35,966          36,866      -2.4%

Domestic Shipments            12,559         14,337      -12.4%

YTD Shipments                     401,426       467,168     -14.1%

YTD Export Shipments         289,458       349,437     -17.2%

YTD Domestic Shipments   111,968       117,731      -4.9%

Inventory                                282,348      277,227     +1.8%

Shipments as % of Crop         63.9%       68.80%

Shipments as % of Supply     58.7%       52.80%

Shipments of 48,525 for the month of February 2018 were down 5.2% compared with February 2017 at 51,203 while YTD shipments of 401,426 ton are 65,742 ton or 14.1% behind the same YTD period the previous year.  Commensurately,  2017-2018 crop receipts are down by 51,427 ton which is less than the 65,742 ton that we are behind in sales and the 60,662 ton reduction in total supply.   We continue the seasonal downward trend in monthly sales with November 2017 at 99,091 ton,  December 2017 at 67,633 ton, January 2018 at 55,632 ton and now February 2018 of 48,525 ton but importantly, in order to carry out a similar 56,000 ton,  the industry needs to average 37,724 ton in each of the next 6 months which seems reasonable.   Shipments for the month did little to hurt the average needed to carry out a reasonable 56,000 ton crop amount.

Shipments as a percentage of supply are 58.7% for 2017-2018 versus 52.8% for 2016-2017 or a roughly 5.9% decline.  Domestic shipments for the month were down 12.4% while export shipments were down 2.4%. Total YTD shipments are down 14.1%.

 

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